Stability and Convergence Programmes: The 2002/2003 Updates

All EU Member States submitted the fourth update to their stability (for euro area countries) or convergence (for the three outside the euro area countries) programmes by early 2003. The growth projections for 2003 were scaled down from the third updates as a consequence of the economic outlook that turned bleaker than expected during 2002. Deficits deepened in most Member States, and they are likely to break the 3% limit in some. The Commission and the Council published their opinions on the programmes by mid-July 2003.