2 Amendments of Iliana IVANOVA related to 2010/0276(CNS)
Amendment 135 #
Proposal for a regulation – amending act
Recital 8
Recital 8
(8) In the establishment of the existence of an excessive deficit based on the deficit criterion and the steps leading to it there is a need to take into account the whole range of relevant factors covered by the report under Article 126(3) of the Treaty if the government debt to gross domestic product does not exceed the reference value. TFEU. Breach of satisfactory pace of debt reduction should not automatically lead to the Excessive Deficit procedure/ Compliance with the numerical benchmark, account taken of the influence of the cycle and of the nature of debt increasing or decreasing operations, would be sufficient to exclude the establishment of an excessive deficit based on the debt criterion.
Amendment 183 #
Proposal for a regulation – amending act
Article 1 – point 2 – point b
Article 1 – point 2 – point b
Regulation (EC) No 1467/97
Article 2 – paragraph 1a
Article 2 – paragraph 1a
1a. When it exceeds the reference value, the ratio of the government debt to gross domestic product (GDP) is to be considered sufficiently diminishing and approaching the reference value at a satisfactory pace in accordance with Article 126 (2) (b) of the Treaty if the differential with respect to the reference value has reduced over the previous three years at an average rate of the order of one-twentieth per year and at all events by at least 0.5 % of GDP within the meaning of Article 3(4), the higher rate of reduction being applied. This ensures that government debt returns more quickly to a level below the reference value. [As a benchmark, following an assessment made over a three-year period]. For a period of 3 years from [date of entering into force of this Regulation - to be inserted], account shall be taken of the backward-looking nature of this indicator in its application.