View source for Stability and Growth Pact

{{Short description|Main European Union fiscal agreement}}
{{Use British English|date=March 2013}}
{{Use dmy dates|date=May 2022}}
[[File:Fiscal Compliance 2014-debt.png|thumbnail|200px|Forecast fiscal compliance of EU member states (debt-to-GDP criterion)]]
The '''Stability and Growth Pact''' ('''SGP''') is an agreement, among all the 27 [[member states of the European Union]] (EU), to facilitate and maintain the stability of the [[Economic and Monetary Union of the European Union|Economic and Monetary Union]] (EMU). Based primarily on [[:s:Consolidated version of the Treaty on the Functioning of the European Union/Title VIII: Economic and Monetary Policy#Article 121|Articles 121]] and [[:s:Consolidated version of the Treaty on the Functioning of the European Union/Title VIII: Economic and Monetary Policy#Article 126|126]] of the [[Treaty on the Functioning of the European Union]],<ref>{{Cite web|url=https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2010:083:0047:0200:EN:PDF|title=Consolidated version of the Treaty on the Functioning of the European Union|website=eur-lex.europa.eu|archive-url=https://web.archive.org/web/20100415074245/https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2010:083:0047:0200:EN:PDF|archive-date=15 April 2010}}</ref> it consists of fiscal monitoring of member states by the [[European Commission]] and the [[Council of the European Union]], and the issuing of a yearly [[The European Semester#May|Country-Specific Recommendation]] for fiscal policy actions to ensure a full compliance with the SGP also in the medium-term. If a member state breaches the SGP's outlined maximum limit for government deficit and debt, the surveillance and request for corrective action will intensify through the declaration of an [[#Member states by SGP criteria|Excessive Deficit Procedure]] (EDP); and if these corrective actions continue to remain absent after multiple warnings, a member state of the [[eurozone]] can ultimately also be issued economic sanctions.<ref>{{Cite web|url=https://www.bportugal.pt/|archive-url=https://web.archive.org/web/20070203224926/http://www.bportugal.pt/euro/emu/pacto_e.htm|url-status=dead|title=Banco de Portugal|archive-date=3 February 2007|website=bportugal.pt}}</ref> The pact was outlined by a [[European Council]] resolution in June 1997,<ref name="SGPresolution">{{cite web|url=http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:31997Y0802(01):EN:HTML|title=Resolution of the European Council on the Stability and Growth Pact |publisher=Eur-Lex.europa|date=17 June 1997|access-date=30 August 2012}}</ref> and two Council regulations in July 1997.<ref name="PreventiveArm">{{cite web|url=http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CONSLEG:1997R1466:20111213:EN:PDF|title=Council Regulation (EC) 1466/97: On the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies|publisher=Eur-Lex.europa|date=7 July 1997|access-date=30 August 2012}}</ref><ref name="CorrectiveArm">{{cite web|url=http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CONSLEG:1997R1467:20111213:EN:PDF|title=Council Regulation (EC) 1467/97: On speeding up and clarifying the implementation of the excessive deficit procedure|publisher=Eur-Lex.europa|date=7 July 1997|access-date=30 August 2012}}</ref> The first regulation "on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies", known as the "preventive arm", entered into force 1 July 1998.<ref name="PreventiveArm"/> The second regulation "on speeding up and clarifying the implementation of the excessive deficit procedure", sometimes referred to as the "dissuasive arm" but commonly known as the "corrective arm", entered into force 1 January 1999.<ref name="CorrectiveArm"/>

The purpose of the pact was to ensure that fiscal discipline would be maintained and enforced in the EMU.<ref>{{Cite web|url=https://www.theguardian.com/eu/story/0,,1094666,00.html |title=What is the stability and growth pact? |work=The Guardian |location=UK |date=27 November 2003 |access-date=26 April 2011}}</ref> All EU member states are automatically members of both the EMU and the SGP, as this is defined by paragraphs in the EU Treaty itself. The fiscal discipline is ensured by the SGP by requiring each Member State, to implement a fiscal policy aiming for the country to stay within the limits on government deficit (3% of GDP) and debt (60% of GDP); and in case of having a debt level above 60% it should each year decrease with a satisfactory pace towards a level below. As outlined by the "preventive arm" regulation, all EU member states are each year obliged to submit a SGP compliance report for the scrutiny and evaluation of the [[European Commission]] and the [[Council of the European Union]], that will present the country's expected fiscal development for the current and subsequent three years. These reports are called "stability programmes" for eurozone Member States and "convergence programmes" for non-eurozone Member States, but despite having different titles they are identical in regards of the content. After the reform of the SGP in 2005, these programmes have also included the Medium-Term budgetary Objectives (MTO), being individually calculated for each Member State as the medium-term sustainable average-limit for the country's [[structural deficit]], and the Member State is also obliged to outline the measures it intends to implement to attain its MTO. If the EU Member State does not comply with both the deficit limit and the [[debt limit]], a so-called "Excessive Deficit Procedure" (EDP) is initiated along with a deadline to comply, which basically includes and outlines an "adjustment path towards reaching the MTO". This procedure is outlined by the "dissuasive arm" regulation.<ref>{{cite web|url=http://ec.europa.eu/economy_finance/euro/emu/who/index_en.htm|title=Who does what in EMU|publisher=European Commission|access-date=28 August 2012}}</ref>

The SGP was initially proposed by German finance minister [[Theo Waigel]] in the mid-1990s. Germany had long maintained a low-inflation policy, which had been an important part of the German economy's robust performance since the 1950s. The German government hoped to ensure the continuation of that policy through the SGP, which would ensure the prevalence of fiscal responsibility, and limit the ability of governments to exert inflationary pressures on the European economy. As such, it was also described to be a key tool for the member states adopting the euro, to ensure that they did not only meet the Maastricht [[convergence criteria]] at the time of adopting the euro but kept on complying with the fiscal criteria for the following years. The Excessive Deficit Procedure (EDP), also known as the corrective arm of the SGP, was suspended via activation of the "general escape clause" during 2020–2023 to allow for higher [[deficit spending]]; first due to the [[COVID-19 pandemic in Europe|COVID-19 pandemic]] arriving as an extraordinary circumstance,<ref>{{Cite web|url=https://www.euractiv.com/section/economy-jobs/news/commission-proposes-unprecedented-suspension-of-eus-fiscal-rules/|title=Commission proposes unprecedented suspension of EU's fiscal rules|publisher=Euractiv|author=Jorge Valero|date=20 March 2020|access-date=31 March 2024}}</ref> and later during 2022-2023 due to the [[Russian invasion of Ukraine]] having sent energy prices up, defence spending up and budgetary pressures up across the EU.<ref>{{Cite web|url=https://www.euractiv.com/section/economy-jobs/news/eu-fiscal-rules-to-be-suspended-for-another-year/|title=EU fiscal rules to be suspended for another year|publisher=Euractiv|author=János Allenbach-Ammann|date=24 May 2022|access-date=31 March 2024}}</ref> Despite the EDP suspension in 2020-2023, Romania still experienced the opening of an EDP in April 2020;<ref>{{Cite web|url=https://economy-finance.ec.europa.eu/economic-and-fiscal-governance/stability-and-growth-pact/corrective-arm-excessive-deficit-procedure/ongoing-excessive-deficit-procedures/romania_en|title=Documents related to the Excessive Deficit Procedure for Romania|publisher=Directorate-General for Economic and Financial Affairs|date=24 November 2021|access-date=31 March 2024}}</ref> but only because of existence of a deficit limit breach being recorded already for its 2019 fiscal year, which required corrective action across 2020–2024, to remedy a budgetary imbalance created before 2020.<ref>{{Cite web|url=https://economy-finance.ec.europa.eu/document/download/a5d95c36-7c9b-4a6c-a137-47b197a121ca_en?filename=letter_accompanying_the_launching_of_the_edp_for_romania_signed_evp_dombrovskis-cssr_gentiloni.pdf.pdf|title=Letter accompanying the launching of the EDP for Romania (signed Executive Vice-President Valdis Dombrovskis and Commissioner for the Economy Paolo Gentiloni)|publisher=European Commission|date=6 April 2020|access-date=31 March 2024}}</ref> 16 out of 27 member states had a technical [[#Member states by SGP criteria|SGP criteria breach]], when their 2022 fiscal results and 2023 budgets were analyzed in May 2023; because those breaches were exempted due to the finding of temporary and exceptional circumstances, reflected by the activation of the general escape clause, no new EDPs were opened against those member states.<ref name="EDP2023" />

The EDP will be assessed again starting from 19 June 2024,<ref name="SGPreform2024" /> where each country will have their usual set of a "2024 National Reform Programme" and "2024 Stability or Convergence Programme" analyzed,<ref name="EuropeanSemester2024">{{Cite web|url=https://www.parlament.gv.at/dokument/XXVII/EU/176257/imfname_11350140.pdf|title=European Semester 2024 - Updated roadmap|publisher=Council of the European Union (General Secretariat of the Council)|date=8 March 2024|access-date=4 April 2024}}</ref><ref name="Stability programmes 2024">{{Cite web|url=https://commission.europa.eu/business-economy-euro/economic-and-fiscal-policy-coordination/european-semester/european-semester-timeline/national-reform-programmes-and-stability-or-convergence-programmes/2024-european-semester-national-reform-programmes-and-stabilityconvergence_en|title=2024 European Semester: National Reform Programmes and Stability/Convergence Programmes|publisher=European Commission|date=18 April 2024|access-date=19 April 2024}}</ref> with a compliance check of the 2023 fiscal result and 2024 budget with the existing 2019-version of the SGP rules, although only 3% deficit breaches will be evaluated because no debt limit or debt reduction breach can trigger an EDP in 2024.<ref name="SGPactivated2023">{{Cite web|url=https://ec.europa.eu/commission/presscorner/api/files/document/print/en/ip_23_1410/IP_23_1410_EN.pdf|title=Fiscal policy guidance for 2024: Promoting debt sustainability and sustainable and inclusive growth|publisher=European Commission|date=8 March 2023|access-date=31 March 2024}}</ref> The [[European Commission]] reasoned for its continued deactivation for another year of the debt limit or debt reduction rule in 2023–2024, stating "that compliance with the debt reduction benchmark could imply a too demanding frontloaded fiscal effort that would risk to jeopardise economic growth. Therefore, in the view of the Commission, compliance with the debt reduction benchmark is not warranted under the prevailing economic conditions."<ref name="EDP2023">{{Cite web|url=https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52023DC0631|title=Report from the Commission: Belgium, Bulgaria, Czechia, Germany, Estonia, Spain, France, Italy, Latvia, Hungary, Malta, Austria, Poland, Slovenia, Slovakia and Finland - Report prepared in accordance with Article 126(3) of the Treaty on the Functioning of the European Union|publisher=European Commission|date=24 May 2023|access-date=3 April 2024}}</ref> In February 2024, the EU approved a [[#Reform 2024|revised set of SGP rules]], that will introduce acceptance of a slower adjustment path towards respecting the deficit and debt limit of the SGP, and extend the maximum duration of an Excessive Deficit Procedure from four to seven years if certain reform requirements are respected. The new revised rules will be finally adopted by the [[European Parliament]] and [[Council of the European Union|Council of Ministers]] before the [[2024 European Parliament election]]; and fully applied starting from the presented drafts for 2025 budgets.<ref>{{Cite web|url=https://www.euractiv.com/section/economy-jobs/news/eu-reaches-agreement-on-spending-rules/|title=EU reaches agreement on spending rules|publisher=Euractiv|date=12 February 2024|access-date=31 March 2024}}</ref><ref>{{Cite web|url=https://www.euractiv.com/section/economy-jobs/news/eurogroup-says-new-fiscal-rules-will-require-public-spending-cuts/|title=Eurogroup says new fiscal rules will require public spending cuts|publisher=Euractiv|author=Thomas Moller-Nielsen|date=12 March 2024|access-date=31 March 2024}}</ref><ref name="Commission explains new rules">{{Cite web|url=https://ec.europa.eu/commission/presscorner/detail/en/ip_24_711|title=Commission welcomes political agreement on a new economic governance framework fit for the future|publisher=European Commission|date=10 February 2024|access-date=4 April 2024}}</ref> The first "national medium-term fiscal-structural plans" guided by the new revised fiscal rules, will cover the four-year period 2025–2028, and need to be submitted by each member state by 20 September 2024.<ref name="EP explains new rules">{{Cite web|url=https://www.europarl.europa.eu/news/en/press-room/20240205IPR17419/deal-on-eu-economic-governance-reform|title=Deal on EU economic governance reform|publisher=European Parliament|date=10 February 2024|access-date=4 April 2024}}</ref>

== Timeline ==
This is a timeline of how the Stability and Growth Pact evolved over time:<ref>{{Cite web|title=History of the Stability and Growth Pact|url=https://ec.europa.eu/info/business-economy-euro/economic-and-fiscal-policy-coordination/eu-economic-governance-monitoring-prevention-correction/stability-and-growth-pact/history-stability-and-growth-pact_en|website=European Commission}}</ref>

* 1997: The Stability and Growth Pact is decided.
* 1998: The preventative arm comes into force.
* 1999: The corrective arm comes into force.
* 2005: The SGP is amended. 
* 2011: The Six Pack enters into force.
* 2013: The Fiscal Compact and the Two-Pack are adopted.
* 2020: The General Escape Clause within the existing regulations is activated, and the SGP fiscal rules suspended for fiscal years 2020–22.<ref>{{cite web | url=https://www.europarl.europa.eu/thinktank/en/document/EPRS_BRI(2020)649351 | title=The 'general escape clause' within the Stability and Growth Pact: Fiscal flexibility for severe economic shocks|publisher=European Parliament (Think Tank)|date=27 March 2020}}</ref>
* 2023: The General Escape Clause within the existing regulations is deactivated, and the SGP fiscal rules will apply again starting from the next evaluation in June 2024, concerning data for fiscal year 2023 and budget year 2024.<ref name="SGPactivated2023"/>
* 2024: Reform of the Economic Governance Framework (new fiscal rules) will be adopted by EU in spring 2024, and apply starting from submission of 2025 budgets and 2025–2028 national fiscal plans in September 2024.<ref name="Commission explains new rules"/><ref name="EP explains new rules"/>

==Reform 2005==
In March 2005, the EU Council, under the pressure of France and Germany, relaxed the rules; the EC said it was to respond to criticisms of insufficient flexibility and to make the pact more enforceable.<ref>{{Cite web |url=http://www.ecb.int/press/key/date/2005/html/sp051013.en.html |title='The reform of the Stability and Growth Pact': Speech by José Manuel González-Páramo |work=European Central Bank |date=13 October 2005 }}</ref> The Ecofin agreed on a reform of the SGP. The ceilings of 3% for budget deficit and 60% for public debt were maintained, but the decision to declare a country in excessive deficit can now rely on certain parameters: the behaviour of the cyclically adjusted budget, the level of debt, the duration of the slow growth period and the possibility that the deficit is related to productivity-enhancing procedures.<ref>{{Cite book |last=Senior Nello |first=Susan |title=The European Union: Economics, Policies and History |edition=2nd |publisher=McGraw-Hill |location=New York |year=2009 |page=250 |isbn=978-0-07-711813-6 }}</ref> The pact is part of a set of Council Regulations, decided upon the European Council Summit 22–23 March 2005.<ref>{{Cite web |url=http://ue.eu.int/ueDocs/cms_Data/docs/pressData/en/ec/84335.pdf |title=Spring summit of EU leaders – presidency conclusions (Annex II – p.21–39 on stability pact) |access-date=26 April 2011 |archive-date=12 February 2012 |archive-url=https://web.archive.org/web/20120212193155/http://ue.eu.int/ueDocs/cms_Data/docs/pressData/en/ec/84335.pdf |url-status=dead }}</ref>

; Reform changes of the preventive arm<ref name="Public finances in EMU 2005">{{cite web|url=http://ec.europa.eu/economy_finance/publications/publication421_en.pdf|title=Report on Public finances in EMU 2005|work=European Economy Nr.3/2005|publisher=European Commission (DG for Economic and Financial Affairs)|date=January 2005|access-date=3 May 2013}}</ref>
* '''Country-specific Medium-Term budgetary Objectives (MTO):''' Previously throughout 1999-2004 the SGP had outlined a common MTO for all Member States, which was "to achieve a budgetary position of close to balance or in surplus over a complete business cycle". After the reform, MTOs were calculated to country-specific values according to "the economic and budgetary position and sustainability risks of the Member State", based upon the state's current [[debt-to-GDP ratio]] and long-term [[potential GDP|potential GDP growth]], while the overall objective over the medium term is still "to achieve a budgetary position of close to balance or in surplus over a complete business cycle". No exact formula for the calculation of the country specific MTO was presented in 2005, but it was emphasized the upper limit for the MTO should be at a level "providing a safety margin towards continuously respecting the government's 3% deficit limit, while ensuring [[fiscal sustainability]] in the long run". In addition it was enforced by the EU regulation, that the upper MTO limit for [[eurozone]] states or [[exchange rate mechanism|ERM II Member States]] should be: ''Max. 1.0% of GDP in [[structural deficit]] if the state had a combination of low debt and high potential growth, and if the opposite was the case – or if the state suffered from increased age-related sustainability risks in the long term, then the upper MTO limit should move up to be in "balance or in surplus".'' Finally, it was emphasized, that each Member State has the task to select its MTO when submitting its yearly convergence/stability programme report, and always allowed to select its MTO at a more ambitious level compared to the upper MTO limit, if this better suited its medium-term fiscal policy.
* '''Minimum annual budgetary effort – for states on the adjustment path to reach its MTO:''' All Member States agreed that fiscal consolidation of the budget should be pursued "when the economic conditions are favourable", which was defined as being periods where the actual GDP growth exceeded the average for long-term potential growth. In regards of windfall revenues, a rule was also agreed, that such funds should be spent directly on reduction of government deficit and debt. In addition, a special adjustment rule was agreed for all Eurozone states and ERM-II member states being found not yet to have reached their MTO, outlining that they commit to implement yearly improvements for its structural deficit equal to minimum 0.5% of GDP.
* '''Early-warning system:''' The existing early-warning mechanism is expanded. The European Commission can now also issue an "opinion" directed to member states, without a prior Council involvement, in situations where the opinion functions as formal advice and encouragement to a Member State for realizing the agreed adjustment path towards reaching its declared MTO. This means that the commission will not limit its opinion/recommendations only to situations with an acute risk of breaching the 3% of GDP reference value, but also contact Member States with a notification letter in cases where it finds unjustified deviations from the adjustment path towards the declared MTO or unexpected breaches of the MTO itself (even if the 3% deficit limit is fully respected).
* '''Structural reforms:''' To ensure that implementation of needed structural reforms will not face disincentives due to the regime of complying with the adjustment path towards reaching a declared MTO, it was agreed that implementation of major structural reforms (if they have direct long-term cost-saving effects – and can be verified to improve fiscal sustainability over the long term – i.e. [[pension scheme]] reforms), should automatically allow for a temporary deviation from the MTO or its adjustment path, equal to the costs of implementing the structural reform, in the condition that the 3% deficit limit will be respected and the MTO or MTO-adjustment path will be reached again within the four-year programme period.

; Reform changes of the correcting arm<ref name="Public finances in EMU 2005"/>
* '''Definition of excessive deficits:'''
* '''Deadlines and repetition of steps in the excessive deficit procedure:'''
* '''Taking into account systemic pension reforms:'''
* '''Focus on debt and fiscal sustainability:'''

; Reform changes of the economic governance<ref name="Public finances in EMU 2005"/>
* '''Fiscal governance:'''
* '''Statistical governance:'''

==Reforms 2011–13==
{{main|Euro Plus Pact|Sixpack (EU law)|Twopack (EU law)|European Fiscal Compact}}
The [[euro area crisis]] proved the serious shortcomings embedded in the SGP. On one hand, fiscal wisdom was not spontaneously followed by the majority of Eurozone Members during the early-2000s expansion cycle. On the other hand, the EDP was not duly carried out, when necessary, as the cases of France and Germany clearly show.<ref>''Schuknecht L., Moutmot P., Rother P. and Stsark J., 'The Stability and Growth Pact: crisis and reform' (2011), 129 ECB Occasional Paper Series.''</ref>

In order to stabilise the Eurozone, Member States adopted an extensive package of reforms, aiming at straightening both the substantive budgetary rules and the enforcement framework.<ref>{{Cite web|url=http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/119888.pdf |title=Council reaches agreement on measures to strengthen economic governance |access-date=26 April 2011}}</ref><ref>{{Cite web |author=Jan Strupczewski |url=http://uk.finance.yahoo.com/news/EU-finmins-adopt-tougher-reuters_molt-1023414724.html?x=0 |title=EU finmins adopt tougher rules against debt, imbalance |publisher=Uk.finance.yahoo.com |date=15 March 2011 |access-date=26 April 2011 }}{{dead link|date=November 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> The result was a complete revision of the SGP. The measures adopted soon proved highly controversial, because they implied an unprecedented curtailment of national sovereignty and the conferral upon the Union of penetrating surveillance competences. The new framework consists of a patchwork of normative acts, both within and outside the formal EU edifice. Consequently, the system is now much more complex.

