Proposal for a regulation – amending act
Article 1 – point 1 c (new) – point a (new)
Regulation (EC) No 1466/97
Article 2a – paragraph 1
[Current text of the first paragraph of Article 2a of Regulation (EC) No 1466/971b. Article 2a is amended as follows: (a) the first paragraph shall be replaced by the following: "Each Member State shall have a differentiated medium-term objective for its budgetary position. These country- Member-State-specific medium-term budgetary objectives may diverge from the requirement of a close to balance or in surplus position. They shall, while provideing a safety margin with respect to the 3% of GDP government deficit ratio;, they shall ensure rapid progress towards sustainability and, takat shall be cyclically adjusted and net of public investment. The definition of what shall constitute public investment within the scope of this regulation shall be laid down by the Commission through a delegated act, respecting the principles laid down in Council Directive (...) on requirements for budgetary frameworks of the Member States. In the framework of the European Semester, Member States shall communicate their country-specific public investment targets. Expressing the medium-term budgetary objective ing this into account, they shallway shall ensure the sustainability of public finances or a rapid progress towards such sustainability while allowing room for budgetary manoeuvre, considering in particular the needs for to ensure the proper implementation of the Union's growth and employment objectives, the need of economic convergence between Member States and adequate levels of public investment."]