Greece belongs to the ten Member States of the euro area where budgets "Compliance with the Stability and Growth Pact in 2019", in line with the European Commission's opinion on the draft financial programs published today in the context of the European Semester.
Other Member States are Germany, Ireland, Cyprus, Lithuania, Luxembourg, Malta, the Netherlands, Austria and Finland.
With regard to Italy, it was noted that "after assessing the adjusted budget presented on 13 November, the Commission confirms the existence of a particularly serious case – non-compliance with the recommendation addressed to Italy by the Council on 13 July 2018." The Commission has already delivered an opinion on 23 October 2018, in which there was a particularly serious non-compliance in the initial phase of the CBD presented by Italy on 16 October 2018.
In addition, for three Member States – Estonia, Latvia and Slovakia – it should be noted that MIFs are broadly in line with the Stability and Growth Pact in 2019. For these countries, plans may lead to a deviation from the MFA medium-term budgetary objective) or adjustment path to its achievement.
For four Member States – Belgium, France, Portugal and Slovenia – MCAs represent the "risk of non-compliance" with the Stability and Growth Pact in 2019. The MSCAs of these Member States can lead to a significant deviation from the adjustment path towards achievement corresponding to the medium-term budgetary objective.
Finally, in the corrective part of the Stability and Growth Pact (excessive deficit procedure), the Commission notes that Spain's nominal deficit is expected to fall below 3% next year and is expected to come out of the excessive deficit procedure, meaning that Spain will be included in the preventive arm of the Pact from next year. In this context, it is considered that SAR in Spain poses a risk of non-compliance with the Stability and Growth Pact in 2019. It is based on the autumn economic forecasts for 2018. They foresee a significant deviation from the required adjustment path towards the medium-term budgetary objective and non-compliance with the transitional value references for debt reduction in 2019