=== Treaty on Stability, Coordination and Governance ===
{{Main|European Fiscal Compact}}
The Treaty on Stability, Coordination and Governance (TSCG), commonly labeled as [[European Fiscal Compact]], was signed on 2 March 2012 by all [[eurozone]] member states and eight other [[Member state of the European Union|EU member states]] and entered into force on 1 January 2013. As of today, all current 27 EU member states ratified or acceded to the treaty, while the main opponent against the TSCG (the United Kingdom) left the EU in January 2020. The TSCG was intended to promote the launch of a new intergovernmental economic cooperation, outside the formal framework of the EU treaties, because most (but not all) member states at the time of its creation were willing to be bound by extra commitments.

Despite being an [[Enhanced cooperation#Related intergovernmental treaties|intergovernmental treaty]] outside the [[European Union law|EU legal framework]], all treaty provisions function as an extension to pre-existing EU regulations, utilising the same reporting instruments and organisational structures already created within the EU in the three areas: Budget discipline enforced by Stability and Growth Pact (extended by [[s:Treaty on Stability, Coordination and Governance in the Economic and Monetary Union#TITLE III FISCAL COMPACT|Title III]]), Coordination of economic policies (extended by [[s:Treaty on Stability, Coordination and Governance in the Economic and Monetary Union#TITLE IV ECONOMIC POLICY COORDINATION AND CONVERGENCE|Title IV]]), and Governance within the [[Economic and Monetary Union of the European Union|EMU]] (extended by [[s:Treaty on Stability, Coordination and Governance in the Economic and Monetary Union#TITLE V GOVERNANCE OF THE EURO AREA|Title V]]).<ref name="citizens information board">{{cite web |title=Summary of the Fiscal Stability Treaty |url=http://www.citizensinformation.ie/en/government_in_ireland/european_government/fiscal_stability_treaty/fiscal_treaty_summary.html |publisher=Citizens Information Board |access-date=14 August 2012 |location=Ireland |date=17 April 2012 |archive-url=https://web.archive.org/web/20120603055020/http://www.citizensinformation.ie/en/government_in_ireland/european_government/fiscal_stability_treaty/fiscal_treaty_summary.html |archive-date=3 June 2012 |url-status=dead }}</ref> The full treaty applies for all eurozone member states. A voluntary opt-in for non-eurozone member states to be bound by the fiscal and economic provisions of the treaty (Title III+IV) has been declared by Denmark, Bulgaria and Romania, while this main part of the treaty currently does not apply for Sweden, Poland, Hungary and Czech Republic - until the point of time they either declare otherways or adopt the euro. 

Member states bound by Title III of the TSCG have to transpose these fiscal provisions (referred to as the Fiscal Compact) into their national legislation. In particular, the general government budget has to be in balance or surplus, under the treaty's definition. As a novelty, an automatic correction mechanism has to be established by written law in order to correct potential significant deviations. Establishment is also required of a national independent monitoring institution to provide fiscal surveillance (commonly referred to as a fiscal council), with a mandate to verify all statistical data and fiscal budgets of the government are in compliance with the agreed fiscal rules, and ensure the proper functioning of the automatic correction mechanism.

The treaty defines a balanced budget exactly the same way the SGP did, as a [[Government budget balance|government budget deficit]] not exceeding 3.0% of the [[gross domestic product]] (GDP), and a [[structural deficit]] not exceeding a country-specific [[Medium-Term budgetary Objective]] (MTO). The Fiscal Compact however introduced a more strict upper MTO-limit compared to SGP, as it now at most can be set to 0.5% of GDP for states with a [[debt-to-GDP ratio|debt‑to‑GDP&nbsp;ratio]] exceeding 60%, while only states with debt levels below 60% of GDP will be subject to respect an upper MTO-limit at the SGP-allowed 1.0% of GDP.<ref>[https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2883550 Independent Fiscal Institutions at the Supranational Level: The European Fiscal Board]. Social Science Research Network (SSRN). Retrieved 18 July 2017.</ref><ref>[http://www.austaxpolicy.com/european-fiscal-board-challenges-opportunities/ The European Fiscal Board: Challenges and Opportunities]. Tax and Transfer Policy Institute (TTPI). Retrieved 18 July 2017.</ref> The exact applying [[#Calculation of a country-specific Minimum MTO (2005–present)|country-specific minimum MTO]] is recalculated and set by the [[European Commission]] for each country every third year, and might be set at levels stricter than the greatest latitude permitted by the treaty.<ref name="citizens information board"/>

In line with the existing SGP rules, the general government budget balance of a member state will be in compliance with the TSCG deficit criteria, either if its found to be within the country-specific MTO-limit, or if its found to display "rapid progress" on its "adjustment path" towards respecting the country-specific MTO-limit. On this point the TSCG is only stricter than SGP by using the phrase "rapid progress" (without quantifying this term), while the SGP regulation opted instead to use the phrase "sufficient progress". In line with the existing SGP rules, the European Commission will for each country set the available time-frame for the "adjustment path" until the MTO-limit shall be achieved, based on consideration of a country-specific debt sustainability risk assessment, while also respecting the requirement that the annual improvements for the structural budget balance shall be minimum 0.5% of GDP.<ref name="citizens information board"/>

The treaty refers to that the compliance check and calculation of sufficiently required corrections for the debt-limit and "debt brake" criteria, shall be identical with the existing operating debt rules outlined by the Stability and Growth Pact. The outlined [[#New debt reduction rule (Regulation 1177/2011)|debt-limit and debt brake criteria]] established four ways for a member state to comply with the debt rules, either by simply having a gross debt level below 60% of GDP, or if above 60% of GDP it then needs to be found "sufficiently diminishing" by specific calculation formulas, either over a "3{{nbh}}year forward looking period" or a "3{{nbh}}year backward looking period" or a "3{{nbh}}year backward looking period based on cyclical adjusted data".<ref name="citizens information board"/>

If any of the periodic checks conducted by the national fiscal council finds the budget or estimated fiscal account of the general government to be noncompliant with the deficit or debt criteria of the treaty, the state is obliged to immediately rectify the issue by implementing sufficient counteracting fiscal measures or changes to its ongoing fiscal policy for the specific year(s) in concern. If a state is in breach at the time of the treaty's entry into force, the correction will be deemed to be sufficient if it delivers sufficiently large annual improvements to remain on a country specific predefined "adjustment path" towards the limits at a midterm horizon. Similar to the general escape clause of the SGP, a state suffering a significant recession or a temporary exceptional event outside its control with major budgetary impact, will be exempted from the requirement to deliver a fiscal automatic correction for as long as it lasts.<ref name="Fiscal Compact">{{cite web |url=http://european-council.europa.eu/media/639235/st00tscg26_en12.pdf |archive-url=https://web.archive.org/web/20120323221237/http://european-council.europa.eu/media/639235/st00tscg26_en12.pdf |url-status=dead |archive-date=23 March 2012 |title=Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (TSCG) |publisher=European Council |date=2 March 2012 |access-date=17 August 2012}}</ref><ref name="Common principles for national fiscal correction mechanisms">{{cite web |url=http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2012:0342:FIN:EN:PDF |title=Communication from the Commission: Common principles for national fiscal correction mechanisms (COM/2012/0342 final) |format=PDF |publisher=EUR-Lex (European Commission) |date=20 June 2012 |access-date=23 November 2012}}</ref>

The treaty states that the signatories shall attempt to incorporate the treaty into EU's legal framework, on the basis of an assessment of the experience with its implementation, by 1&nbsp;January&nbsp;2018 at the latest.<ref name="Fiscal Compact"/> In December 2017, the [[European Commission]] proposed a new Council Directive to incorporate the main fiscal provisions of the TSCG (all articles of its Title III - except [[s:Treaty on Stability, Coordination and Governance in the Economic and Monetary Union#ARTICLE 7|article 7]]) into EU law.<ref>{{cite web|url=http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52017PC0824|title=Proposal for a COUNCIL DIRECTIVE laying down provisions for strengthening fiscal responsibility and the medium-term budgetary orientation in the Member States|date=6 December 2017|access-date=29 December 2017|publisher=[[European Union]]}}</ref> The [[European Central Bank|ECB]] proposed several clarifying amendments to this proposed Council Directive in May 2018, while noting a potential adoption of this Directive should only happen together with an amendment of the pre-existing Council Regulation 1466/97, in order to reflect the TSCG had introduced a stricter upper limit for the structural deficit (MTO) at 0.5% of GDP for member states indebted by a debt-to-GDP ratio above 60%, which was a stricter limit than the maximum 1% of GDP being allowed by Council Regulation 1466/97 for all eurozone member states regardless of their debt-to-GDP ratio.<ref name="ECBamendments">{{Cite web|url=https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CONSIL:ST_8948_2018_INIT|title=Opinion of the European Central Bank on a proposal for a Council Directive laying down provisions for strengthening fiscal responsibility and the medium-term budgetary orientation in the Member States (CON/2018/25)|author=European Central Bank|publisher=Council of the European Union|date=11 May 2018|access-date=15 April 2024}}</ref> If the Council Directive is adopted, it will align the EU fiscal rules with the TSCG fiscal rules. As the content of the Directive does not cover all articles of the TSCG, it will however not replace it, but continue to coexist with TSCG.<ref name="ECBamendments"/> The proposed Council Directive was never adopted, but the latest [[#Reform 2024|2024 reform]] is a new attempt to integrate the TSCG into EU law, that will likely succeed.

=== Secondary legislation ===
Several secondary legislative acts were implemented to strengthen both the preventive and the corrective arms of the SGP. One must distinguish between the 2011 Sixpack and the 2013 Twopack.

==== Sixpack ====
The [[Sixpack (EU law)|'''Sixpack''']] consists of five Regulations and one Directive, which all entered into force on 13 December 2011, although compliance with the Directive was only required by 31 December 2013.

* Regulation 1177/2011 amended the corrective arm (Regulation 1467/97), with a new debt reduction rule being introduced and operationalised (see subchapter below), and the Excessive Deficit Procedure being modified. On one side, each procedural step was subjected to precise and bounding timing. On the other side, the flexibility clauses listed in Art. 126(3) were better specified to reduce enforcement uncertainty.<ref name="R1177/2011">{{cite web|url=http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2011.306.01.0033.01.ENG|title=COUNCIL REGULATION (EU) No 1177/2011 of 8 November 2011 amending Regulation (EC) No 1467/97: On speeding up and clarifying the implementation of the excessive deficit procedure|publisher=Official Journal of the European Union|date=23 November 2011}}</ref>
* Regulation 1176/2011 introduced the [[Macroeconomic Imbalance Procedure]] (MIP), a new procedure based on the macroeconomic clauses of the treaties. This procedure is not concerned with budgetary rules, but with the reduction of "macroeconomic imbalances". The latter consists of economic trends experienced by one member state that can upset the normal functioning of the economy. An example of such trends might be the development of a housing bubble like the one that busted in Ireland in 2010, or of an uncontrolled current account surplus or deficit.<ref name="EIP regulation 1176/2011">{{cite web|url=http://old.eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2011:306:0025:0025:EN:PDF|title=REGULATION (EU) No 1176/2011 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 November 2011: On the prevention and correction of macroeconomic imbalances|format=PDF|publisher=Official Journal of the European Union|date=23 November 2011|url-status=dead|archive-url=https://web.archive.org/web/20140715000627/http://old.eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ%3AL%3A2011%3A306%3A0025%3A0025%3AEN%3APDF|archive-date=15 July 2014}}</ref>
* Regulations 1173/2011<ref name="1173/2011">{{cite web|url=http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2011.306.01.0001.01.ENG|title=REGULATION (EU) No 1173/2011 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 November 2011: On the effective enforcement of budgetary surveillance in the euro area|publisher=Official Journal of the European Union|date=23 November 2011}}</ref> and 1174/2011<ref name="EIP sanction regulation 1174/2011">{{cite web|url=http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2011:306:0008:0011:EN:PDF|title=REGULATION (EU) No 1174/2011 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 November 2011: On enforcement measures to correct excessive macroeconomic imbalances in the euro area|date=23 November 2011}}</ref> modified the framework for the imposition of sanctions in the context of both the EDP and the MIP. A semi-automatic mechanism was introduced: the establishment of a budgetary infringement would trigger a fining decision within the Council unless a qualified majority vote expresses a contrary opinion. Furthermore, as the infringements persist, less afflictive sanctions (such as interest-bearing deposits) are automatically transformed into more afflictive ones (either non-interest-bearing deposits or fines).
* Regulation 1175/2011 amended the preventive arm (Regulation 1466/97), and introduced the [[The European Semester|European Semester]].<ref name="R1175/2011">{{cite web|url=http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2011.306.01.0012.01.ENG|title=REGULATION (EU) No 1175/2011 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 November 2011 amending Council Regulation (EC) No 1466/97: On the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies|publisher=Official Journal of the European Union|date=23 November 2011}}</ref> This is a procedure meant to provide a forum for ex ante coordination of economic and budgetary policies of Member States on an annual basis. In particular, every year in April all [[eurozone]] member states submit their "stability programmes", while all non-eurozone member states submit "convergence programmes" that except of a different title provides identical content. These documents outline the main elements of the member states' budgetary plans and are assessed by the Commission for compliance with the SGP criteria both within the preventive arm (MTO achievement) and corrective arm (EDP correction). An important part of the assessment addresses compliance with the minimum annual benchmark figures set for each individual country's [[Deficit spending#Structural deficit|structural budget balance]], striving towards either a minimum improvement for the structural budget balance to be on the set path to correct an ongoing Exessive Deficit Procedure within the corrective arm, or striving towards achievement of the country-specific [[#Medium-Term budgetary Objective (MTO)|Medium-Term budgetary Objective (MTO)]] - or being assessed to be on an appropriate adjustment path towards this MTO within the preventive arm. Based on its assessment of the stability and convergence programmes, the Commission also draws up [[The European Semester#May|Country-Specific Recommendations]] for all EU member states, on which the Council adopts opinions in July. These include recommendations for appropriate economic and fiscal policy actions. All CSRs adopted in the context of the European Semester since 2011 are registered in the CSR database, which is the main tool for recording and monitoring each member state's annual progress with the implementation of CSRs.<ref>{{Cite web|url=https://ec.europa.eu/economy_finance/country-specific-recommendations-database/|title=Country-Specific Recommendations database|publisher=European Commission|author=Directorate-General for Economic and Financial Affairs|access-date=30 April 2024}}</ref> Furthermore, the Council adopts recommendations on economic policies that apply to the euro area as a whole.
* Directive 2011/85/EU outlined requirements for annually submitted budgetary frameworks of all member states,<ref name="Directive 2011/85/EU">{{cite web|url=http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2011.306.01.0041.01.ENG|title=COUNCIL DIRECTIVE 2011/85/EU of 8 November 2011: On requirements for budgetary frameworks of the Member States|publisher=Official Journal of the European Union|date=23 November 2011}}</ref> and shall be implemented by each member state no later than 31 December 2013.<ref>{{cite web|url=https://publications.parliament.uk/pa/cm201213/cmselect/cmeuleg/86-xxix/8620.htm|title=Commission Report: Interim progress report on implementation of Council Directive 2011/85/EU on requirements for budgetary frameworks of the Member States|work=Twenty-ninth Report of Session 2012-13 - European Scrutiny Committee Contents: 18 Economic governance|publisher=Parliament.uk|date=30 January 2013|access-date=1 June 2013}}</ref>

===== New debt reduction rule (Regulation 1177/2011) =====
The corrective arm of the SGP (Regulation 1467/97) was amended by Regulation 1177/2011. By an entirely rewritten "article 2", this amendment introduced and operationalised a new ''"debt reduction rule"'', commonly referred to as the ''"debt brake rule"'', and legislatively referred to as the ''"1/20 numerical benchmark for debt reduction"''. The new debt reduction rule entered into force at the EU level on 13 December 2011.<ref name="R1177/2011"/>

* '''Debt brake rule:''' Member states whose gross [[debt-to-GDP ratio]] for the general government exceeds the 60% reference level in the latest recorded fiscal year, shall reduce it at an average rate of at least one twentieth (5%) per year of the exceeded percentage points, where the calculated average period shall be either the 3{{nbh}}year period covering the latest fiscal year and forecasts for the current and next year, or the latest three fiscal years. Rising debt levels for both of the rolling 3{{nbh}}year periods, are allowed for as long as the debt-to-GDP ratio of the member state does not exceed 60% in the latest recorded fiscal year. If the European Commission had decided the interim values in the 3{{nbh}}year periods should have no direct influence on the reduction requirement at the end point of the period, then the formula would have been quite simple (i.e. for a debt-to-GDP ratio recorded to be 80% by the end of the year preceding the latest fiscal year, then it should for the period covering the latest fiscal year and the subsequent forecast two years decline with at least: 1/20&nbsp;*&nbsp;(80%{{nbh}}60%)&nbsp;=&nbsp;1.0 percentage point per year, resulting in a limit of 77.0% three years later). As the European Commission decided interim values in the 3{{nbh}}year periods also should impact the final debt reduction requirement, they came up with this slightly more complicated benchmark calculation formula:<ref name="Formula for the EU debt brake rule">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/coc/code_of_conduct_en.pdf|title=Specifications on the implementation of the Stability and Growth Pact, and Guidelines on the format and content of Stability and Convergence Programmes|publisher=European Commission|date=3 September 2012|access-date=13 August 2014}}</ref><ref name="Handbook for implementation of SGP">{{cite web|url=http://ec.europa.eu/economy_finance/publications/occasional_paper/2013/pdf/ocp151_en.pdf|title=Vade mecum on the Stability and Growth Pact|publisher=European Commission|date=8 July 2013}}</ref>
:* '''Backwards-checking formula for the debt reduction bechmark (bb<sub>t</sub>):'''<br/><span style="font-size:88%; color:darkgreen;">'''bb<sub>t</sub> = 60% + 0.95*(b<sub>t-1</sub>-60%)/3 + 0.95<sup>2</sup>*(b<sub>t-2</sub>-60%)/3 + 0.95<sup>3</sup>*(b<sub>t-3</sub>-60%)/3'''.</span><br/> The bb-value is the calculated benchmark limit for year ''t''.<br/> The formula feature three t-year-indexes for backwards-checking.
:* '''Forwards-checking formula for the debt reduction bechmark (bb<sub>t+2</sub>):'''<br/><span style="font-size:88%; color:darkgreen;">'''bb<sub>t+2</sub> = 60% + 0.95*(b<sub>t+1</sub>-60%)/3 + 0.95<sup>2</sup>*(b<sub>t</sub>-60%)/3 + 0.95<sup>3</sup>*(b<sub>t-1</sub>-60%)/3'''.</span><br/> When checking forwards, the same formula is applied as the backwards-checking formula, just with all the t-year-indexes being pushed two years forward.
:* The year referred to as ''t'' in the backward-looking and forward-looking formula listed above, is always the latest completed fiscal year with available outturn data. For example, a backward-check conducted in 2024 will always check whether outturn data from the completed 2023 fiscal year (t) featured a debt-to-GDP ratio (b<sub>t</sub>) at a level respecting the "2023 debt reduction benchmark" (bb<sub>t</sub>) calculated on basis of outturn data for the debt-to-GDP ratio from 2020+2021+2022, while the forward-looking check conducted in 2024 will be all about whether the forecast 2025-data (b<sub>t+2</sub>) will respect the "2025 debt reduction benchmark" (bb<sub>t+2</sub>) calculated on basis of debt-to-GDP ratio data for 2022+2023+2024. It shall be noted, that whenever a ''b'' input-value (debt-to-GDP ratio) is recorded/forecast below 60%, its data-input shall be replaced by a fictive 60% value in the formula.
:* Besides of the backward-looking debt-brake compliance check (b<sub>t</sub> <math>\scriptscriptstyle\leq</math> bb<sub>t</sub>) and forward-looking debt-brake compliance check (b<sub>t+2</sub> <math>\scriptscriptstyle\leq</math> bb<sub>t+2</sub>), a third ''cyclically adjusted backward-looking debt-brake check (b*<sub>t</sub> <math>\scriptscriptstyle\leq</math> bb<sub>t</sub>)'' also form part of the assessment whether or not a member state is in abeyance with the debt-criterion. This check applies the same backwards-checking formula for the debt reduction bechmark (bb<sub>t</sub>), but now checks if the ''cyclically adjusted debt-to-GDP ratio'' (b*<sub>t</sub>) respects this calculated benchmark-limit (bb<sub>t</sub>) by being compliant with the equation: b*<sub>t</sub> <math>\scriptscriptstyle\leq</math> bb<sub>t</sub>. The exact formula used to calculate the ''cyclically adjusted debt-to-GDP ratio for the latest completed year t with outturn data (b*<sub>t</sub>)'', is displayed by the formula box below.

