Timeline - Excessive deficit procedure

On 10 July 2026, the Council opened an EDP against Bulgaria, given the country's projected government deficit of 4.1% of GDP in 2026.

In its recommendation, the Council stipulates that Bulgaria should therefore take effective action and present, by 15 October 2026, the necessary measures to reduce its deficit.

• Stability and growth pact: Council opens excessive deficit procedure for Bulgaria (press release, 10 July 2026)

The Council today decided to close the excessive deficit procedure (EDP) concerning Malta.

The Council’s decision to close, or abrogate, the EDP for Malta – first opened in 2024 - is warranted given that its general government deficit has been successfully and durably reduced to below 3% of GDP.

Currently, nine other member states are under an excessive deficit procedure: Austria, Belgium, Finland, France, Italy, Hungary, Poland, Slovakia and Romania.

• Stability and Growth Pact: Council closes the excessive deficit procedure concerning Malta (press release, 12 June 2026)

The Council opened an excessive deficit procedure for Finland. The decision is warranted given Finland’s 4.4% budget deficit in 2024 and planned budget deficit of 4.3% in 2025.

In its recommendation, the Council stipulates that Finland should take effective action and present the necessary measures to reduce its deficit by 30 April 2026.

• Stability and growth pact: Council opens excessive deficit procedure for Finland (press release, 20 January 2026)

The Council has opened a new excessive deficit procedure for Austria and has revised Romania's net expenditure path in view of its lack of effective action under its EDP, originally opened in 2020.

The Council's decision to open an EDP against Austria is warranted given Austria's 4.7% budget deficit in 2024.

The Council's revised recommendation to Romania under its ongoing EDP follows the Council's decision of 20 June 2025 establishing that Romania had not taken effective action in response to previous Council recommendations under the EDP.

• Stability and Growth Pact: Council opens new excessive deficit procedure for Austria and revises the corrective path for Romania (press release, 8 July 2025)

Today the Council approved a decision confirming that Romania has not taken effective action in response to the Council's recommendations of January 2025. Romania's net expenditure has grown much faster than recommended, leading to a persistently high government deficit and putting at risk a timely correction of Romania's excessive deficit by 2030.

Ministers also adopted a revised recommendation for Belgium to end its excessive deficit by 2029.

• Stability and growth pact: Council decides on way ahead for Belgium and Romania under the excessive deficit procedure (press release, 20 June 2025)

On 18 February 2025, the Council recommends that Hungary should put an end to its excessive deficit situation by 2026.

Hungary should ensure that the nominal growth rate of net expenditure does not exceed 4.3% in 2025 and 4.0% in 2026. This is in line with Hungary’s objectives, expressed in its medium-term fiscal-structural plan.

• Council sets fiscal expenditure path for Hungary and adopts recommendation to correct its excessive deficit situation (press release, 18 February 2025)

On 21 January 2025, the Council adopted recommendations for the following seven member states under the excessive deficit procedure: Belgium, France, Italy, Malta, Poland, Romania and Slovakia.

The recommendations contain a corrective budgetary path, expressed in numerical terms, and a deadline, for each member state.

The Council recommended that:

• Belgium should put an end to the excessive deficit situation by 2027
• France should put an end to the excessive deficit situation by 2029
• Italy should put an end to the excessive deficit situation by 2026
• Malta should put an end to the excessive deficit situation by 2027
• Poland should put an end to the excessive deficit situation by 2028
• Romania should put an end to the excessive deficit situation by 2030
• Slovakia should put an end to the excessive deficit situation by 2027

• Stability and growth pact: Council adopts recommendations to countries under excessive deficit procedure (press release, 21 January 2025)

Today, the Council adopted decisions establishing the existence of excessive deficits for Belgium, France, Hungary, Italy, Malta, Poland and Slovakia.

It also established that the excessive deficit procedure for Romania will remain open, as the country has been under the excessive deficit procedure since 2020 and has not taken effective action to correct its deficit.

The Council will be invited to adopt recommendations addressed to the member states to take effective action to correct their deficit within a given time period.

• Stability and growth pact: Council launches excessive deficit procedures against seven member states (press release, 26 July 2024)

The Commission presented its proposals for Council decisions on the opening of an excessive deficit procedure for seven member states: Belgium, France, Italy, Hungary, Malta, Poland and Slovakia. This was followed by an exchange of views by ministers.

The Council also discussed a Commission recommendation for a Council decision on Romania, which is under an excessive deficit procedure since 2020 and has not taken effective action to remedy this situation.

The Council will be invited to adopt the decisions by the end of July 2024.

• Economic and Financial Affairs Council, 16 July 2024

The Commission presented to the Council the 2024 European Semester spring package.  

The Commission also identified member states which ran an excessive general government deficit in 2023.

• Economic and Financial Affairs Council, 21 June 2024

• Report from the Commission: Belgium, Czechia, Estonia, Spain, France, Italy, Hungary, Malta, Poland, Slovenia, Slovakia and Finland (19 June 2024)

• The European Semester explained (background information)