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10. Will national contributions to the future European Fund for Strategic
Investments count as part of countries’ deficit or debt and will these be
taken into account in the application of the Pact?
The statistical recording of such contributions in the deficit and/or debt of a Member State is
a matter for Eurostat, the independent Statistical Office of the EU, which will need to assess
the details once the Fund is established.
However, irrespective of the exact statistical recording, the Commission is able to clarify how
the existing rules of the Pact can apply to these contributions (to the extent they would have
an impact on the statistics). It confirms that Member States' contributions to the EFSI will not
be counted when defining the fiscal adjustment under either the preventive or corrective arm
of the Pact, because such contributions can be considered as "one-off measures" that are
deducted for the assessment of the fisc al effort in structural terms.
In the case of a 3% deficit reference value is no longer respected, the Commission will not
launch an Excessive Deficit Procedur e if it is due to the contribution, provided the deviation is
small and expected to be temporary. When assessing respect of the debt reference value,
contributions to the EFSI will be considered as a "relevant factor" and not be taken into
account.
In its Investment Plan for Europe, it had already announced that it would take account
favourably such contributions under the Pact, and this was echoed by the December 2014
European Council.
11. How will the Stability and Growth Pact facilitate national contributions to
the Fund?
While the statistical recording of contributions to the EFSI, and specifically their impact on
deficits and/or debt, will be confirmed in due time by Eurostat, the Commission considers it
important to already provide the necessary guidance on how the existing rules of the Pact
can apply to these.
The Commission already indicated in November that it would ensure favourable treatment
under the Stability and Growth Pact for national contributions to the EFSI. A separate
Communication published by the Commission today on the use of flexibility within the
existing rules of the Pact provides further guidance on this question (add hyperlink to SGP
IP).
It makes clear that national contributions to the EFSI will not be taken into account by the
Commission when defining the fiscal adjustment under either the preventive or the
corrective arm of the Pact.
In case of a deviation from the deficit reference value, the Commission will not launch an
EDP if this deviation is only due to the contribution, and is small and expected to be
temporary. When assessing a deviation from the debt reference value, contributions to the
EFSI will not be taken into account by the Commission.
For countries benefiting from the so-called "investment clause", co-financing with the EFSI
of projects or investment platforms will also benefit from a favourable treatment under the
Pact.
Specifically, the Commission will consider that:
8
Investments count as part of countries’ deficit or debt and will these be
taken into account in the application of the Pact?
The statistical recording of such contributions in the deficit and/or debt of a Member State is
a matter for Eurostat, the independent Statistical Office of the EU, which will need to assess
the details once the Fund is established.
However, irrespective of the exact statistical recording, the Commission is able to clarify how
the existing rules of the Pact can apply to these contributions (to the extent they would have
an impact on the statistics). It confirms that Member States' contributions to the EFSI will not
be counted when defining the fiscal adjustment under either the preventive or corrective arm
of the Pact, because such contributions can be considered as "one-off measures" that are
deducted for the assessment of the fisc al effort in structural terms.
In the case of a 3% deficit reference value is no longer respected, the Commission will not
launch an Excessive Deficit Procedur e if it is due to the contribution, provided the deviation is
small and expected to be temporary. When assessing respect of the debt reference value,
contributions to the EFSI will be considered as a "relevant factor" and not be taken into
account.
In its Investment Plan for Europe, it had already announced that it would take account
favourably such contributions under the Pact, and this was echoed by the December 2014
European Council.
11. How will the Stability and Growth Pact facilitate national contributions to
the Fund?
While the statistical recording of contributions to the EFSI, and specifically their impact on
deficits and/or debt, will be confirmed in due time by Eurostat, the Commission considers it
important to already provide the necessary guidance on how the existing rules of the Pact
can apply to these.
The Commission already indicated in November that it would ensure favourable treatment
under the Stability and Growth Pact for national contributions to the EFSI. A separate
Communication published by the Commission today on the use of flexibility within the
existing rules of the Pact provides further guidance on this question (add hyperlink to SGP
IP).
It makes clear that national contributions to the EFSI will not be taken into account by the
Commission when defining the fiscal adjustment under either the preventive or the
corrective arm of the Pact.
In case of a deviation from the deficit reference value, the Commission will not launch an
EDP if this deviation is only due to the contribution, and is small and expected to be
temporary. When assessing a deviation from the debt reference value, contributions to the
EFSI will not be taken into account by the Commission.
For countries benefiting from the so-called "investment clause", co-financing with the EFSI
of projects or investment platforms will also benefit from a favourable treatment under the
Pact.
Specifically, the Commission will consider that:
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