{{Infobox
| title = Formula used to calculate the<br /> ''cyclically adjusted debt-to-GDP ratio''<br /> <small>for the latest year "t" with recorded data (b*<sub>t</sub>)<ref name="Handbook for implementation of SGP"/></small>
| titlestyle = padding:0.3em 0.2em 0 0.2em; background:inherit; border:1px #aaa solid; border-bottom:none; background:#cfc;
| bodystyle = border-top:none;
| above = {{0}}
| data1 = {{center|1='''B<sub>t</sub> + C<sub>t</sub> + C<sub>t-1</sub> + C<sub>t-2</sub>'''}}
| label2 = <big><sup>b*<sub>t</sub>&nbsp;=</sup></big>
| data2 = <hr />{{center|1={{Nowrap|1='''Y<sub>t-3</sub> * (1 + Ypot<sub>t</sub>)(1 + P<sub>t</sub>) * (1 + Ypot<sub>t-1</sub>)(1 + P<sub>t-1</sub>) * (1 + Ypot<sub>t-2</sub>)(1 + P<sub>t-2</sub>)'''}}}}
| data3 = {{0}}
| belowstyle = text-align:left
| below = * [http://ec.europa.eu/economy_finance/ameco/Include/Query.cfm?serie=UDGGL&trn=1&agg=0&unite=0&ref=0&nomserie=General+government+consolidated+gross+debt+%3A-+Excessive+deficit+procedure+%28based+on+ESA+2010%29+and+former+definitions+%28linked+series%29 B<sub>t</sub>] stands for consolidated nominal gross debt of the general government in year t.
* [http://ec.europa.eu/economy_finance/ameco/Include/Query.cfm?serie=UBLGCP&trn=1&agg=0&unite=319&ref=0&nomserie=Cyclical+component+of+net+lending+%28%2B%29+or+net+borrowing+%28-%29+of+general+government+%3A-+Based+on+potential+GDP+ESA+2010 C<sub>t</sub>] stands for the consolidated nominal gross debt generated by the cyclical component of the general government budget balance in year t (note: As the linked AMECO data series for C<sub>t</sub> only display this figure as a percentage of 2010 potential GDP at current prices, it shall of course be recalculated back to its nominal figure by multiplying it with the [http://ec.europa.eu/economy_finance/ameco/Include/Query.cfm?serie=OVGDP&trn=1&agg=0&unite=0&ref=0&nomserie=Potential+gross+domestic+product+at+2010+market+prices 2010 potential GDP]).
* [http://ec.europa.eu/economy_finance/ameco/Include/Query.cfm?serie=UVGD&trn=1&agg=0&unite=0&ref=0&nomserie=Gross+domestic+product+at+current+market+prices Y<sub>t</sub>] stands for nominal GDP at current market prices in year t.
* [http://ec.europa.eu/economy_finance/publications/european_economy/2014/pdf/ee7_en.pdf Ypot<sub>t</sub>] stands for potential growth rate in year t (table 13 in source).
* [http://ec.europa.eu/economy_finance/publications/european_economy/2014/pdf/ee7_en.pdf P<sub>t</sub>] stands for the GDP price deflator rate in year t (table 15 in source).
}}

If just one of the four quantitative debt-requirements (including the first one requesting the debt-to-GDP ratio to be below 60% in the latest recorded fiscal year) is complied with: <span style="font-size:88%; color:darkgreen;">{{Nowrap|'''b<sub>t</sub> <math>\scriptscriptstyle\leq</math> 60%'''}} or {{Nowrap|'''b<sub>t</sub> <math>\scriptscriptstyle\leq</math> bb<sub>t</sub>'''}} or {{Nowrap|'''b*<sub>t</sub> <math>\scriptscriptstyle\leq</math> bb<sub>t</sub>'''}} or {{Nowrap|'''b<sub>t+2</sub> <math>\scriptscriptstyle\leq</math> bb<sub>t+2</sub>'''}}</span>, then a member state will be declared to be in abeyance with the debt brake rule. Otherwise the Commission will declare existence of an "apparent breach" of the debt-criterion by the publication of a [[:s:Consolidated version of the Treaty on the Functioning of the European Union/Title VIII: Economic and Monetary Policy#Article 126|126(3) report]], which shall investigate if the "apparent breach" was "real" after having taken a range of allowed exemptions into consideration. Provided no special "breach exemptions" can be found to exist by the 126(3) report (i.e. finding the debt breach was solely caused by ''"structural improving pension reforms"'' or ''"payment of bailout funds to financial stability mechanisms"'' or ''"payment of national funds to the new [[European Fund for Strategic Investments]]"''<!--The Council decided at its December 2014 meeting that breaches caused by "national contributions to EFSI" also shall be exempted - which will be confirmed by a special Commission regulation in January 2015--> or ''"appearance of an EU-wide recession"''), then the Commission will recommend the Council to open a debt-breached EDP against the member state by the publication of a [[:s:Consolidated version of the Treaty on the Functioning of the European Union/Title VIII: Economic and Monetary Policy#Article 126|126(6) report]].<ref name="Formula for the EU debt brake rule"/><ref name="Handbook for implementation of SGP"/>

For transitional reasons, the regulation granted all 23 EU member states with an ongoing EDP in November 2011, a 3{{nbh}}year exemption period to comply with the rule, which shall start in the year when the member state have its 2011-EDP abrogated.<ref name="R1177/2011"/> For example, Ireland will only be obliged to comply with the new debt brake rule in 2019, if they, as expected, manage to correct their EDP in fiscal year 2015 – with the formal EDP abrogation then taking place in 2016.<ref name="Deadline to correct EDP issues"/> During the years where the 23 member states are exempted from complying with the new debt brake rule, they are still obliged to comply with the old debt brake rule that requires the debt-to-GDP ratios in excess of 60% to be "sufficiently diminished",<ref name="R1177/2011"/> meaning that it must approach the 60% reference value at a "satisfactory pace" ensuring it will succeed to meet the debt reduction requirement of the new debt brake rule three years after its EDP is abrogated. This special transitional "satisfactory pace" is calculated by the Commission individually for each of the concerned member states, and is published to them in form of a figure for: ''The annually required Minimum Linear Structural Adjustment (MLSA) of the deficit in each of the 3 years in the transition period – ensuring the compliance with the new debt brake rule by the end of the transition period.''<ref name="Handbook for implementation of SGP"/><ref name="Example of how debt reduction requirements are calculated for a transitional state">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/dbp/be_2013-11-15_swd_en.pdf|title=Commission Staff Working Document: Analysis of the Draft Budgetary Plan of Belgium (Accompanying the document: Commission on the Draft Budgetary Plan of Belgium)|publisher=European Commission|date=15 November 2013}}</ref>

==== Twopack ====
The [[Twopack (EU law)|'''Twopack''']] consists of two Regulations that entered into force on 30 May 2013. They are exclusively applicable to [[eurozone]] member states and introduced additional coordination and surveillance of their budgetary processes. They were deemed necessary given the higher potential for spillover effects of budgetary policies in a common currency area. The additional regulations complement the SGP's requirement for surveillance, by enhancing the frequency and scope of scrutiny of the member state's policymaking, but do not place additional requirements on the policy itself. The degree of surveillance will depend on the economic health of the member state.<ref name="2 extra budgetary surveillance regulations for Eurozone member states">{{cite web|url=http://europa.eu/rapid/press-release_MEMO-11-822_en.htm?locale=en|title=Economic governance: Commission proposes two new Regulations to further strengthen budgetary surveillance in the euro area (MEMO/11/822)|publisher=Europa|date=23 November 2011|access-date=20 November 2012}}</ref>

Regulation 473/2013 is directed at all eurozone member states and requires a draft budgetary plan for the upcoming year to be submitted annually by 15 October, for a SGP compliance assessment conducted by the European Commission. The member state shall then await receiving the Commission's opinion before the draft budgetary plan is debated and voted for in their national parliament. The Commission will not be granted any veto right over the national parliaments potential pass of a fiscal budget, but will have the role to issue warnings in advance to the national parliaments, if the proposed draft budget is found to compromise the debt and deficit rules of the SGP.<ref name="Regulation 1">{{cite web|url=https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013R0473&from=EN|title=REGULATION (EU) No 473/2013 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 21 May 2013: On common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area|format=PDF|publisher=Official Journal of the European Union|date=27 May 2013}}</ref> 
* The regulation requires that any eurozone member state subject to an open EDP shall also publish a "status report for corrective action" by 6 months intervals, with the frequency increased to quarterly reports if the state "persistently fails to implement the Council recommendations for corrective measures in order to remedy the excessive deficit".<ref name="Regulation 1"/>

Regulation 472/2013 is concerned with the subgroup of eurozone member states experiencing or being threatened by financial instability, which is understood to be the case if the state has an ongoing [[Excessive Imbalance Procedure|Excessive Imbalance Procedure (EIP)]] or receives any macroeconomic financial assistance from [[European Financial Stabilisation Mechanism|EFSM]]/[[European Financial Stability Fund|EFSF]]/[[European Stability Mechanism|ESM]]/[[International Monetary Fund|IMF]]/other bilateral basis. These member states are made subject to even more in depth and frequent "enhanced surveillance", in order to prevent a possible [[sovereign debt]] crisis.<ref name="Regulation 2">{{cite web|url=https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013R0472&qid=1573574512436&from=EN|title=REGULATION (EU) No 472/2013 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 21 May 2013: On the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability|format=PDF|publisher=Official Journal of the European Union|date=27 May 2013}}</ref>
* The regulation requires that "status reports for corrective action" needs to be published on a quarterly basis, and that the Commission on that basis will be allowed to send warnings to the national parliament of the member state concerned, about a likely missed compliance with programme targets and/or the fiscal adjustment path to comply with EDP deadlines; at such an early stage in the process, that the affected member state still have sufficient time to implement needed counter-measures to prevent the possible delay of the required compliance.<ref name="Regulation 2"/>

==== Assessment and criticism ====
In the post-crisis period, the legal debate on EMU largely focused on assessing the effects of both the Six- and the Two-Pack on the SGP. Most scholars admit that a considerable improvement occurred in the field of budgetary enforcement, especially for what concerns the imposition of dissuasive sanctions upon noncompliant Members. However, critical positions generally outnumber positive ones.

Many have criticised the growing complexity of the enforcement procedures. The reform process had to reconcile a strong tightening of the EDP with the pressure for wider escape clauses. The tension between these opposite trends fostered the developments of complicated assessment criteria,<ref>{{Cite journal |last=Heinemann |first=Friedrich |date=2018 |title=How could the Stability and Growth Pact be simplified? |url=https://www.europarl.europa.eu/RegData/etudes/IDAN/2018/614501/IPOL_IDA(2018)614501_EN.pdf |journal=Economic Governance Support Unit – Directorate-General for Internal Policies of the European Union}}</ref> often translated in sophisticated mathematical formulas. This not only induces confusion in the overall framework, but also makes the procedural outcome hardly predictable for Member States.

Another widespread criticism concerns the high democratic deficit embedded by the SGP. National policymakers are elected democratically backed up at national level, whereas the EU (in its quality of central watchdog) is only in an indirect way.<ref>Diani M., 'Numeri e principio democratico: due concezioni a confronto nel diritto pubblico europeo' in Bergonzoni C., Borelli S. and Guazzarotti A. (eds), La legge dei numeri: Governance economica europea e marginalizzazione dei diritti (1st edn, Jovene Editore), 101-112.</ref> The friction between the two levels is ever more perceived in periods of economic distress, when the quest for budgetary consolidation becomes more compelling. Scholars agree in referring the issue of democratic deficit to the lack of a more federalised institutional framework for the Eurozone economic governance. The argument goes that strongly legitimated Union institutions would avoid the need for penetrating surveillance mechanisms, as they would partially shift economic policymaking at central level.

=== Bailout programs ===
Because of the crisis, some Members lost access to financial markets to refinance their debt. Clearly, the SGP framework proved not enough to ensure the stability of the Eurozone. For this reason, a bailout facility was deemed necessary to face such extraordinary challenges. The first attempt was the European Financial Stability Facility (EFSF), specifically created in 2010 to help Greece, Portugal, and Ireland. However, a permanent facility was created two years later with the establishment of the European Stability Mechanism (ESM). The latter consists of an international treaty signed on 2 February 2012 by Eurozone Members only.

Ailing Members receive financial aid in the form of low-interest loans whose disbursement is attached policy conditionalities. The latter usually consist in Macroeconomic Adjustment Programs (MAPs) whose adoption is deemed necessary to fix the imbalances which gave rise to the original instability.

Bailout programs do not constitute enforcement procedure ''stricto sensu''. However, since financial support always entails compliance with several budgetary and economic conditionalities, they can be construed as a sort of ''ex post'' enforcement mechanism.

== Reform 2024 ==
On 26 April 2023, the Commission presented three legislative proposals to implement a comprehensive reform of the EU fiscal framework:<ref name="Luxembourg-April2024-status">{{Cite web|url=https://economy-finance.ec.europa.eu/document/download/45875f38-a79e-43fb-892c-39da50c6cfc7_en?filename=Commission%20opinion%20on%20the%202024%20Draft%20Budgetary%20Plan%20of%20Luxembourg%20%E2%80%93%20update%2018%20April%202024.pdf|title=Commission Opinion of 18.4.2024 on the Draft Budgetary Plan of Luxembourg|publisher=European Commission|date=18 April 2024|access-date=20 April 2024}}</ref>
* '''New Regulation on the preventive arm of the SGP:''' ''Regulation on the effective coordination of economic policies and multilateral budgetary surveillance, and repealing Council Regulation 1466/97.''
* '''Regulation amending the corrective arm of the SGP:''' ''Regulation amending Regulation 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure.''
* '''Directive amending the Directive on national budgetary frameworks:''' ''Council Directive amending Directive 2011/85/EU on requirements for budgetary frameworks of the Member States.''

The proposed reform aims to strengthen public debt sustainability, promote sustainable and inclusive growth through reforms and investments, increase national ownership for fiscal plans and fiscal corrections, simplify the legal framework, move towards a greater medium-term approach to budgetary policies, and ensure more effective and coherent enforcement of the fiscal rules.<ref name="Luxembourg-April2024-status"/>

As per legal assessment of ECB, the Commissions reform proposals also aim to integrate the [[s:Treaty on Stability, Coordination and Governance in the Economic and Monetary Union#TITLE III FISCAL COMPACT|Title III articles]] of the [[European Fiscal Compact|European Fiscal Compact (TSCG)]], and wherever provisions would be different this does not necessitate the subsequent amendment or repeal of the TSCG, because [[s:Treaty on Stability, Coordination and Governance in the Economic and Monetary Union#ARTICLE 2|Article 2 of the TSCG]] ensures that the TSCG provisions will always apply and be interpreted in accordance with the existing economic governance framework of the European Union.<ref name="ECBopinion">{{Cite web|url=https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52023AB0020&qid=1713595706691#ntc54-C_2023290EN.01001701-E0054|title=Opinion of the European Central Bank of 5 July 2023 on a proposal for economic governance reform in the Union (CON/2023/20) 2023/C 290/03|author=European Central Bank|publisher=Official Journal of the European Union|work=Chapter 7: Relationship with the Treaty on Stability, Coordination and Governance| date=18 August 2023|access-date=20 April 2024}}</ref>

In February 2024, the trilogue negotiations between the co-legislators ended with a provisional political agreement on the Commissions proposal for a comprehensive reform of the SGP rules. The reform will introduce acceptance of a slower adjustment path towards respecting the deficit and debt limit of the SGP, and extend the maximum duration of an Excessive Deficit Procedure from four to seven years if certain reform requirements are respected. The new revised rules will be finally adopted by the [[European Parliament]] and [[Council of the European Union|Council of Ministers]] before the [[2024 European Parliament election]]; and fully applied starting from the presented drafts for 2025 budgets.<ref>{{Cite web|url=https://www.euractiv.com/section/economy-jobs/news/eu-reaches-agreement-on-spending-rules/|title=EU reaches agreement on spending rules|publisher=Euractiv|date=12 February 2024|access-date=31 March 2024}}</ref><ref>{{Cite web|url=https://www.euractiv.com/section/economy-jobs/news/eurogroup-says-new-fiscal-rules-will-require-public-spending-cuts/|title=Eurogroup says new fiscal rules will require public spending cuts|publisher=Euractiv|author=Thomas Moller-Nielsen|date=12 March 2024|access-date=31 March 2024}}</ref><ref name="Commission explains new rules">{{Cite web|url=https://ec.europa.eu/commission/presscorner/detail/en/ip_24_711|title=Commission welcomes political agreement on a new economic governance framework fit for the future|publisher=European Commission|date=10 February 2024|access-date=4 April 2024}}</ref> The first ''"national medium-term fiscal-structural plans"'' guided by the new revised fiscal rules, will cover the four-year period 2025-2028, and need to be submitted by each member state by 20 September 2024.<ref name="EP explains new rules">{{Cite web|url=https://www.europarl.europa.eu/news/en/press-room/20240205IPR17419/deal-on-eu-economic-governance-reform|title=Deal on EU economic governance reform|publisher=European Parliament|date=10 February 2024|access-date=4 April 2024}}</ref>

The European Parliament is expected to vote on the new Regulation on the preventive arm in April 2024. After the Parliament's approval, the Council of Ministers is expected to adopt the new Regulation, adopt the Regulation amending the corrective arm, and adopt the Directive amending the Directive on national budgetary frameworks. In the meantime, as a new legal framework is not yet in place, the current legal framework continues to apply in spring 2024.<ref name="Luxembourg-April2024-status"/>

===SGP changes induced by the reform ===
The reform was adopted and entered into force on 30 April 2024, and induced the following changes to the SGP:<ref name="EGF2024">{{Cite web|url=https://www.consilium.europa.eu/en/policies/economic-governance-framework/|title=Economic governance framework|publisher=European Commission|date=30 May 2024|access-date=30 May 2024}}</ref><ref name="SGPreform2024"/>

