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France's Deficit below 3% of GDP, Procedure Closed
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On 22 June 2018, the Council closed the excessive deficit procedure for France, confirming that it has reduced its deficit below the EU's 3% of GDP reference value.
The Council thereby abrogated its decision of April 2009 on the existence of an excessive deficit in France.
Member states are required by article 126 of the Treaty on the Functioning of the European Union (TFEU) to avoid excessive government deficits. The procedure is used to support a return to sound fiscal positions.
Once it has exited an excessive deficit procedure, a member state is subject to the preventive arm of the EU's fiscal rulebook, the Stability and Growth Pact.
Procedures were open for 24 member states in 2010-11 at the height of the euro crisis. Now only one (Spain) remains subject to an excessive deficit procedure.
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