Introduction section Stability Programme - PS
Stability Programme - PS
The Stability Programme - PS is a planning document to be submitted to the European Union as envisaged by Council Regulation (EC) No. 1466/97, amended in June 2005 by Regulation No. 1055/05 and No. 1056/05. The Stability Programme is required for the purposes of multilateral surveillance by the Council and the Commission on excessive public deficits and economic-policy coordination of member states. The Programme, which is based on the planning documents already submitted in the course of the year, outlines the macroeconomic scenario and public finance targets for the following years, the budgetary policy to pursue them and a reduction of debt in line with fiscal consolidation. The Programme includes a sensitivity analysis of public finances based on changes in the macroeconomic scenario, as well as an assessment of the sustainability of public finances in the long term. It is submitted to the European Commission by December 1 and is subsequently discussed and adopted by the ECOFIN Council in February of the following year.
Law No. 196 of 31 December 2009 introduced changes to the ways in which the document is submitted.
With the introduction of the European Semester to coordinate economic and budgetary policies, pursuant to Law No. 39 of 7 april 2011 the Stability Programme has now become part (Section I) of the Economic and Financial Document - DEF.