* ''"National medium-term fiscal-structural plans"'' submitted annually by 20 September, will integrate and replace the previous "Stability/Convergence programme" and "National Reform Programme" submitted annually in April. While maintaining a 4-5 year time span for the duration of the programme/plan, the intention with the new plans are that the subsequent annually reporting will be limited to progress reports on how the implementation of the original plan is moving forward.
* The maximum duration of an Excessive Deficit Procedure (EDP) will be extended from four to seven years if certain reform requirements are respected, for member states in need of a slower adjustment path towards respecting the deficit and debt limit of the SGP.
* The [[#New debt reduction rule (Regulation 1177/2011)|New debt reduction rule (Regulation 1177/2011)]] - also known as the debt reduction benchmark, will be repealed. In the future, a debt-based EDP can instead only be triggered for member states having a debt-to-GDP ratio above 60% along with a budget balance deficit, if the control account of the member state at the same time deviates from the country-specific agreed ''"Net Expenditure Path"'' by 0.3 percentage points of GDP annually, or 0.6 percentage points of GDP cumulatively. As 2025 will be the first fiscal year subjected to the reformed "Net Expenditure Path", no member state can have the opening of a debt-based EDP in 2024. The procedure for launching a deficit-based EDP, due to a breach of the 3% deficit limit for the general government nominal budget balance, will however not be changed by the reform, and will therefore be assessed already in 2024.
* The [[#Medium-Term budgetary Objective (MTO)|Medium-Term budgetary Objective (MTO)]] and its related ''"Significant Deviation Procedure"'' within the preventive arm of the SGP, are both repealed.
* Fiscal surveillance will no longer focus on how the structural budget balance performs, but instead check if the annual percentage change of the ''"nationally financed net primary expenditure"'' of the member state stays within the agreed country-specific multi-year net expenditure path, as endorsed by the Council. This path will serve as a basis for carrying out annual fiscal surveillance over the lifetime of the Member State's medium-term fiscal-structural plan. The ''"nationally financed net primary expenditure"'', represents the figure for the overall general government expenditures but excluding: new additional expenditures financed by discretionary revenue measures such as new taxation measures (as per the word "net"), interest expenditures (as per the word "primary"), cyclical unemployment expenditures (making the figure neutral to the business cycle), national expenditures on co-financing of programmes funded by the EU, and expenditures on EU programmes fully matched by revenue from EU funds.
* For a member state having both a government deficit below the 3% of GDP reference value and public debt below the 60% of GDP reference value, the European Commission will now only provide technical advice upon the request of the concerned member state, on its country-specific target for the ''Structural Primary Balance'' necessary in order to ensure that both:<ref name="NetExpenditurePath:Calculation">{{Cite web|url=https://economy-finance.ec.europa.eu/system/files/2024-03/ip271_4_Part%20II_Special%20issues.pdf|title=Debt Sustainability Monitor 2023: Part II Special Issues|work=Chapter II.1: The DSA methodology in the new economic governance framework|publisher=European Commission|date=22 March 2024|access-date=30 May 2024}}</ref>
** The government deficit and debt also stay below both reference values, during its 4-5 year long "National medium-term fiscal-structural plan" plus for an additional assumed no-fiscal-policy-change 10-year period beyond.
** The government deficit throughout the same 14-15 years period complies with the new "deficit resilience safeguard" (Article 6b), that requires an annual positive fiscal adjustment for the Structural Primary Balance of at least 0.4% of GDP (or 0.25% in case the adjustment period and plan is extended to 7 years) until the structural balance is above or equal to -1.5% of GDP.
** The technical advice for the ''Structural Primary Balance'' target meeting both criteria above, shall be calculated as per the outlined methodology described in the latest "Debt Sustainability Monitor" report. When knowing the recommended ''Structural Primary Balance'' target, then the maximum allowed limit for the annual ''Nominal net primary expenditure growth'' can be calculated per this formula:
:::{{box|background=yellow|align=center|border size=2px|radius=20px|text align=center|font size=88%|text color=darkgreen|'''Nominal net primary expenditure growth &#61; yearly potential GDP growth + inflation (as measured by the GDP deflator) – required change in the Structural Primary Balance / primary expenditure-to-GDP ratio'''}}
* For member states with a public debt above the 60% of GDP reference value or a government deficit above the 3% of GDP reference value, the European Commission will issue reference trajectories for the country-specific net expenditure path, ensuring a compliance with both reference values for debt and deficit in the future. The net expenditure path set annual limits for how much the net expenditure of the general government can grow, and will be determined and communicated by the European Commission ahead of the publication of the first national medium-term fiscal-structural plan, with a default adjustment period covering the four years of the plan - but with a possible extension of the adjustment period by a maximum of three additional years if certain reform requirements are met. The reference trajectories for the country-specific net expenditure path shall be set in compliance with these five subcriteria:<ref name="NetExpenditurePath:Calculation"/>
** Government deficit is brought and maintained below 3% of GDP by the end of the EDP period.
** Government deficit shall after being recorded below 3% of GDP, further converge towards a "common resilience margin" below the 3% of GDP deficit limit. This new criteria is called the ''"deficit resilience safeguard"'' (Article 6b), that requires a further annual positive fiscal adjustment for the Structural Primary Balance of at least 0.4% of GDP (or 0.25% in case the adjustment period and plan is extended to 7 years) until the structural balance is above or equal to -1.5% of GDP.
** Projected public debt-to-GDP ratios above 60% shall decrease by a minimum annual average, in line with the debt sustainability safeguard, as per the outlined methodology described in the latest "Debt Sustainability Monitor" report. The debt sustainability safeguard will ensure that the government debt ratio decreases by a minimum annual average of 1% of GDP as long as the member state's debt ratio exceeds 90%, or of 0.5% of GDP as long as the member state's debt ratio remains between 60% and 90%. 
** The fiscal effort over the horizon of the plan is linear and at least proportional to the total effort over the entire adjustment period, and will by default have a duration of 4 years, although it can be extended to 7 years if certain reform requirements are met.
** While having a nominal budget balance deficit above 3% of GDP, the [[Deficit spending#Structural deficit|structural deficit]] of the general government shall be improved by a fiscal adjustment of minimum 0.5% of GDP per year as a benchmark, even if the four other subcriteria above would allow for a lower annual adjustment. If the four other subcritera demand a higher than 0.5% of GDP annual adjustment, this higher adjustment will be required instead. 
* The standard fine in case of non-compliance with the EDP targets, was 0.2% of GDP in the previous version of the SGP, but will after the reform now amount to up to 0.05% of GDP and accumulate every six months until "effective action" by the member state concerned is taken. After the reform "effective action" will be deemed taken, if the net expenditure is corrected to a level in compliance with the agreed "Net Expenditure Path".
* The previous "general escape clause" was not changed by the reform. As activation/deactivation of this clause however covered the entire eurozone/EU as a whole entity, the reform now also introduced a "national escape clause", which may be activated by the Council if this is requested by a member state and recommended by the European Commission. A potential activation of a "national escape clause" would suspend the rules only for the member state concerned for a time-limited period, in the event that exceptional circumstances outside the control of that member state have a major impact on its public finances, but only if the activation itself will not endanger fiscal sustainability in the medium term.

== Member states by SGP criteria ==
Both [[eurozone]] and non-eurozone [[Member state of the European Union|EU member states]] are subjected to a regular compliance check with the SGP deficit and debt criterion. Minimum one ordinary check per year was conducted for all member states since 1998, and minimum two ordinary checks per year for all eurozone member states since the [[#Twopack|twopack reform]] entered into force in 2013.<ref>{{cite web|url=http://ec.europa.eu/economy_finance/publications/european_economy/2011/pdf/ee-2011-3_en.pdf|title=Public finances in EMU|publisher=European Economy 3|year=2011}}</ref> If just one of the two criteria is not complied with when conducting the first numerical check, and the following investigative [[:s:Consolidated version of the Treaty on the Functioning of the European Union/Title VIII: Economic and Monetary Policy#Article 126|article 126(3) report]] of the Commission concludes this "apparent breach" was non-exempted, then there will be the opening of an Excessive Deficit Procedure (EDP) against the concerned member state - declared by the Council's adoption of a 126(6) report; and a deadline for the needed correction of the criteria breach - along with annual targets for the [[Deficit spending#Structural deficit|structural deficit]] and [[Government budget balance|nominal budget balance]] - will be set by the simultaneous adoption of a 126(7) report.<ref name="VadeMecum2016">{{cite web|url=https://economy-finance.ec.europa.eu/document/download/2f59e456-b0f5-48ee-8a2a-7237fb4cff91_en?filename=ip021_en.pdf|title=Vade Mecum on the Stability and Growth Pact - 2016 edition|publisher=European Commission|author=Directorate-General for Economic and Financial Affairs|date=23 March 2016}}</ref>

The EDP - also known as the corrective arm of the SGP, was however suspended via activation of the "general escape clause" during 2020-2023 to allow for higher [[deficit spending]]; first due to the [[COVID-19 pandemic in Europe|Covid-19 pandemic]] arriving as an extraordinary circumstance,<ref>{{Cite web|url=https://www.euractiv.com/section/economy-jobs/news/commission-proposes-unprecedented-suspension-of-eus-fiscal-rules/|title=Commission proposes unprecedented suspension of EU's fiscal rules|publisher=Euractiv|author=Jorge Valero|date=20 March 2020|access-date=31 March 2024}}</ref> and later during 2022-2023 due to the [[Russian invasion of Ukraine]] having sent energy prices up, defence spending up and budgetary pressures up across the [[European Union|EU]].<ref>{{Cite web|url=https://www.euractiv.com/section/economy-jobs/news/eu-fiscal-rules-to-be-suspended-for-another-year/|title=EU fiscal rules to be suspended for another year|publisher=Euractiv|author=János Allenbach-Ammann|date=24 May 2022|access-date=31 March 2024}}</ref> Despite the EDP suspension in 2020-2023, Romania still experienced the opening of an EDP in April 2020;<ref>{{Cite web|url=https://economy-finance.ec.europa.eu/economic-and-fiscal-governance/stability-and-growth-pact/corrective-arm-excessive-deficit-procedure/ongoing-excessive-deficit-procedures/romania_en|title=Documents related to the Excessive Deficit Procedure for Romania|publisher=Directorate-General for Economic and Financial Affairs|date=24 November 2021|access-date=31 March 2024}}</ref> but only because of existence of a deficit limit breach being recorded already for its 2019 fiscal year, which required corrective action across 2020-2024, to remedy a budgetary imbalance created before 2020.<ref>{{Cite web|url=https://economy-finance.ec.europa.eu/document/download/a5d95c36-7c9b-4a6c-a137-47b197a121ca_en?filename=letter_accompanying_the_launching_of_the_edp_for_romania_signed_evp_dombrovskis-cssr_gentiloni.pdf.pdf|title=Letter accompanying the launching of the EDP for Romania (signed Executive Vice-President Valdis Dombrovskis and Commissioner for the Economy Paolo Gentiloni)|publisher=European Commission|date=6 April 2020|access-date=31 March 2024}}</ref>

=== Compliance in 2023 ===
The data in the table below are from the ordinary compliance check of all EU member states in May 2023,<ref name="EDP2023"/> with outturn data for the 2022 fiscal year as they were published on the Eurostat website in April 2023,<ref name="Database - Eurostat">{{cite web|title=Government deficit/surplus, debt and associated data (1995-2023)|url=https://ec.europa.eu/eurostat/databrowser/view/gov_10dd_edpt1__custom_11024543/default/table?lang=en|date=22 April 2024|access-date=22 April 2024 |website=Eurostat}}</ref> and budget values for 2023-2026 as they were reported by the submitted Stability programme or Convergence programme of each member state in April 2023.<ref name="Stability programmes 2023">{{Cite web|url=https://commission.europa.eu/business-economy-euro/economic-and-fiscal-policy-coordination/european-semester/european-semester-timeline/national-reform-programmes-and-stability-or-convergence-programmes/2023-european-semester-national-reform-programmes-and-stabilityconvergence_en|title=2023 European Semester: National Reform Programmes and Stability/Convergence Programmes|publisher=European Commission|date=24 May 2023|access-date=10 April 2024}}</ref> 16 out of 27 member states had a technical "SGP criteria breach" when their 2022 fiscal results and 2023 budgets were analyzed in May 2023, but because those breaches were exempted due to the finding of temporary and exceptional circumstances - reflected by the activation of the general escape clause, no new EDPs were opened against those member states.<ref name="EDP2023"/>

<small>{{legend|#FFE6E6|'''SGP criteria not fulfilled, EDP corrective action required'''}}{{legend|#FFFFD0|'''SGP criteria not fulfilled, but exempted, no EDP corrective action required'''}}{{legend|#D0F0C0|'''SGP criteria fully complied with'''}}</small>
{| class="wikitable sortable" style="font-size:88%; clear:both; white-space:nowrap; line-height:1.25; border:2px solid"
|-
! style="font-size:100%"|SGP criteria<br/> check<br/>{{small|''(May 2023)''<ref name="EDP2023"/>}}
! style="font-size:100%"|[[Government budget balance|Budget balance]]<br/>in % of GDP<br/>{{small|''(worst value<br/> in 2022-23)''<ref name="EDP2023"/>}}
! style="font-size:100%"|[[Debt-to-GDP ratio]]<br/>{{small|''(in 2022)''<ref name="EDP2023"/>}}
! rowspan="2" data-sort-type=number style="font-size:100%"| EDP periods<br/>since 1998<br/>{{small|''(due to a<br/>breach of the<br/>deficit or<br/>debt rule)''<ref name="EDPclosed">{{Cite web|url=https://economy-finance.ec.europa.eu/economic-and-fiscal-governance/stability-and-growth-pact/corrective-arm-excessive-deficit-procedure/closed-excessive-deficit-procedures_en|title=Closed Excessive Deficit Procedures|publisher=Directorate-General for Economic and Financial Affairs|access-date=31 March 2024}}</ref><ref name="EDPopen">{{Cite web|url=https://economy-finance.ec.europa.eu/economic-and-fiscal-governance/stability-and-growth-pact/corrective-arm-excessive-deficit-procedure/ongoing-excessive-deficit-procedures_en|title=Ongoing Excessive Deficit Procedures|publisher=Directorate-General for Economic and Financial Affairs|access-date=31 March 2024}}</ref>}}
! rowspan="2" data-sort-type=number style="font-size:100%"| Fiscal years<br/>with a deficit<br/>above 3.0%{{small|<ref name="Database - Eurostat"/><br/>''(1998-2023)''}}
! rowspan="2" data-sort-type=number style="font-size:100%"| Number<br/>of years<br/>with a<br/> deficit<br/>above<br/> 3.0%{{small|<ref name="Database - Eurostat"/><br/>''(1998-2023)''}}
|-
! style="font-size:100%; text-align:center" | Country
! style="font-size:100%; text-align:center" data-sort-type=number| max. -3.0%<br/>{{small|''(or found close at<br/> 3.0-3.5% if other<br/> subcriteria are met)''}}
! style="font-size:100%; text-align:center" data-sort-type=number| max. 60.0%<br/>{{small|''(or sufficiently diminishing over<br/> a backward looking period 19{{nbh}}22<br/>or a forward looking period 21{{nbh}}24<br/> or a cyclical adjusted period 19{{nbh}}22)''}}
|-
! style="text-align:left" | {{AUT}}
|align="center" style="background:#D0F0C0"|-3.2%<br/>''(found close to 3%)''
|align="center" style="background:#D0F0C0"| 78.4%<br/>''(decreasing fast enough)''
|align="center"| 2009–14
|align="center"| 2004, 2009–10,<br/>2020–22
|align="center"| 6
|-
! style="text-align:left" | {{BEL}}
|align="center" style="background:#FFFFD0"|-5.1%
|align="center" style="background:#D0F0C0"| 105.1%<br/>''(decreasing fast enough)''
|align="center"| 2009–14
|align="center"| 2009–14,<br/>2020–present
|align="center"| 10
|-
! style="text-align:left" | {{BUL}}
|align="center" style="background:#FFFFD0"|-6.1%
|align="center" style="background:#D0F0C0"| 22.9%
|align="center"| 2010–12
|align="center"| 2009-10, 2014,<br/>2020–21 
|align="center"| 5
|-
! style="text-align:left" | {{CRO}}
|align="center" style="background:#D0F0C0"|-0.7%
|align="center" style="background:#D0F0C0"| 68.4%<br/>''(decreasing fast enough)''
|align="center"| 2013–17
|align="center"| 1999–2004,<br/> 2009–15, 2020
|align="center"| 14
|-
! style="text-align:left" | {{CYP}}
|align="center" style="background:#D0F0C0"|2.0%
|align="center" style="background:#D0F0C0"| 86.5%<br/>''(decreasing fast enough)''
|align="center"| 2004–6, 2010–16
|align="center"| 1998–99, 2002–4<br/>2009–14, 2018, 2020
|align="center"| 13
|-
! style="text-align:left" | {{flagicon|CZE}} [[Czech Republic|Czechia]]
|align="center" style="background:#FFFFD0"|-3.6%
|align="center" style="background:#D0F0C0"| 44.1%
|align="center"| 2004–8, 2009–14
|align="center"| 1998–2003, 2009–10,<br/> 2012, 2020–present
|align="center"| 13
|-
! style="text-align:left" | {{DEN}}
|align="center" style="background:#D0F0C0"|3.3%
|align="center" style="background:#D0F0C0"| 30.1%
|align="center"| 2010–14
|align="center"| 2012
|align="center"| 1
|-
! style="text-align:left" | {{EST}}
|align="center" style="background:#FFFFD0"|-4.3%
|align="center" style="background:#D0F0C0"| 18.4%
|align="center"| No breaches
|align="center"| 1999, 2020,<br/> 2023–present
|align="center"| 3
|-
! style="text-align:left" | {{FIN}}
|align="center" style="background:#D0F0C0"|-2.6%
|align="center" style="background:#FFFFD0"| 73.0%<br/>''(increasing)''
|align="center"| 2010–11
|align="center"| 2020
|align="center"| 1
|-
! style="text-align:left" | {{FRA}}
|align="center" style="background:#FFFFD0"|-4.9%
|align="center" style="background:#FFFFD0"| 111.6%<br/>''(decreasing, but not fast enough)''
|align="center"| 2003–7, 2009–18
|align="center"| 2002–5, 2008–16,<br/>2020–present
|align="center"| 17
|-
! style="text-align:left" | {{DEU}}
|align="center" style="background:#FFFFD0"|-4.25%
|align="center" style="background:#D0F0C0"| 66.3%<br/>''(decreasing fast enough)''
|align="center"| 2003–7, 2009–12
|align="center"| 2002–5, 2009–10,<br/>2020–21
|align="center"| 8
|-
! style="text-align:left" | {{GRE}}
|align="center" style="background:#D0F0C0"|-2.3%
|align="center" style="background:#D0F0C0"| 171.3%<br/>''(decreasing fast enough)''
|align="center"| 2004–7, 2009–17
|align="center"| 1998–2015, 2020–21
|align="center"| 20
|-
! style="text-align:left" | {{HUN}}
|align="center" style="background:#FFFFD0"|-6.2%
|align="center" style="background:#D0F0C0"| 73.3%<br/>''(decreasing fast enough)''
|align="center"| 2004–13
|align="center"| 1998–99, 2001–11,<br/>2020–present
|align="center"| 17
|-
! style="text-align:left" | {{IRL}}
|align="center" style="background:#D0F0C0"|1.6%
|align="center" style="background:#D0F0C0"| 44.7%
|align="center"| 2009–16
|align="center"| 2008–14, 2020
|align="center"| 8
|-
! style="text-align:left" | {{ITA}}
|align="center" style="background:#FFFFD0"|-8.0%
|align="center" style="background:#FFFFD0"| 144.4%<br/>''(decreasing, but not fast enough)''
|align="center"| 2005–8, 2009–13
|align="center"| 2001, 2003–6,<br/>2009–11,<br/>2020–present
|align="center"| 12
|-
! style="text-align:left" | {{LAT}}
|align="center" style="background:#FFFFD0"|-4.4%
|align="center" style="background:#D0F0C0"| 40.8%
|align="center"| 2009–13
|align="center"| 1999, 2008–11,<br/>2020–22
|align="center"| 8
|-
! style="text-align:left" | {{LIT}}
|align="center" style="background:#D0F0C0"|-2.2%
|align="center" style="background:#D0F0C0"| 38.4%
|align="center"| 2009–13
|align="center"| 2000–1, 2008–12,<br/> 2020
|align="center"| 8
|-
! style="text-align:left" | {{LUX}}
|align="center" style="background:#D0F0C0"|-1.5%
|align="center" style="background:#D0F0C0"| 24.6%
|align="center"| No breaches
|align="center"| 2020
|align="center"| 1
|-
! style="text-align:left" | {{MLT}}
|align="center" style="background:#FFFFD0"|-5.8%
|align="center" style="background:#D0F0C0"| 53.4%
|align="center"| 2004–7, 2009–12,<br/> 2013–15
|align="center"| 1998–2004, 2008–9,<br/> 2012, 2020–present
|align="center"| 14
|-
! style="text-align:left" | {{NLD}}
|align="center" style="background:#D0F0C0"|-3.0%
|align="center" style="background:#D0F0C0"| 51.0%
|align="center"| 2004–5, 2009–14
|align="center"| 2003, 2009–12,<br/>2020
|align="center"| 6
|-
! style="text-align:left" | {{POL}}
|align="center" style="background:#FFFFD0"|-4.7%
|align="center" style="background:#D0F0C0"| 49.1%
|align="center"| 2004–8, 2009–15
|align="center"| 1998, 2000–6,<br/> 2008–14, 2020,<br/>2022–present
|align="center"| 18
|-
! style="text-align:left" | {{POR}}
|align="center" style="background:#D0F0C0"|-0.4%
|align="center" style="background:#D0F0C0"| 113.9%<br/>''(decreasing fast enough)''
|align="center"| 2005–8, 2009–17
|align="center"| 1998, 2000–6,<br/> 2008–15, 2020
|align="center"| 17
|-
! style="text-align:left" | {{ROU}}
|align="center" style="background:#FFE6E6"|-6.2%
|align="center" style="background:#D0F0C0"| 47.3%
|align="center"| 2009–13,<br/> 2020–present
|align="center"| 1998–2001, 2008–12,<br/> 2019–present
|align="center"| 14
|-
! style="text-align:left" | {{SVK}}
|align="center" style="background:#FFFFD0"|-6.3%
|align="center" style="background:#D0F0C0"| 57.8%
|align="center"| 2004–8, 2009–14
|align="center"| 1998–2003, 2006,<br/> 2009–12, 2014,<br/>2020–21,<br/> 2023–present 
|align="center"| 15
|-
! style="text-align:left" | {{SVN}}
|align="center" style="background:#FFFFD0"|-4.1%
|align="center" style="background:#D0F0C0"| 69.9%<br/>''(decreasing fast enough)''
|align="center"| 2009–16
|align="center"| 2000–1, 2009–14,<br/>2020–21
|align="center"| 10
|-
! style="text-align:left" | {{ESP}}
|align="center" style="background:#FFFFD0"|-4.8%
|align="center" style="background:#D0F0C0"| 113.2%<br/>''(decreasing fast enough)''
|align="center"| 2009–19
|align="center"| 2008–17,<br/> 2019–present
|align="center"| 15
|-
! style="text-align:left" | {{SWE}}
|align="center" style="background:#D0F0C0"|-0.4%
|align="center" style="background:#D0F0C0"| 33.0%
|align="center"| No breaches
|align="center"| No breaches
|align="center"| 0
|-
! style="text-align:left" | {{Flagicon|European Union}} [[Eurozone|Eurozone 20]]<br/> {{small|(from 2023)}}
|align="center" style="background:#FFFFD0"|-3.6%
|align="center" style="background:#D0F0C0"| 90.9%<br/>''(decreasing fast enough)''
|align="center"| No EDP possible 
|align="center"| 2003, 2009–13,<br/>2020–present
|align="center"| 10
|-
! style="text-align:left" | {{Flag|European Union|name=EU 27}}<br/> {{small|(from 2020)}}
|align="center" style="background:#D0F0C0"|-3.3%<br/>''(found close to 3%)''
|align="center" style="background:#D0F0C0"| 83.5%<br/>''(decreasing fast enough)''
|align="center"| No EDP possible
|align="center"| 2003, 2009–12,<br/>2020–present
|align="center"| 9
|- class=sortbottom
!style="text-align:left;background:#2CA089"| {{Flag|United Kingdom|name=UK}}<br/>{{small|(former member)}}
|align="center" style="background:#2CA089"| No longer assessed
|align="center" style="background:#2CA089"| No longer assessed
|align="center" style="background:#2CA089"| 2006–7, 2008–17 
|align="center" style="background:#2CA089"| 2003–5,<ref name="UKdeficit 1995-2021"/><br/>2008–16,<ref name="UKdeficit 1995-2021">{{Cite web|url=https://economy-finance.ec.europa.eu/document/download/a94837b0-97ac-4410-bc86-0864417831b6_en?filename=ggd_part_ii_spring_2020.pdf|title=General Government Data - Part II: Tables by series (Spring 2020)|publisher=European Commission|work=Table 54B: Net lending (+) or net borrowing (-); general government budget balance 1995-2021 (Percentage of GDP at current prices (Excessive Deficit Procedure, based on ESA 2010))|date=8 May 2020|access-date=10 April 2024}}</ref><br/>2020–present<ref>{{Cite web|url=https://economy-finance.ec.europa.eu/document/download/1b2c61ac-8457-444b-a1b8-c987593f6d5c_en?filename=autumn_forecast-2023_statistical%20annex_en.pdf|title=European Economic Forecast - Autumn 2023 - Statistical Annex|publisher=European Commission|work=Table 34: Net lending (+) or net borrowing (-), general government budget balance (as a percentage of GDP, 2005-2025)|date=15 November 2023|access-date=10 April 2024}}</ref>
|align="center" style="background:#2CA089"| 16
|}

