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Parliamentary questions
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7 January 2015
P-008634/2014(ASW)
Answer given by Mr Moscovici on behalf of the Commission
Question reference: P-008634/2014

1. The request of a revised DBP should be reserved for very serious, exceptional cases.

A non-exhaustive list of situations of particularly serious non-compliance can be found in the Code of Conduct of the 2-pack, namely: (a) an obvious breach of the debt and deficit criteria, (b) if the fiscal effort envisaged in the DBP falls clearly short of the effort recommended by the Council, (c) where the implementation of the plan would put at risk the MS's financial stability or the proper functioning of the EMU.

2. Italy announced additional measures that would bring the planned structural effort to over 0.3% of GDP in 2015. They include a reorientation of an existing fund towards deficit reduction, stricter limits for regions' domestic stability pact and an extension of the VAT reverse-charge regime supported by a safeguard clause.

France informed the Commission of additional measures that would bring the planned effort in 2015 to 0.5% of GDP, after adjusting for the negative impact of the change to ESA2010. They include measures in the area of fiscal justice, the fight against tax evasion and revised estimates for other measures.

A preliminary assessment of the plans and additional measures at face value did not reveal cases of particularly serious non-compliance and therefore no revised DBP was requested.

After a detailed analysis based on the Commission autumn forecast and the additional information provided by the MSs, France's and Italy's plans are found to be at risk of non-compliance with the Pact.

3. The Commission will examine in early March 2015 its position vis-à-vis Italy and France's obligations under the SGP in the light of the finalisation of the budget law and the expected specification of the structural reform programme announced by the authorities.

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