17 October: euro area member states present draft budgetary plans

October 17, 2016

All euro area member states – except for Greece – have presented their draft budgetary plans for 2017 in accordance with article 6(1) of Regulation (EU) No. 473/2013. The Commission now has to adopt an opinion on the draft budgetary plans as soon as possible and in any event by 30 November (article 7(1) of the same Regulation (EU) No. 473/2013).

In line with the Council decisions if 8 August giving notice to Spain and Portugal to take effection action to address their effective deficits, both countries have simultaneously submitted an effective action report (see the reports for Spain and Portugal) in reaction to the Council decision of August that the two countries have failed to take effective action under the excessive deficit procedure.

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