=== Compliance in 2024 ===
The EDP will be assessed again starting from 19 June 2024,<ref name="SGPreform2024">{{Cite web|url=https://ec.europa.eu/commission/presscorner/detail/en/qanda_24_2391|title=Questions and Answers on the Economic Governance Review|publisher=European Commission|date=2 May 2024|access-date=28 May 2024}}</ref> where each country will have their usual set of a "2024 National Reform Programme" and "2024 Stability or Convergence Programme" analyzed,<ref name="EuropeanSemester2024"/><ref name="Stability programmes 2024"/> with a compliance check of the 2023 fiscal result and 2024 budget with the existing 2019-version of the SGP rules; although only 3% deficit breaches will be evaluated - because no debt limit or debt reduction breach can trigger an EDP in 2024.<ref name="SGPactivated2023">{{Cite web|url=https://ec.europa.eu/commission/presscorner/api/files/document/print/en/ip_23_1410/IP_23_1410_EN.pdf|title=Fiscal policy guidance for 2024: Promoting debt sustainability and sustainable and inclusive growth|publisher=European Commission|date=8 March 2023|access-date=31 March 2024}}</ref> The [[European Commission]] reasoned for its continued deactivation for another year of the debt limit or debt reduction rule in 2023-2024: ''"that compliance with the debt reduction benchmark could imply a too demanding frontloaded fiscal effort that would risk to jeopardise economic growth. Therefore, in the view of the Commission, compliance with the debt reduction benchmark is not warranted under the prevailing economic conditions."''<ref name="EDP2023">{{Cite web|url=https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52023DC0631|title=Report from the Commission: Belgium, Bulgaria, Czechia, Germany, Estonia, Spain, France, Italy, Latvia, Hungary, Malta, Austria, Poland, Slovenia, Slovakia and Finland - Report prepared in accordance with Article 126(3) of the Treaty on the Functioning of the European Union|publisher=European Commission|date=24 May 2023|access-date=3 April 2024}}</ref>

10 out of 27 member states (Belgium, Czechia, France, Hungary, Italy, Malta, Poland, Romania, Slovakia and Spain) had a technical deficit-based "SGP criteria breach" as per their 2023 fiscal results published by Eurostat in April 2024.<ref name="Database - Eurostat"/> The European Commission will await receiving the budget values for 2024-2027 via the submitted Stability programme or Convergence programme of each member state,<ref name="Stability programmes 2024"/> before deciding whether or not to open an EDP for the concerned member states. 

The 2024 SGP compliance table below will be updated with the latest data, as soon as the 2024 stability/convergence programme has been published for each country. The colors used to indicate compliance with the SGP criteria, are only preliminary selected based on whether the reported fiscal data exceeds the criteria limits after taking the Commission's latest fiscal policy statements into consideration exempting all debt-related breaches, but without taking any additional factors or subcriteria into consideration when assessing compliance with the deficit criteria. The final assessment for compliance with the SGP criteria of each country, will be published by the European Commission on 19 June 2024, in the form of an [[:s:Consolidated version of the Treaty on the Functioning of the European Union/Title VIII: Economic and Monetary Policy#Article 126|article 126(3)]] assessment report investigating if the "apparent breach" was "real" (indicated by a red color) or can be "exempted" (indicated by a yellow color).<ref name="SGPreform2024"/>

<small>{{legend|#FFE6E6|'''SGP criteria not fulfilled, EDP corrective action required'''}}{{legend|#FFFFD0|'''SGP criteria not fulfilled, but exempted, no EDP corrective action required'''}}{{legend|#D0F0C0|'''SGP criteria fully complied with'''}}</small>
{| class="wikitable sortable" style="font-size:88%; clear:both; white-space:nowrap; line-height:1.25; border:2px solid"
|-
! style="font-size:100%"|SGP criteria<br/> check<br/>{{small|''(June 2024)''<ref name="Database - Eurostat"/><ref name="Stability programmes 2024"/>}}
! style="font-size:100%"|[[Government budget balance|Budget balance]]<br/>in % of GDP<br/>{{small|''(worst value<br/> in 2023-24)''<ref name="Database - Eurostat"/><ref name="Stability programmes 2024"/>}}
! style="font-size:100%"|[[Debt-to-GDP ratio]]<br/>{{small|''(in 2023)''<ref name="Database - Eurostat"/><ref name="Stability programmes 2024"/>}}
! rowspan="2" data-sort-type=number style="font-size:100%"| EDP periods<br/>since 1998<br/>{{small|''(due to a<br/>breach of the<br/>deficit or<br/>debt rule)''<ref name="EDPclosed"/><ref name="EDPopen"/>}}
! rowspan="2" data-sort-type=number style="font-size:100%"| Fiscal years<br/>with a deficit<br/>above 3.0%{{small|<ref name="Database - Eurostat"/><br/>''(1998-2023)''}}
! rowspan="2" data-sort-type=number style="font-size:100%"| Number<br/>of years<br/>with a<br/> deficit<br/>above<br/> 3.0%{{small|<ref name="Database - Eurostat"/><br/>''(1998-2023)''}}
|-
! style="font-size:100%; text-align:center" | Country
! style="font-size:100%; text-align:center" data-sort-type=number| max. -3.0%<br/>{{small|''(or found close at<br/> 3.0-3.5% if other<br/> subcriteria are met)''}}
! style="font-size:100%; text-align:center" data-sort-type=number| max. 60.0%<br/>{{small|''(or sufficiently diminishing over<br/> a backward looking period 20{{nbh}}23<br/>or a forward looking period 22{{nbh}}25<br/> or a cyclical adjusted period 20{{nbh}}23)''}}
|-
! style="text-align:left" | {{AUT}}
|align="center" style="background:#D0F0C0"|-2.7%<!--2023=-2.7%, 2024=-%-->
|align="center" style="background:#D0F0C0"| 77.8%<br/>''(decreasing fast enough)''
|align="center"| 2009–14
|align="center"| 2004, 2009–10,<br/>2020–22
|align="center"| 6
|-
! style="text-align:left" | {{BEL}}
|align="center" style="background:#FFE6E6"|-4.4%<!--2023=-4.4%, 2024=-%-->
|align="center" style="background:#D0F0C0"| 105.2%<br/>''(decreasing fast enough)''
|align="center"| 2009–14
|align="center"| 2009–14,<br/>2020–present
|align="center"| 10
|-
! style="text-align:left" | {{BUL}}
|align="center" style="background:#D0F0C0"|-1.9%<!--2023=-1.9%, 2024=-%-->
|align="center" style="background:#D0F0C0"| 23.1%
|align="center"| 2010–12
|align="center"| 2009-10, 2014,<br/>2020–21 
|align="center"| 5
|-
! style="text-align:left" | {{CRO}}
|align="center" style="background:#D0F0C0"|-0.7%<!--2023=-0.7%, 2024=-%-->
|align="center" style="background:#D0F0C0"| 63.0%<br/>''(decreasing fast enough)''
|align="center"| 2013–17
|align="center"| 1999–2004,<br/> 2009–15, 2020
|align="center"| 14
|-
! style="text-align:left" | {{CYP}}
|align="center" style="background:#D0F0C0"|3.1%<!--2023=3.1%, 2024=-%-->
|align="center" style="background:#D0F0C0"| 77.3%<br/>''(decreasing fast enough)''
|align="center"| 2004–6, 2010–16
|align="center"| 1998–99, 2002–4<br/>2009–14, 2018, 2020
|align="center"| 13
|-
! style="text-align:left" | {{flagicon|CZE}} [[Czech Republic|Czechia]]
|align="center" style="background:#FFE6E6"|-3.7%<!--2023=-3.7%, 2024=-%-->
|align="center" style="background:#D0F0C0"| 44.0%
|align="center"| 2004–8, 2009–14
|align="center"| 1998–2003, 2009–10,<br/> 2012, 2020–present
|align="center"| 13
|-
! style="text-align:left" | {{DEN}}
|align="center" style="background:#D0F0C0"| 3.1%<!--2023=%, 2024=%-->
|align="center" style="background:#D0F0C0"| 29.3%
|align="center"| 2010–14
|align="center"| 2012
|align="center"| 1
|-
! style="text-align:left" | {{EST}}
|align="center" style="background:#D0F0C0"|-3.4%<!--2023=-3.4%, 2024=-%--><br/>''(found close to 3%)''
|align="center" style="background:#D0F0C0"| 19.6%
|align="center"| No breaches
|align="center"| 1999, 2020,<br/> 2023–present
|align="center"| 3
|-
! style="text-align:left" | {{FIN}}
|align="center" style="background:#D0F0C0"|-3.4% <!--2023=-2.7%, 2024=-3.4%--><!--SP budget target at -3.4% for 2024, while the  April 2024 budget forecast of the Finish Finance Ministry was projected by a no-policy-change-scenario to -3.5% for 2024--><br/>''(found close to 3%)''
|align="center" style="background:#FFFFD0"| 75.8% <!--2023=75.8%, 2024=80.8%, 2025=82.3%--><!--SP budget target at 82.3% for 2025, while the April 2024 budget forecast of the Finish Finance Ministry was projected by a no-policy-change-scenario to 82.8% for 2025--><br/>''(increasing)''
|align="center"| 2010–11
|align="center"| 2020
|align="center"| 1
|-
! style="text-align:left" | {{FRA}}
|align="center" style="background:#FFE6E6"|-5.5%<!--2023=-5.5%, 2024=-%-->
|align="center" style="background:#FFFFD0"| 110.6%<br/>''(decreasing, but not fast enough)''
|align="center"| 2003–7, 2009–18
|align="center"| 2002–5, 2008–16,<br/>2020–present
|align="center"| 17
|-
! style="text-align:left" | {{DEU}}
|align="center" style="background:#D0F0C0"|-2.5% <!--2023=-2.5%, 2024=-1.75%-->
|align="center" style="background:#D0F0C0"| 63.6% <!--2023=63.6%, 2024=64.0%, 2025=63.25%--><br/> ''(decreasing fast enough)''
|align="center"| 2003–7, 2009–12
|align="center"| 2002–5, 2009–10,<br/>2020–21
|align="center"| 8
|-
! style="text-align:left" | {{GRE}}
|align="center" style="background:#D0F0C0"|-1.6%<!--2023=-1.6%, 2024=-%-->
|align="center" style="background:#D0F0C0"| 161.9%<br/>''(decreasing fast enough)''
|align="center"| 2004–7, 2009–17
|align="center"| 1998–2015, 2020–21
|align="center"| 20
|-
! style="text-align:left" | {{HUN}}
|align="center" style="background:#FFE6E6"|-6.7%<!--2023=-6.7%, 2024=-%-->
|align="center" style="background:#D0F0C0"| 73.5%<br/>''(decreasing fast enough)''
|align="center"| 2004–13
|align="center"| 1998–99, 2001–11,<br/>2020–present
|align="center"| 17
|-
! style="text-align:left" | {{IRL}}
|align="center" style="background:#D0F0C0"|1.7%<!--2023=1.7%, 2024=%-->
|align="center" style="background:#D0F0C0"| 43.7%
|align="center"| 2009–16
|align="center"| 2008–14, 2020
|align="center"| 8
|-
! style="text-align:left" | {{ITA}}
|align="center" style="background:#FFE6E6"|-7.4%<!--2023=-7.4%, 2024=-%-->
|align="center" style="background:#FFFFD0"| 137.3%<br/>''(decreasing, but not fast enough)''
|align="center"| 2005–8, 2009–13
|align="center"| 2001, 2003–6,<br/>2009–11,<br/> 2020–present
|align="center"| 12
|-
! style="text-align:left" | {{LAT}}
|align="center" style="background:#D0F0C0"|-2.2%<!--2023=-2.2%, 2024=-%-->
|align="center" style="background:#D0F0C0"| 43.6%
|align="center"| 2009–13
|align="center"| 1999, 2008–11,<br/>2020–22
|align="center"| 8
|-
! style="text-align:left" | {{LIT}}
|align="center" style="background:#D0F0C0"|-0.8%<!--2023=-0.8%, 2024=-%-->
|align="center" style="background:#D0F0C0"| 38.3%
|align="center"| 2009–13
|align="center"| 2000–1, 2008–12,<br/> 2020
|align="center"| 8
|-
! style="text-align:left" | {{LUX}}
|align="center" style="background:#D0F0C0"|-1.3% <!--2023=-1.3%, 2024=-1.2%-->
|align="center" style="background:#D0F0C0"| 25.7% <!--2023=25.7%, 2024=26.5%, 2025=26.9%-->
|align="center"| No breaches
|align="center"| 2020
|align="center"| 1
|-
! style="text-align:left" | {{MLT}}
|align="center" style="background:#FFE6E6"|-4.9%<!--2023=-4.9%, 2024=-%-->
|align="center" style="background:#D0F0C0"| 50.4%
|align="center"| 2004–7, 2009–12,<br/> 2013–15
|align="center"| 1998–2004, 2008–9,<br/> 2012, 2020–present
|align="center"| 14
|-
! style="text-align:left" | {{NLD}}
|align="center" style="background:#D0F0C0"|-0.3%<!--2023=-0.3%, 2024=-%-->
|align="center" style="background:#D0F0C0"| 46.5%
|align="center"| 2004–5, 2009–14
|align="center"| 2003, 2009–12,<br/>2020
|align="center"| 6
|-
! style="text-align:left" | {{POL}}
|align="center" style="background:#FFE6E6"|-5.1%<!--2023=-5.1%, 2024=-%-->
|align="center" style="background:#D0F0C0"| 49.6%
|align="center"| 2004–8, 2009–15
|align="center"| 1998, 2000–6,<br/> 2008–14, 2020,<br/>2022–present
|align="center"| 18
|-
! style="text-align:left" | {{POR}}
|align="center" style="background:#D0F0C0"|1.2%<!--2023=1.2%, 2024=%-->
|align="center" style="background:#D0F0C0"| 99.1%<br/>''(decreasing fast enough)''
|align="center"| 2005–8, 2009–17
|align="center"| 1998, 2000–6,<br/> 2008–15, 2020
|align="center"| 17
|-
! style="text-align:left" | {{ROU}}
|align="center" style="background:#FFE6E6"|-6.6%<!--2023=-6.6%, 2024=-%-->
|align="center" style="background:#D0F0C0"| 48.8%
|align="center"| 2009–13,<br/> 2020–present
|align="center"| 1998–2001, 2008–12,<br/> 2019–present
|align="center"| 14
|-
! style="text-align:left" | {{SVK}}
|align="center" style="background:#FFE6E6"|-4.9%<!--2023=-4.9%, 2024=-%-->
|align="center" style="background:#D0F0C0"| 56.0%
|align="center"| 2004–8, 2009–14
|align="center"| 1998–2003, 2006,<br/> 2009–12, 2014,<br/>2020–21,<br/> 2023–present 
|align="center"| 15
|-
! style="text-align:left" | {{SVN}}
|align="center" style="background:#D0F0C0"|-2.5%<!--2023=-2.5%, 2024=-%-->
|align="center" style="background:#D0F0C0"| 69.2%<br/>''(decreasing fast enough)''
|align="center"| 2009–16
|align="center"| 2000–1, 2009–14,<br/>2020–21
|align="center"| 10
|-
! style="text-align:left" | {{ESP}}
|align="center" style="background:#FFE6E6"|-3.6%<!--2023=-3.6%, 2024=-%-->
|align="center" style="background:#D0F0C0"| 107.7%<br/>''(decreasing fast enough)''
|align="center"| 2009–19
|align="center"| 2008–17,<br/> 2019–present
|align="center"| 15
|-
! style="text-align:left" | {{SWE}}
|align="center" style="background:#D0F0C0"|-1.2%<!--2023=-0.6%, 2024=-1.2%-->
|align="center" style="background:#D0F0C0"| 31.2%
|align="center"| No breaches
|align="center"| No breaches
|align="center"| 0
|-
! style="text-align:left" | {{Flagicon|European Union}} [[Eurozone|Eurozone 20]]<br/> {{small|(from 2023)}}
|align="center" style="background:#FFE6E6"|-3.6%<!--2023=-3.6%-->
|align="center" style="background:#D0F0C0"| 88.6%<br/>''(decreasing fast enough)''
|align="center"| No EDP possible 
|align="center"| 2003, 2009–13,<br/>2020–present
|align="center"| 10
|-
! style="text-align:left" | {{Flag|European Union|name=EU 27}}<br/> {{small|(from 2020)}}
|align="center" style="background:#D0F0C0"|-3.5%<!--2023=-3.5%--><br/>''(found close to 3%)''
|align="center" style="background:#D0F0C0"| 81.7%<br/>''(decreasing fast enough)''
|align="center"| No EDP possible
|align="center"| 2003, 2009–12,<br/>2020–present
|align="center"| 9
|- class=sortbottom
!style="text-align:left;background:#2CA089"| {{Flag|United Kingdom|name=UK}}<br/>{{small|(former member)}}
|align="center" style="background:#2CA089"| No longer assessed
|align="center" style="background:#2CA089"| No longer assessed
|align="center" style="background:#2CA089"| 2006–7, 2008–17 
|align="center" style="background:#2CA089"| 2003–5,<ref name="UKdeficit 1995-2021"/><br/>2008–16,<ref name="UKdeficit 1995-2021">{{Cite web|url=https://economy-finance.ec.europa.eu/document/download/a94837b0-97ac-4410-bc86-0864417831b6_en?filename=ggd_part_ii_spring_2020.pdf|title=General Government Data - Part II: Tables by series (Spring 2020)|publisher=European Commission|work=Table 54B: Net lending (+) or net borrowing (-); general government budget balance 1995-2021 (Percentage of GDP at current prices (Excessive Deficit Procedure, based on ESA 2010))|date=8 May 2020|access-date=10 April 2024}}</ref><br/>2020–present<ref>{{Cite web|url=https://economy-finance.ec.europa.eu/document/download/1b2c61ac-8457-444b-a1b8-c987593f6d5c_en?filename=autumn_forecast-2023_statistical%20annex_en.pdf|title=European Economic Forecast - Autumn 2023 - Statistical Annex|publisher=European Commission|work=Table 34: Net lending (+) or net borrowing (-), general government budget balance (as a percentage of GDP, 2005-2025)|date=15 November 2023|access-date=10 April 2024}}</ref>
|align="center" style="background:#2CA089"| 16
|}

An article 126(3) assessment report can declare an apparent numerical breach "exempted" and hereby "accepted", if the breach in example was solely caused by ''"extra expenditures caused by implementation of structural improving pension reforms"'' or ''"payment of bailout funds to financial stability mechanisms"'' or ''"payment of national funds to the [[European Fund for Strategic Investments]]"'' or ''"appearance of an EU-wide recession"'' or ''"other temporary and extraordinary expences specifically allowed by the currently agreed fiscal policy of the EU"''.  Any non-exempted breach of either the deficit or debt criteria of the Stability and Growth Pact declared by a 126(3) report, will however result in the publication of a [[:s:Consolidated version of the Treaty on the Functioning of the European Union/Title VIII: Economic and Monetary Policy#Article 126|126(6) report]] and 126(7) report shortly afterwards, in which the Council will be recommended to open an EDP and set a deadline for when the breaching of the criteria shall have been corrected by the member state. If any EDP recommendation is issued by the Commission in June, then the EDP is expected to be formally adopted and opened by the Council in July.<ref name="Deadline to correct EDP issues">{{cite web|title=The corrective arm / Excessive Deficit Procedure|url=https://economy-finance.ec.europa.eu/economic-and-fiscal-governance/stability-and-growth-pact/corrective-arm-excessive-deficit-procedure_en|publisher=European Commission|access-date=28 April 2024}}</ref>

==Medium-Term budgetary Objective (MTO)==

===1999–2005===
Across the first seven years, since the entry into force of the Stability and Growth Pact, all EU Member States were required to strive towards a common MTO being ''"to achieve a budgetary position of close to balance or in surplus over a complete business cycle – while providing a safety margin towards continuously respecting the government's 3% deficit limit"''. The first part of this MTO, was interpreted by the Commission Staff Service to mean ''continuously achievement each year throughout the business cycle of a "cyclically-adjusted budget balance net of one-off and temporary measures" (also referred to as the "structural balance") at minimum 0.0%''. In 2000, the second part was interpreted and operationalized into a calculation formula for the MTO also to respect the so-called "Minimal Benchmark" (later referred to as "MTO Minimum Benchmark"). When assessing the annual Convergence/Stability programmes of the Member States, the Commission Staff Service checked whether the structural balance of the state complied with both the common "close to balance or surplus" criteria and the country-specific "Minimal Benchmark" criteria. The last round under this assessment scheme took place in Spring 2005,<ref name="Public Finances in EMU 2005">{{cite web|url=http://ec.europa.eu/economy_finance/publications/publication421_en.pdf|title=Public finances in EMU 2005 (European Economy 3/2005)|work=Table I.11 and Table I.17|publisher=European Commission (DG for Economic and Financial Affairs)|date=1 June 2005}}</ref> while all subsequent assessments were conducted according to a new reformed scheme – introducing the concept of a single country-specific MTO as the overall steering anchor for the fiscal policy.

===Calculation of a country-specific Minimum MTO (2005–present)===
In order to ensure long-term compliance with the SGP deficit and debt criteria, the member states have since the SGP-reform in March 2005 striven towards achieving their country-specific Medium-Term budgetary Objective (MTO). The MTO is the set limit, that the [[Structural and cyclical deficit|structural balance]] relative to [[Gross Domestic Product|GDP]] needs to equal or be above for each year in the medium-term. Each state selects its own MTO, but it needs to equal or be better than a calculated minimum requirement (Minimum MTO) ensuring sustainability of the government accounts throughout the long-term (calculated on basis of both future [[Potential GDP|potential GDP growth]], future cost of government debt, and future increases in age-related costs).<ref name="Public finances in EMU 2012"/>

The structural balance is calculated by the [[European Commission]] as the [[Structural and cyclical deficit|cyclically adjusted balance]] minus "one-off measures" (i.e. one-off payments due to reforming a [[pension scheme]]). The cyclically adjusted balance is calculated by adjusting the achieved [[general government balance]] (in % of GDP) compared to each year's relative economic growth position in the business cycle (referred to as the "[[output gap]]"), which is found by subtraction of the achieved [[GDP growth]] with the [[Potential GDP|potential GDP growth]]. So, if a year is recorded with average GDP growth in the business cycle (equal to the potential GDP growth rate), the output gap will then be zero, meaning that the "cyclically-adjusted balance" then will be equal to the "government budget balance". In this way, because it is resistant to GDP growth changes, the structural balance is considered to be neutral and comparable across an entire business cycle (including both recession years and "overheated years"), making it perfect to be used consistently as a medium-term budgetary objective.<ref name="Public finances in EMU 2012">{{cite web|url=http://ec.europa.eu/economy_finance/publications/european_economy/2012/public-finances-in-emu-2012_en.htm|title=Report on Public finances in EMU 2012|work=European Economy 4/2012|publisher=European Commission (DG for Economic and Financial Affairs)|date=18 July 2012}}</ref><ref name="MTOs in December 2012">{{cite web|url=http://ec.europa.eu/economy_finance/publications/european_economy/2012/pdf/ee-2012-8_en.pdf|title=Fiscal Sustainability Report 2012|work=European Economy 8/2012|publisher=European Commission (DG for Economic and Financial Affairs)|date=18 December 2012}}</ref>

Whenever a country does not reach its MTO, it is required in the subsequent year(s) to implement annual improvements for its structural balance equal to minimum 0.5% of GDP, although several sub-rules (including the "expenditure benchmark") has the potential slightly to alter this requirement. When Member States are in this process of improving their structural balance until it reaches its MTO, they are referred to as being on the "adjustment path", and they shall annually report an updated target year for when they expect to reach their MTO. It is the responsibility of each Member State through a note in their annual Convergence/Stability report, to select their contemporary MTO at a point being equal to or above the "minimum MTO" calculated every third year by the European Commission (most recently in October 2012<ref name="MTOs in 2013"/>). The "minimum MTO" that the "nationally selected MTO" needs to respect, is equal to the strictest of the following three limits <small>(which since a method change in 2012 now automatically is <u>rounded to the lowest {{frac|1|4}}-value</u>, if calculated to a figure with the last two digits after punctuation differing from 00/25/50/75, i.e. -0.51% will be rounded to -0.75%<ref name="The Commission's calculation changes introduced for the Danish Minimum MTO in autumn 2012">{{cite web|url=http://www.fm.dk/~/media/publikationer/imported/2014/fr14/kapitel-7_finansredegoerelse-2014_web.pdf|title=Finansredegørelse 2014: Kapitel 7 – De finanspolitiske rammer i Danmark|language=da|publisher=Danish Ministry of Finance|work=Appendiks 7A: EU-Kommissionens fastlæggelse af Danmarks MTO|date=January 2014|access-date=20 April 2015|archive-date=27 April 2015|archive-url=https://web.archive.org/web/20150427124839/http://www.fm.dk/~/media/publikationer/imported/2014/fr14/kapitel-7_finansredegoerelse-2014_web.pdf|url-status=dead}}</ref>)</small>:

(1) MTO<sup>MB</sup> <small>(the Minimum Benchmark, adds a public budget safety margin to ensure the 3%-limit will be respected during economic downturns)</small>

(2) MTO<sup>ILD</sup> <small>(the minimum value ensuring long-term sustainability of public budgets taking into account the Implicit Liabilities and Debt, aiming to ensure convergence across a long-term horizon of debt ratios towards prudent levels below 60% with due consideration to the forecast budgetary impact of ageing populations)</small>

(3) MTO<sup>ea/erm2/fc</sup> <small>(Council Regulation 1466/97 of the SGP explicitly defined a -1.0% limit applying for [[eurozone]] states or [[European Exchange Rate Mechanism|ERM2]] members already in 2005; but if having committed to a stricter requirement through ratification and bound acceptance of Title III of the [[European Fiscal Compact|Fiscal Compact]], a stricter -0.5% limit will replace it whenever the [[debt-to-GDP ratio]] of the member state exceeds 60%)</small>.
{|
|
{{infobox
| title = Formula used to calculate the<br />''MTO Minimum Benchmark''<ref name="Public Finances in EMU 2013">{{cite web|url=http://ec.europa.eu/economy_finance/publications/european_economy/2013/pdf/ee-2013-4.pdf|title=Report on Public finances in EMU 2013|work=European Economy 4/2013|publisher=European Commission (DG for Economic and Financial Affairs)|date=4 July 2013}}</ref>
| titlestyle = padding:0.3em 0.2em 0 0.2em; background:inherit; border:1px #aaa solid; border-bottom:none; background:#cfc;
| bodystyle = border-top:none;
| above = {{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}{{0}}<!--Fixes the minimum width for the table-->
| data1 = <div style="text-align: center;">'''MTO<sup>MB</sup>&nbsp;= –3% – ε × ROG'''</div>
| data2 = <div style="text-align: center;">ROG&nbsp;=&nbsp;<small><math>\tfrac{Ni}{(Nt+Ni)}</math></small>&nbsp;×&nbsp;P<sub>5%&nbsp;state</sub>&nbsp;+&nbsp;<math>\tfrac{Nt}{(Nt+Ni)}</math>&nbsp;×&nbsp;P<sub>5%&nbsp;EU27</sub></div>
| data3 =
| belowstyle = text-align:left
| below =
* ε stands for the country-specific ''semi-elasticity of the government budget balance to output gap''. Normally these figures are only recalculated every third year. However, after its latest recalculation in October 2012,<ref name="Public Finances in EMU 2013"/><ref name="Semi-elasticities calculated Oct.2012">{{cite web|url=http://ec.europa.eu/economy_finance/publications/occasional_paper/2013/pdf/ocp151_en.pdf|title=Vade mecum on the Stability and Growth Pact (European Economy: Occasional Papers 151)|work=Table A2: The minimum benchmarks updated after the 2012 spring forecasts. Annex 11: Parameters underlying the Commission's cyclical adjustment methodology (semi-elasticity for budget balance)|publisher=European Commission|date=May 2013}}</ref> the following ''2014 revision by OECD of individual revenue and expenditure elasticities'' prompted the Commission to recalculate the semi-elasticities again in November 2014.<ref name="Semi-elasticities in 2014">{{cite web|url=http://ec.europa.eu/economy_finance/publications/economic_paper/2014/pdf/ecp536_en.pdf|title=Adjusting the budget balance for the business cycle: the EU methodology (European Economy: Economic Papers 536)|work=Table A.3: Decomposition of the semi-elasticity of budget balance to output gap|publisher=European Commission (DG for Economic and Financial Affairs)|date=November 2014}}</ref>
* ROG stands for the Representative Output Gap, which gets recalculated every third year for the latest 25-year period <small>(last time Oct.2012, for the 1986-2010 period)</small>. Based on the historic distribution of output gap data, the ROG figure attempts to identify the most negative output gap appearing across a full business cycle by a 95% likelihood. It is calculated by a formula comprising the following parameters:
** P<sub>5% state</sub> represents the 5% percentile of the distribution of the country-specific output gap series for the latest 25-year period <small>(1986-2010)</small>.
** P<sub>5% EU27</sub> represents the 5% percentile of the output gap data for all countries for the latest 25-year period <small>(1986-2010)</small>.
** The above 5% percentiles are computed after outlier values are deleted. Outliers are defined as observations of the distribution for the entire sample – including all Member States – below and above, respectively the 2.5% and 97.5% percentiles. Exceptionally, it has also been decided to trim the country-specific series of their most negative value achieved in either 2009 or 2010, as this last financial economic crisis cannot be considered as a normal cyclical fluctuation.
** N<sub>i</sub> and N<sub>t</sub> stand for the number of country-specific and common annual observations available, respectively, over a period of 25 years. Meaning that N<sub>t</sub>=25, while N<sub>i</sub> can be lower for some states due to absence of available cyclically-adjusted budget data for them in the earliest years. For states with N<sub>i</sub>=25, the ROG is the simple average of the two percentiles: <small>'''ROG = (P<sub>5% state</sub> + P<sub>5% EU27</sub>)/2'''</small>.
}}
|
{{Infobox
| title = Formula for the ''MTO limit due to Implicit Liabilities and Debt''<ref name="Vade mecum on SGP">{{cite web|url=http://ec.europa.eu/economy_finance/publications/occasional_paper/2013/pdf/ocp151_en.pdf|title=Vade mecum on the Stability and Growth Pact (European Economy: Occasional Papers 151)|publisher=European Commission|date=May 2013}}</ref>
| titlestyle = padding:0.3em 0.2em 0 0.2em; background:inherit; border:1px #aaa solid; border-bottom:none; background:#cfc;
| bodystyle = border-top:none;
| above = {{0}}
| data1 = <div style="text-align: center;">'''MTO<sup>ILD</sup>&nbsp;=&nbsp;BB<sub>stable&nbsp;debt</sub>&nbsp;+&nbsp;BB<sub>debt&nbsp;reduction</sub>&nbsp;+&nbsp;BB<sub>LTC</sub>'''</div>
| data2 = <div style="text-align: center;">BB<sub>stable debt</sub> = -(60×g<sub>pot</sub>)/(1+g<sub>pot</sub>)</div>
| data3 = <div style="text-align: center;">BB<sub>debt reduction</sub> = 0.024×D<sub>t-1</sub> - 1.24</div>
| data4 = <div style="text-align: center;">BB<sub>LTC</sub> = 0.33×S2<sub>COA</sub></div>
| belowstyle = text-align:left
| below =
* BB<sub>stable debt</sub> stands for the Budget Balance in structural terms needed, so that a fictive 60% debt-to-GDP ratio at the beginning is kept stable throughout an infinite (50 year) time horizon – while solely taking the impact of nominal GDP growth into concern.
* BB<sub>debt reduction</sub> stands for the Budget Balance in structural terms needed to conduct a supplementary debt reduction effort for countries whose debt exceeds 60% of GDP. The provided formula for debt reduction is not applied (BB<sub>debt&nbsp;reduction</sub>=0) if the debt-to-GDP ratio was less than 60% by the end of the latest completed fiscal year.
* BB<sub>LTC</sub> stands for a proportion (33%) of the Budget Balance adjustment needed to cover the present value of the future increase in age-related expenditure (the budget cost of the Long-Term Component).
* g<sub>pot</sub> stands for the country-specific long-term average [[Potential GDP|potential growth rate for GDP]] in nominal terms, projected every third year by the ''Ageing Working Group'' as an average figure for the next 50 years <small>(latest in Nov.2014, for 2013-60).<ref name="Potential 2013-60 growth rates projected in 2014">{{cite web|url=http://ec.europa.eu/economy_finance/publications/european_economy/2014/ee8_en.htm|title=The 2015 Ageing Report: Underlying Assumptions and Projection Methodologies (European Economy 8/2014)|publisher=European Commission|date=November 2014}}''Table I.3.4 in report provides rounded real Potential GDP growth average rates for 2013-60 (unrounded data extracted from this [http://ec.europa.eu/economy_finance/publications/european_economy/2014/pdf/stat_annex_country_fiche_for_assumptions_report_en.xls annexed XLS file] with add of AWG's 2.0% average inflation assumption to convert the figures from real to nominal)''</ref></small> The referenced latest figures are given in real terms, and shall be adjusted to nominal terms before input in the formula, which is done for all countries by adding AWG's common inflation (GDP deflator) assumption for the period of 2.0%.
* D<sub>t-1</sub> stands for the general government's [[debt-to-GDP ratio]] (in gross terms) by the end of the latest completed fiscal year.
* S2<sub>COA</sub> represents the fiscal adjustment in structural balance terms being needed to finance the country's Costs Of Ageing (COA) throughout 2010-2060. The S2 debt sustainability indicator is calculated as S2<sub>IBP</sub>+S2<sub>COA</sub>, and gets recalculated every third year by the Commission's Fiscal Sustainability Report <small>(latest in Oct.2012).<ref name="S2LTC values projected in 2012">{{cite web|url=http://ec.europa.eu/economy_finance/publications/european_economy/2012/pdf/ee-2012-8_en.pdf|title=Fiscal Sustainability Report 2012 (European Economy 8/2012)|work=Table 3.5 (S2-LTC values, also referred to as S2-COA values, for 2010-2060)|publisher=European Commission|date=December 2012}}</ref></small> The reason why the formula only include 33% of the S2<sub>COA</sub> as current and constant saving needs throughout the years <small>(to lower the debt further or be put aside as reserve liquidity at public saving accounts to cover future increases for age-related costs)</small>, is the assumption the state will find the remaining 67% of needed funds through later implementation of [[Cost reduction|cost saving]] or revenue increasing [[structural reforms]] that will deliver the remaining part of the required improvement for the [[government budget balance]].
<!--Presumably an incorrect initial observation made by an Italian economic researcher: Alternatively, Member States are allowed also to substitute this part of the standard formula (33%×S2<sub>COA</sub>) by the input of the "annualized value of cost of ageing accumulated until 2040", if they prefer. Currently, only Luxembourg chose to utilize this alternative input value in their formula.-->
}}
|
|}

The third minimum limit listed above (MTO<sup>ea/erm2/fc</sup>), mean that EU member states having ratified the [[European Fiscal Compact|Fiscal Compact]] and being bound by its fiscal provisions in Title III (which requires a special additional declaration of intent for non-eurozone member states), are obliged to select a MTO which does not exceed a structural deficit of 1.0% of GDP at maximum if they have a [[debt-to-GDP ratio]] significantly below 60%, and of 0.5% of GDP maximum if they have a debt-to-GDP ratio above 60%.<ref name="Public finances in EMU 2012"/><ref name="MTOs in December 2012"/> In 2013-22, the following six states were not bound by the fiscal provisions of the Fiscal Compact: ''UK, Czech Republic, Croatia, Poland, Sweden, Hungary.'' Croatia became bound by the Fiscal Compact provisions and its stricter -0.5% limit when they adopted the euro on 1 January 2023, and were bound by the -1.0% limit while being an ERM-2 member from 10 July 2020 until 31 December 2022. Those of the non-eurozone member states neither being ERM-2 members nor having committed to respect the fiscal provisions of the Fiscal Compact (''Czech Republic, Poland, Sweden, and Hungary,'' as of April 2024), will still be required to set a national MTO respecting the calculated "minimum MTO" being equal to the strictest limit set by MTO<sup>MB</sup> and MTO<sup>ILD</sup>.

The only EU member state ever exempted from complying with this MTO procedure outlined above, was the former member UK, as it was exempted from complying with the SGP per a protocol to the EU treaty. In other words, while all other member states are obliged nationally to select a MTO respecting their calculated Minimum MTO, the calculated Minimum MTO for the UK were only presented by the European Commission for advice, with no obligation for the UK to set a compliant national MTO in structural terms.

The ''Minimum MTOs'' are recalculated every third year by the [[Economic and Financial Committee (European Union)|Economic and Financial Committee]], based on the above-described procedure and formulas, that among others require the prior publication of the commission's triennial Ageing Report. Although member states having an open ''"macroeconomic adjustment programme"'' covering the entire first year of which a recalculated "Minimum MTO" should have applied, shall not be subject to recalculation of its MTO<sup>ILD</sup> due to an ongoing implementation of structural reforms as part of that program, and consequently will not be bound by any "Minimum MTO" for this specific three{{nbh}}year period (i.e. Greece in [[Second Economic Adjustment Programme for Greece|2012-15]] and [[Third Economic Adjustment Programme for Greece|2015-18]], while a "Minimum MTO was calculated for 2010 due to its first [[First Economic Adjustment Programme for Greece|2010-12 programme]] only starting in May 2010).<ref name="VM2019">{{cite web|url=https://economy-finance.ec.europa.eu/document/download/f5e4d0a2-9363-4563-a656-c7de43b8d9a3_en?filename=ip101_en.pdf|title=Vade Mecum on the Stability and Growth Pact - 2019 edition|work=Annex 2: Update of the Minimum Benchmarks and Minimum Medium-Term budgetary Objectives|publisher=European Commission|author=Directorate-General for Economic and Financial Affairs|date=2 April 2019}}</ref> A Member State can also have its ''Minimum MTO'' updated outside the ordinary three{{nbh}}year schedule, if it implements structural reforms with a major impact on the long-term sustainability of public finances (i.e. a major pension reform) – and subsequently submit a formal request for an extraordinary recalculation.<ref name="Vade mecum on SGP"/>

In example, after the ordinary recalculation of minimum MTOs had been conducted by the Commission staff service in autumn 2012, based partially on input values from the 2012 Ageing report published in November 2011, many extraordinary recalculations were subsequently conducted during 2013-14. The MTO<sup>ILD</sup> limits for Belgium, Denmark, Hungary and the Netherlands were revised in 2013, due to the impact of their 2012 pension reforms only subsequently being incorporated for some updated S2<sub>COA</sub> values in the Commission's Fiscal Sustainability Report 2012 released on 18 December 2012. The MTO<sup>ILD</sup> limits were also later revised in a similar fashion for Spain, Poland, Latvia, Slovakia, and Slovenia, as the data impact from their 2012 enacted pension reforms had only been assessed with publication of some revised S2<sub>COA</sub> values by graph 5.4 in the July 2014 report entitled ''2014 Stability and Convergence Programmes: An Overview''. The revised S2<sub>COA</sub> values due to enacted pension reforms consequently changed the calculated MTO<sup>ILD</sup> limits to less strict limits, for all of the concerned countries.<ref name="S2-COAs in 2014">{{cite web|url=http://ec.europa.eu/economy_finance/publications/occasional_paper/2014/pdf/ocp199_en.pdf|title=The 2014 Stability and Convergence Programmes: An Overview|work=Graph 5.4: The S2 sustainability gap decomposed in IBP+COA (the S2 indicator calculated as IBP+COA on the basis of the projected changes in age-related expenditure up to 2060). Graph 3.6: Progress towards MTO (display the nationally selected MTOs in the stability/convergence programmes published in spring 2014)|publisher=European Commission (DG for Economic and Financial Affairs)|date=July 2014}}</ref> 

In March 2017, the Commission made a commitment to begin updating the MTO minimum benchmark (MTO<sup>MB</sup>) annually in March/April (based on recalculated ROG input data from its latest autumn economic forecast), as the MTO<sup>MB</sup> had become a critical part of how the recently introduced "Flexibility Clauses" (a collective term for the "Structural Reform Clause" and "Investment Clause") were applied, when making the annual assessment of compliance with the deficit and debt criteria for each member state within the preventive arm of the SGP. Except from the situation where a member state request an extraordinary recalculation of its MTO<sup>ILD</sup> (due to implementation of major structural reforms), all calculated "Minimum MTOs" will however remain frozen for the entire three{{nbh}}year period it covers, and not be changed by the annually revised MTO<sup>MB</sup>.<ref name="VM2017">{{cite web|url=https://economy-finance.ec.europa.eu/document/download/042c03b6-c055-4a09-a129-997c91e31692_en?filename=ip052_en.pdf|title=Vade Mecum on the Stability and Growth Pact - 2017 edition|work=Annex 2: Annual update of the Minimum Benchmarks|publisher=European Commission|author=Directorate-General for Economic and Financial Affairs|date=31 March 2017}}</ref>

The table below, display the input data and calculated ''Minimum MTOs'' only from the five latest ordinary recalculations, with no display of any potential extraordinary recalculations in between.

{| class="wikitable sortable collapsible uncollapsed" style="font-size:78%; clear:both; white-space:nowrap; line-height:1.25; border:2px solid; text-align:center"
|+ style="border:2px solid;background:lightgrey"|Calculation of a country-specific Minimum MTO for all EU member states (2010-2024)
! style="border-bottom:2px solid"|EU<br/>member<br/>state
! style="border-bottom:2px solid"|Calcu-<br/>lation<br/>apply<br/>for the<br/>period
! style="border-bottom:2px solid"|Semi‑<br/>elasticity<br/> of budget<br/> balance<br/>to output<br/> gap (ε)
<!-- Before using semi-elasticity as input-value for calculating the Minimum Benchmark, the somewhat similar "budgetary sensitivities" were used as input-value instead, last time calculated on 30 September 2005 to these values:
http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/budg_sensitivities_092005_v02_en.pdf -->
! style="border-bottom:2px solid"|Repre-<br/>senta-<br/>tive<br/>Output<br/>Gap<br/>(ROG)
<!--Minimum Benchmark values were calculated in Sep.2005 by the same formula as today, but with the ROG input-value determined by a slightly different formula. The calculation and values (calculation made in Sep.2005, being valid starting from 2006) can be looked up in the "Public finances in EMU 2006" report: http://ec.europa.eu/economy_finance/publications/publication423_en.pdf -->
! style="border-bottom:2px solid"|Debt in<br/>% of GDP<br/>by end of<br/>last<br/>year<br/><small>(D<sub>t-1</sub>)</small>
! style="border-bottom:2px solid"|Average<br/>nominal<br/>GDP<br/>growth<br/>2010-60<br/><small>(g<sub>pot</sub>)</small>
! style="border-bottom:2px solid"|S2<sub>COA</sub><br/> adjustment<br/>needed to<br/> finance<br/>age‑related<br/> costs
! style="border-bottom:2px solid"|MTO<sup>MB</sup>
<!--Minimum Benchmark values were calculated in Sep.2005 by the same formula as today, but with the ROG input-value determined by a slightly different formula. The calculation and values (calculation made in Sep.2005, being valid starting from 2006) can be looked up in the "Public finances in EMU 2006" report: http://ec.europa.eu/economy_finance/publications/publication423_en.pdf -->
! style="border-bottom:2px solid"|MTO<sup>ILD</sup>
! style="border-bottom:2px solid"|MTO<sup>ea/erm2/fc</sup>
! style="border-bottom:2px solid"|Minimum<br/>MTO<br/><small>(highest<br/>MTO value<br/>rounded)</small><!--In Apr.2009 the rounding was made to the nearest 1/4 of a percentage point. In Oct.2012 this rule changed, so that rounding now is made to the most favorable 1/4 of a percentage point.-->
|-
! rowspan="5"|Austria
! 2010-12
|
|
| 62.5%
| 3.7%
| 3.0%
| -1.6%
| '''-0.89%'''
| -1.0%
! -1.0%
|-
! 2013-16
| 0.488
|
| 72.4%
| 3.391%
| 3.6%
| -1.8%
| '''-0.28%'''
| -0.5%
! -0.5%
|-
! 2017-19
| 0.580<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014">{{cite web|url=https://economy-finance.ec.europa.eu/document/download/2f59e456-b0f5-48ee-8a2a-7237fb4cff91_en?filename=ip021_en.pdf|title=Vade Mecum on the Stability and Growth Pact - 2016 edition|work=Annex 11: Parameters underlying the Commission's cyclical adjustment methodology (Decomposition of the semi-elasticity of budget balance to output gap: November 2014)|publisher=European Commission|author=Directorate-General for Economic and Financial Affairs|date=23 March 2016}}</ref>
|
| 84.53%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)">{{cite web|url=https://ec.europa.eu/economy_finance/publications/european_economy/2015/pdf/ee2_en.pdf|title=European Economic Forecast Spring 2015 (European Economy 2/2015)|work=Table 42: Debt-to-GDP ultimo 2014 (unrounded raw data extracted from the May 2015 edition of the AMECO database)|publisher=European Commission (DG for Economic and Financial Affairs)|date=5 May 2015}}</ref>
| 3.476%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| 2.4%<ref name="AT 2015 assessment"/><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| -1.6%<ref name="MTO-MB calculated March 2016">{{cite web|url=https://economy-finance.ec.europa.eu/document/download/2f59e456-b0f5-48ee-8a2a-7237fb4cff91_en?filename=ip021_en.pdf|title=Vade Mecum on the Stability and Growth Pact - 2016 edition|work=Table A1: Minimum Benchmarks|publisher=European Commission|author=Directorate-General for Economic and Financial Affairs|date=23 March 2016}}</ref>
| -0.43%<br/>{{small|rev: -0.75%<!--MTOild= -0.51 to -0.75--><ref name="VM2019"/>}}
| '''-0.5%'''<ref name="VM2019"/>
! -0.5%<ref name="VM2019"/>
|-
! 2020-22
| 0.571<!--elasticity 2018--><ref name="VM2019:elasticity">{{cite web|url=https://economy-finance.ec.europa.eu/document/download/f5e4d0a2-9363-4563-a656-c7de43b8d9a3_en?filename=ip101_en.pdf|title=Vade Mecum on the Stability and Growth Pact - 2019 edition|work=Annex 3: Update of fiscal semi-elasticities (budget balance: 2018)|publisher=European Commission|author=Directorate-General for Economic and Financial Affairs|date=2 April 2019}}</ref>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -1.5%<!--MTOmb--><ref name="VM2019"/>
| -0.75%<!--MTOild= -0.51 to -0.75--><ref name="VM2019"/>
| '''-0.5%'''<!--MTOfc--><ref name="VM2019"/>
! -0.5%<!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Belgium
! 2010-12
|
|
| 89.6%
| 3.8%
| 4.7%
| -1.3%
| '''0.26%'''
| -1.0%
! 0.25%
|-
! 2013-16
| 0.553
|
| 97.8%
| 3.633%
| 6.4%
| -1.7%
| '''1.12%'''
| -0.5%
! 1.0%
|-
! 2017-19
| 0.605<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 106.49%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 3.750%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| 3.9%<ref name="BE 2015 assessment"/><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| -1.7%<ref name="MTO-MB calculated March 2016"/>
| '''0.43%'''<br/>{{small|'''rev: -0.5%'''<!--MTOild= -0.26 to -0.50--><ref name="VM2019"/>}}
| -0.5%<ref name="VM2019"/>
! 0.25%<br/>{{small|rev: -0.5%<ref name="VM2019"/>}}
|-
! 2020-22
| 0.615<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -1.5%<!--MTOmb--><ref name="VM2019"/>
| '''0.0%'''<!--MTOild= +0.24 to 0.00--><ref name="VM2019"/>
| -0.5%<!--MTOfc--><ref name="VM2019"/>
! 0.0%<!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Bulgaria
! 2010-12
|
|
| 14.1%
| 3.7%
| 1.3%
| -1.8%
| '''-1.71%'''
| –
! -1.75%
|-
! 2013-16
| 0.322
|
| 16.3%
| 3.320%
| 2.3%
| -1.7%
| -1.17%
| '''-1.0%'''
! -1.0%
|-
! 2017-19
| 0.308<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 27.62%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 3.457%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| 0.2%<ref name="BG 2015 assessment"/><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| -2.1%<ref name="MTO-MB calculated March 2016"/>
| -1.94%<br/>{{small|rev: -2.25%<!--MTOild= -2.01 to -2.25--><ref name="VM2019"/>}}
| '''-1.0%'''<!--MTOfc--><ref name="VM2019"/>
! -1.0%<!--MTOmin--><ref name="VM2019"/>
|-
! 2020-22
| 0.298<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -1.3%<!--MTOmb--><ref name="VM2019"/>
| -1.25%<!--MTOild= -1.01 to -1.25--><ref name="VM2019"/>
| '''-1.0%'''<!--MTOfc--><ref name="VM2019"/>
! -1.0%<!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Croatia
! 2010-12
| {{sort|99|{{small|N/A}}}}
| {{sort|99|{{small|N/A}}}}
| 32.2%
| {{sort|99|{{small|N/A}}}}
| {{sort|99|{{small|N/A}}}}
| {{sort|99|{{small|N/A}}}}
| {{sort|99|{{small|N/A}}}}
| –
! {{sort|99|{{small|N/A}}}}
|-
! 2013-16
| {{sort|99|{{small|N/A}}}}
| {{sort|99|{{small|N/A}}}}
| 46.7%
| {{sort|99|{{small|N/A}}}}
| {{sort|99|{{small|N/A}}}}
| {{sort|99|{{small|N/A}}}}
| {{sort|99|{{small|N/A}}}}
| –
! {{sort|99|{{small|N/A}}}}
|-
! 2017-19
| 0.467<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 84.99%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 3.382%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| -2.6%<ref name="HR 2015 assessment"/><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| '''-1.5%'''<ref name="MTO-MB calculated March 2016"/>
| -2.02%
| – <!--Croatia joined the unimportant Title V of TSCG on 7 March 2018, and only joined the important Fiscal Compact (Title III of TSCG) when they adopted the euro on 1 Jan 2023.--><!--Croatia joined ERM II on 10 July 2020.-->  
! -1.5%
|-
! 2020-22
| 0.443<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -1.2%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Cyprus
! 2010-12
|
|
| 49.1%
| 4.8%
| 8.2%
| -1.8%
| '''-0.04%'''
| -1.0%
! 0.0%
|-
! 2013-16
| 0.434
|
| 71.1%
| 3.826%
| 5.4%
| -1.8%
| '''0.04%'''
| -0.5%
! 0.0%
|-
! 2017-19
| 0.523<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 107.50%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 3.887%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| {{sort|99|{{small|N/A}}}}
| -1.6%<ref name="MTO-MB calculated March 2016"/>
| {{sort|99|{{small|'''N/A'''}}}}
| -0.5%
! {{sort|99|{{small|N/A}}}}
|-
! 2020-22
| 0.504<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -0.8%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Czechia
! 2010-12
|
|
| 29.8%
| 3.6%
| 3.5%
| -1.6%
| '''-0.93%'''
| –
! -1.0%
|-
! 2013-16
| 0.391
|
| 40.8%
| 3.549%
| 3.8%
| -1.7%
| '''-0.80%'''
| –
! -1.0%
|-
! 2017-19
| 0.433<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 42.57%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 3.586%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| 2.5%<ref name="CZ 2015 assessment"/><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| -1.7%<ref name="MTO-MB calculated March 2016"/>
| '''-1.25%'''
| –
! -1.25%
|-
! 2020-22
| 0.395<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -1.5%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Denmark
! 2010-12
|
|
| 33.3%
| 3.8%
| 1.6%
| '''-0.5%'''
| -1.67%
| -1.0%
! -0.5%
|-
! 2013-16
| 0.607=0.63<ref name="The Commission's calculation changes introduced for the Danish Minimum MTO in autumn 2012"/>
| -3.64%<ref name="The Commission's calculation changes introduced for the Danish Minimum MTO in autumn 2012"/>
| 46.6%
| 3.444%
| 1.7%
| '''-0.7%'''
| -1.44%
| -1.0%
! -0.75%
|-
! 2017-19
| 0.619<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 45.22%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 3.772%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| -0.4%<ref name="DK 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/04_dk_scp_en.pdf|title=Assessment of the 2015 Convergence Programme for DENMARK|publisher=European Commission|date=27 May 2015}}</ref><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| '''-0.9%'''<ref name="MTO-MB calculated March 2016"/>
| -2.31%
| -1.0%
! -1.0%
|-
! 2020-22
| 0.589<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -1.3%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Estonia
! 2010-12
|
|
| 4.8%
| 3.8%
| -0.3%
| -1.9%
| -2.30%
| '''-1.0%'''
! -1.0%
|-
! 2013-16
| 0.297
|
| 6.1%
| 3.495%
| 0.7%
| -1.8%
| -1.80%
| '''-1.0%'''
! -1.0%
|-
! 2017-19
| 0.443<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 10.61%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 3.474%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| 0.4%<ref name="EE 2015 assessment"/><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| -1.7%<ref name="MTO-MB calculated March 2016"/>
| -1.88%
| '''-1.0%'''
! -1.0%
|-
! 2020-22
| 0.486<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -0.7%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Finland
! 2010-12
|
|
| 33.4%
| 3.7%
| 4.7%
| -1.2%
| '''-0.59%'''
| -1.0%
! -0.5%
|-
! 2013-16
| 0.526
|
| 49.0%
| 3.527%
| 4.9%
| -0.5%
| '''-0.43%'''
| -0.5%<!--The FC required it to be -0.5% due to a debt-to-GDP above 60% since 2013-->
! -0.5%
|-
! 2017-19
| 0.574<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 59.33%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/><!--The revised Eurostat data published 22 April 2024, calculated the value to 64.5% ultimo 2014-->
| 3.383%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| 1.9%<ref name="FI 2015 assessment"/><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| -1.1%<ref name="MTO-MB calculated March 2016"/>
| -1.34%
| '''-0.5%'''<!--The FC required it to be -0.5% due to a debt-to-GDP above 60% since 2013-->
! -0.5%
|-
! 2020-22
| 0.582<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -1.0%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|France
! 2010-12
|
|
| 68.0%
| 3.9%
| 1.9%
| -1.6%
| -1.23%
| '''-1.0%'''
! -1.0%
|-
! 2013-16
| 0.546
|
| 86.0%
| 3.652%
| 0.9%
| -1.6%
| -0.99%
| '''-0.5%'''
! -0.5%
|-
! 2017-19
| 0.603<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 95.02%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 3.578%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| -1.1%<ref name="FR 2015 assessment"/><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| -1.3%<ref name="MTO-MB calculated March 2016"/>
| -1.40%
| '''-0.5%'''
! -0.5%
|-
! 2020-22
| 0.630<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -1.4%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Germany
! 2010-12
|
|
| 65.9%
| 3.2%
| 3.1%
| -1.6%
| '''-0.50%'''
| -1.0%
! -0.5%
|-
! 2013-16
| 0.562
|
| 80.5%
| 2.837%
| 2.4%
| -1.5%
| '''-0.17%'''
| -0.5%
! -0.25%
|-
! 2017-19
| 0.551<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 74.73%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 2.961%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| 2.5%<ref name="DE 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/05_de_scp_en.pdf|title=Assessment of the 2015 Stability Programme for GERMANY|publisher=European Commission|date=27 May 2015}}</ref><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| -1.5%<ref name="MTO-MB calculated March 2016"/>
| '''-0.35%'''
| -0.5%
! -0.5%
|-
! 2020-22
| 0.504<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -1.5%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Greece
! 2010-12
|
|
| 97.6%
| 3.7%
| 11.4%
| -1.4%
| '''2.72%'''
| -1.0%
! 2.75%
|-
! 2013-16
| 0.473
|
| 170.6%
| 2.994%
| {{sort|99|{{small|N/A}}}}
| -1.9%
| {{sort|99|{{small|'''N/A'''}}}}
| -0.5%
! {{sort|99|{{small|N/A}}}}
|-
! 2017-19
| 0.483<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 177.07%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 2.669%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| {{sort|99|{{small|N/A}}}}
| -2.1%<ref name="MTO-MB calculated March 2016"/>
| {{sort|99|{{small|'''N/A'''}}}}
| -0.5%
! {{sort|99|{{small|N/A}}}}
|-
! 2020-22
| 0.524<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -0.7%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Hungary
! 2010-12
|
|
| 73.0%
| 3.7%
| 1.4%
| -1.6%
| '''-1.17%'''
| –
! -1.25%
|-
! 2013-16
| 0.470
|
| 81.4%
| 3.157%
| 0.3%
| -1.5%
| '''-1.02%'''
| –
! -1.25%
|-
! 2017-19
| 0.492<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 76.90%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 3.478%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| 0.7%<ref name="HU 2015 assessment"/><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| -1.4%<ref name="MTO-MB calculated March 2016"/>
| '''-1.18%'''
| –
! -1.25%
|-
! 2020-22
| 0.453<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -1.5%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Ireland
! 2010-12
|
|
| 43.2%
| 4.4%
| 6.7%
| -1.5%
| '''-0.32%'''
| -1.0%
! -0.25%
|-
! 2013-16
| 0.505
|
| 106.4%
| 4.094%
| {{sort|99|{{small|N/A}}}}
| -1.2%
| {{sort|99|{{small|N/A}}}}
| '''-0.5%'''
! -0.5%
|-
! 2017-19
| 0.528<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 109.66%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 3.715%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| 2.2%<ref name="IE 2015 assessment"/><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| -1.3%<ref name="MTO-MB calculated March 2016"/>
| '''-0.03%'''
| -0.5%
! -0.25%
|-
! 2020-22
| 0.522<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -1.2%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Italy
! 2010-12
|
|
| 105.8%
| 3.5%
| 1.4%
| -1.4%
| '''-0.27%'''
| -1.0%
! -0.25%
|-
! 2013-16
| 0.547
|
| 120.7%
| 3.327%
| 0.7%
| -1.7%
| '''-0.04%'''
| -0.5%
! -0.25%
|-
! 2017-19
| 0.539<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 132.11%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 3.298%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| -0.2%<ref name="IT 2015 assessment"/><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| -1.5%<ref name="MTO-MB calculated March 2016"/>
| '''-0.05%'''
| -0.5%
! -0.25%
|-
! 2020-22
| 0.544<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -1.4%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Latvia
! 2010-12
|
|
| 19.5%
| 3.4%
| 0.7%
| -2.0%
| -1.74%
| '''-1.0%'''
! -1.0%
|-
! 2013-16
| 0.310
|
| 42.2%
| 3.134%
| -1.5%
| -1.8%
| -2.32%
| '''-1.0%'''
! -1.0%
|-
! 2017-19
| 0.380<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 40.04%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 3.552%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| -0.4%<ref name="LV 2015 assessment"/><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| -1.7%<ref name="MTO-MB calculated March 2016"/>
| -2.19%
| '''-1.0%'''
! -1.0%
|-
! 2020-22
| 0.378<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -0.9%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Lithuania
! 2010-12
|
|
| 15.6%
| 3.5%
| 3.0%
| -1.9%
| -1.04%
| '''-1.0%'''
! -1.0%
|-
! 2013-16
| 0.305
|
| 38.5%
| 3.283%
| 3.8%
| -1.8%
| '''-0.65%'''
| -1.0%
! -0.75%
|-
! 2017-19
| 0.413<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 40.86%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 3.235%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| 2.8%<ref name="LT 2015 assessment"/><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| -1.5%<ref name="MTO-MB calculated March 2016"/>
| '''-0.96%'''
| -1.0%
! -1.0%
|-
! 2020-22
| 0.399<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -0.9%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Luxembourg
! 2010-12
|
|
| 14.7%
| 4.6%
| 12.6%
| -1.0%
| '''1.52%'''
| -1.0%
! 1.5%
|-
! 2013-16
| 0.471
|
| 18.3%
| 3.931%
| 8.5%
| -1.7%
| '''0.54%'''
| -1.0%
! 0.5%
|-
! 2017-19
| 0.445<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 23.61%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 4.499%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| 4.9%<ref name="LU 2015 assessment">{{cite web|url=https://economy-finance.ec.europa.eu/document/0ac55df2-6009-48a2-9bfd-14208987c6d0_en|title=Assessment of the 2015 Stability Programme for LUXEMBOURG|publisher=European Commission|date=27 May 2015}}</ref><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| -1.5%<ref name="MTO-MB calculated March 2016"/>
| '''-0.97%'''
| -1.0%
! -1.0%
|-
! 2020-22
| 0.462<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -1.3%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Malta
! 2010-12
|
|
| 64.1%
| 3.7%
| 5.8%
| -1.7%
| '''0.07%'''
| -1.0%
! 0.0%
|-
! 2013-16
| 0.403
|
| 70.9%
| 3.449%
| 4.9%
| -1.9%
| '''0.08%'''
| -0.5%
! 0.0%
|-
! 2017-19
| 0.456<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 68.05%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 3.719%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| 4.8%<ref name="MT 2015 assessment"/><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| -1.8%<ref name="MTO-MB calculated March 2016"/>
| '''-0.17%'''
| -0.5%
! -0.25%
|-
! 2020-22
| 0.479<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -1.5%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Netherlands
! 2010-12
|
|
| 58.2%
| 3.5%
| 5.1%
| -1.1%
| '''-0.35%'''
| -1.0%
! -0.25%
|-
! 2013-16
| 0.566
|
| 65.5%
| 3.288%
| 4.0%
| -1.4%
| '''-0.26%'''
| -0.5%
! -0.5%
|-
! 2017-19
| 0.646<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 68.82%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 3.199%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| 2.0%<ref name="NL 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/19_nl_scp_en.pdf|title=Assessment of the 2015 Stability Programme for NETHERLANDS|publisher=European Commission|date=27 May 2015}}</ref><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| -1.1%<ref name="MTO-MB calculated March 2016"/>
| -0.79%
| '''-0.5%'''
! -0.5%
|-
! 2020-22
| 0.605<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -1.5%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Poland
! 2010-12
|
|
| 47.2%
| 3.5%
| -1.7%
| '''-1.5%'''
| -2.59%
| –
! -1.5%
|-
! 2013-16
| 0.404
|
| 56.4%
| 3.526%
| 1.1%
| -1.9%
| '''-1.68%'''
| –
! -1.75%
|-
! 2017-19
| 0.521<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 50.13%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 3.617%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| 1.0%<ref name="PL 2015 assessment"/><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| '''-1.0%'''<ref name="MTO-MB calculated March 2016"/>
| -1.76%
| –
! -1.0%
|-
! 2020-22
| 0.499<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -1.4%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Portugal
! 2010-12
|
|
| 66.4%
| 3.9%
| 1.9%
| -1.5%
| -1.27%
| '''-1.0%'''
! -1.0%
|-
! 2013-16
| 0.463
|
| 108.1%
| 3.210%
| {{sort|99|{{small|N/A}}}}
| -1.8%
| {{sort|99|{{small|N/A}}}}
| '''-0.5%'''
! -0.5%
|-
! 2017-19
| 0.506<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 130.18%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 2.900%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| 0.7%<ref name="PT 2015 assessment"/><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| -1.6%<ref name="MTO-MB calculated March 2016"/>
| '''0.42%'''
| -0.5%
! 0.25%
|-
! 2020-22
| 0.538<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -1.3%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Romania
! 2010-12
|
|
| 13.6%
| 3.8%
| 4.7%
| -1.8%
| '''-0.65%'''
| –
! -0.75%
|-
! 2013-16
| 0.329
|
| 33.4%
| 3.106%
| 3.6%
| -1.8%
| '''-0.62%'''
| -1.0%
! -0.75%
|-
! 2017-19
| 0.339<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 39.81%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 3.612%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| 1.5%<ref name="RO 2015 assessment"/><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| -1.6%<ref name="MTO-MB calculated March 2016"/>
| -1.60%
| '''-1.0%'''
! -1.0%
|-
! 2020-22
| 0.321<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -1.2%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Slovakia
! 2010-12
|
|
| 27.6%
| 3.7%
| 2.6%
| -2.0%
| -1.28%
| '''-1.0%'''
! -1.0%
|-
! 2013-16
| 0.332
|
| 43.3%
| 3.643%
| 5.1%
| -1.5%
| '''-0.43%'''
| -1.0%
! -0.5%
|-
! 2017-19
| 0.393<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 53.58%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 3.532%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| 2.1%<ref name="SK 2015 assessment"/><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| -1.7%<ref name="MTO-MB calculated March 2016"/>
| -1.35%
| '''-1.0%'''
! -1.0%
|-
! 2020-22
| 0.381<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -1.4%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Slovenia
! 2010-12
|
|
| 22.8%
| 3.4%
| 8.3%
| -1.6%
| '''0.77%'''
| -1.0%
! 0.75%
|-
! 2013-16
| 0.461
|
| 46.9%
| 3.322%
| 6.6%
| -1.7%
| '''0.25%'''
| -1.0%
! 0.25%
|-
! 2017-19
| 0.477<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 80.90%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 3.300%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| 5.5%<ref name="SL 2015 assessment"/><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| -1.4%<ref name="MTO-MB calculated March 2016"/>
| '''0.60%'''
| -0.5%
! 0.5%
|-
! 2020-22
| 0.468<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -1.1%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Spain
! 2010-12
|
|
| 39.5%
| 3.9%
| 5.7%
| -1.2%
| '''-0.37%'''
| -1.0%
! -0.25%
|-
! 2013-16
| 0.476
|
| 69.3%
| 3.577%
| 1.9%
| -1.5%
| -1.02%
| '''-0.5%'''
! -0.5%
|-
! 2017-19
| 0.539<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 97.67%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 3.389%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| -0.8%<ref name="ES 2015 assessment"/><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| -1.1%<ref name="MTO-MB calculated March 2016"/>
| -1.13%
| '''-0.5%'''
! -0.5%
|-
! 2020-22
| 0.597<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -0.8%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|Sweden
! 2010-12
|
|
| 38.0%
| 3.9%
| 1.5%
| '''-1.0%'''
| -1.76%
| –
! -1.0%
|-
! 2013-16
| 0.589
|
| 38.4%
| 3.752%
| 2.7%
| '''-0.9%'''
| -1.28%
| –
! -1.0%
|-
! 2017-19
| 0.590<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 43.89%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 4.038%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| 1.0%<ref name="SE 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/27_se_scp_en.pdf|title=Assessment of the 2015 Convergence Programme for SWEDEN|publisher=European Commission|date=27 May 2015}}</ref><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| '''-1.0%'''<ref name="MTO-MB calculated March 2016"/>
| -2.00%
| –
! -1.0%
|-
! 2020-22
| 0.553<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -1.4%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! rowspan="5"|UK<br/>{{small|(former<br/>member)}}
! 2010-12
|
|
| 52.0%
| 4.1%
| 3.5%
| -1.4%
| '''-1.21%'''
| –
! -1.25%
|-
! 2013-16
| 0.482
|
| 85.0%
| 3.864%
| 2.6%
| -1.5%
| '''-0.57%'''
| –
! -0.75%
|-
! 2017-19
| 0.591<!--elasticity 2014--><ref name="Semi-elasticities calculated Nov 2014"/>
|
| 89.36%<ref name="Debt-to-GDP ultimo 2014 (revised May 2015)"/>
| 3.665%<ref name="Potential 2013-60 growth rates projected in 2014"/>
| 2.4%<ref name="UK 2015 assessment"/><!--S2LTC(COA) no policy change scenario as per the Commission's May 2015 forecast-->
| -1.1%<ref name="MTO-MB calculated March 2016"/>
| '''-0.42%'''
| –
! -0.5%
|-
! 2020-22
| 0.550<!--elasticity 2018--><ref name="VM2019:elasticity"/>
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| -1.4%<!--MTOmb--><ref name="VM2019"/>
| <!--MTOild-->
| <!--MTOfc--><ref name="VM2019"/>
! <!--MTOmin--><ref name="VM2019"/>
|-
! 2023-24
| <!--elasticity-->
| <!--ROG-->
| <!--debt-to-gdp-->
| <!--Gpot-->
| <!--S2coa-->
| <!--MTOmb-->
| <!--MTOild-->
| <!--MTOfc-->
! <!--MTOmin-->
|-
! style="border:2px solid" colspan="11"|References for 2010-12 (calculated Apr.2009): Spring input values were utilized,<ref name="Subcomponents of MTOs in 2009">{{cite web|url=http://ec.europa.eu/economy_finance/publications/european_economy/2010/pdf/ee-2010-4_en.pdf|title=Public finances in EMU 2010 (European Economy 4/2010)|work=Table II.4.1|publisher=European Commission (DG for Economic and Financial Affairs)|date=29 June 2010}}</ref><ref name="Debt-to-GDP ultimo 2008">{{cite web|url=http://ec.europa.eu/economy_finance/publications/publication15048_en.pdf|title=Economic Forecast Spring 2009 (European Economy 3/2009)|work=Table 42: Debt-to-GDP ultimo 2008|publisher=European Commission (DG for Economic and Financial Affairs)|date=4 May 2009}}</ref> and not the revised Oct.2009 figures<ref name="Debt-to-GDP ultimo 2008 (revised Oct.2009)">{{cite web|url=http://ec.europa.eu/economy_finance/publications/publication_summary16053_en.htm|title=Economic Forecast Autumn 2009 (European Economy 10/2009)|work=Table 42: Debt-to-GDP ultimo 2008|publisher=European Commission (DG for Economic and Financial Affairs)|date=3 November 2009}}</ref><ref name="Long-term average potential growth 2007-2060 (revised Dec.2008)">{{cite web|url=http://ec.europa.eu/economy_finance/publications/publication13782_en.pdf|title=The 2009 Ageing Report: Underlying assumptions and projection methodologies for the EU-27 Member states (European Economy 7/2008)|work=Table 3.9 (presenting real average potential growth figures for 2007-2060; while noting they can be converted to nominal average figures by adding the presumed long-term average ECB inflation of 2.0%)|publisher=European Commission (DG for Economic and Financial Affairs)|date=December 2008}}</ref><ref name="S2-LTC 2007-2060 values (revised October 2009)">{{cite web|url=http://ec.europa.eu/economy_finance/publications/publication15998_en.pdf|title=Sustainability Report 2009 (European Economy 9/2009)|work=Table III.1.1 (S2-LTC values, later referred to as S2-COA values, for 2007-2060)|publisher=European Commission (DG for Economic and Financial Affairs)|date=23 October 2009}}</ref><br />
<!-- -->
References for 2013-16 (calculated Oct.2012):<ref name="Semi-elasticities calculated Oct.2012"/><ref name="Debt-to-GDP ultimo 2011 (revised Oct.2012)">{{cite web|url=https://ec.europa.eu/economy_finance/publications/european_economy/2012/pdf/ee-2012-7_en.pdf|title=European Economic Forecast Autumn 2012 (European Economy 7/2012)|work=Table 42: Debt-to-GDP ultimo 2011|publisher=European Commission (DG for Economic and Financial Affairs)|date=7 November 2012}}</ref><ref name="Potential 2010-60 growth rates projected in 2011">{{cite web|url=http://ec.europa.eu/economy_finance/publications/european_economy/2011/pdf/ee-2011-4_en.pdf|title=The 2012 Ageing Report: Underlying Assumptions and Projection Methodologies (European Economy 4/2011)|publisher=European Commission|date=September 2011}} ''Table 3.3 in report provides rounded real Potential GDP growth figures for 2010-60 (unrounded data extracted from this [http://ec.europa.eu/economy_finance/publications/european_economy/2012/2012-ageing-report_en.htm annexed XLS file] with add of AWG's 2.0% average inflation assumption to convert the figures from real to nominal)''</ref><ref name="S2LTC values projected in 2012"/><br />
|-
|}

===Nationally selected MTOs (2005–present)===
Whenever a "Minimum MTO" gets recalculated for a country, the announcement of a "nationally selected MTO" that is equal to or above this recalculated "Minimum MTO" shall occur as part of the following ordinary stability/convergence report, while only taking effect compliance-wise for the fiscal account(s) in the years after the new "nationally selected MTO" has been announced. The tables below have listed all country-specific MTOs selected by national governments throughout 2005–2015, and colored each year red/green to display whether or not the "nationally selected MTO" was achieved, according to the latest revision of the structural balance data as calculated by the "European Commission method".<ref name="EC-winter-forecast 2015">{{cite web|title=European economic forecast – winter 2015 |url=http://ec.europa.eu/economy_finance/eu/forecasts/2015_winter_forecast_en.htm |publisher=European Commission | date=5 February 2015 |access-date=5 February 2015}}</ref><ref name="Structural balance per extract by AMECO database">{{cite web|url=http://ec.europa.eu/economy_finance/ameco/Include/Query.cfm?serie=UBLGAPS&trn=1&agg=0&unite=319&ref=0&nomserie=Structural+balance+of+general+government+%3A-+Adjustment+based+on+potential+GDP+Excessive+deficit+procedure&lstCntry=%27EU28%27%2C%27EU27%27%2C%27EU15%27%2C%27EA19%27%2C%27EA18%27%2C%27EA12%27%2C%27BEL%27%2C%27BGR%27%2C%27CZE%27%2C%27DNK%27%2C%27DEU%27%2C%27EST%27%2C%27IRL%27%2C%27GRC%27%2C%27ESP%27%2C%27FRA%27%2C%27HRV%27%2C%27ITA%27%2C%27CYP%27%2C%27LVA%27%2C%27LTU%27%2C%27LUX%27%2C%27HUN%27%2C%27MLT%27%2C%27NLD%27%2C%27AUT%27%2C%27POL%27%2C%27PRT%27%2C%27ROM%27%2C%27SVN%27%2C%27SVK%27%2C%27FIN%27%2C%27SWE%27%2C%27GBR%27&lstYear=2016%2C2015%2C2014%2C2013%2C2012%2C2011%2C2010%2C2009%2C2008%2C2007%2C2006%2C2005%2C2004%2C2003%2C2002%2C2001%2C2000%2C1999%2C1998%2C1997%2C1996%2C1995%2C1994%2C1993%2C1992%2C1991%2C1990%2C1989%2C1988%2C1987%2C1986%2C1985%2C1984%2C1983%2C1982%2C1981%2C1980%2C1979%2C1978%2C1977%2C1976%2C1975%2C1974%2C1973%2C1972%2C1971%2C1970%2C1969%2C1968%2C1967%2C1966%2C1965%2C1964%2C1963%2C1962%2C1961%2C1960&code_serie=%27UBLGAPS%27|title=AMECO database: Structural balance of general government – Adjustment based on potential GDP (Excessive deficit procedure)|publisher=European Commission|date=<!--February/May/November (Automatically updated 3 times per year)-->|access-date=3 May 2013}}</ref> Some states, i.e. Denmark and Latvia, apply a national method to calculate the structural balance figures reported in their convergence report (which greatly differs from the results of the commission's method), but for the sake of presenting comparable results for all Member States, the "MTO achieved" coloring of the tables (and if not met also the noted forecast year of reaching it) is decided solely by the results of the commission's calculation method.

{| class="wikitable sortable" style="font-size:80%; clear:both; white-space:nowrap; line-height:1.25; border:2px solid"
|-
! style="border-bottom:2px solid"|Country-<br/>specific<br/>MTOs<br/><small>([[Structural budget balance|structural<br/>balance]],<br/> % of GDP)</small>
! style="border-bottom:2px solid"|2005<ref name="Public Finances in EMU 2005"/>
! style="border-bottom:2px solid"|2006<ref name="MTOs in 2006">{{cite web|url=http://ec.europa.eu/economy_finance/publications/publication_summary429_en.htm|title=Report on Public finances in EMU 2006|work=European Economy 3/2006|publisher=European Commission (DG for Economic and Financial Affairs)|date=June 2006<!--The link incorrectly dated the document to origin from January 2006, but its correct publication data was sometime in June 2006.-->}}</ref>
<!--The "Public finances in EMU 2006" EC report identified explicit MTOs for all member states, except for the exempted UK and for the following six states to whom the MTO was implicit inferred: Denmark+Finland+France+Hungary+Slovenia+Sweden. However, for Denmark the Commission incorrectly inferred the MTO was the same as last year, while the Danish convergence report's explicit mentioning of a "new operational target" should be interpreted as having revised its MTO now to be one per cent lower at "+0.5% to +1.5%". According to the Commission's "Fiscal Sustainability Report 2006", the revision of the Danish MTO was a technical one, implemented because of Eurostat's revenue-reducing decision to start classifying "funded defined-contribution pension schemes" outside of the government's budget balance by 2007, which roughly lowered the revenues by 1% GDP (and hence also reduced the structural balance by 1% GDP) for states with such a scheme. It shall be noted that Sweden, also in a comparable way as Denmark, lowered its MTO by 1% starting from 2007. When MTO-target compliance is checked for in 2005+2006, by looking at the structural balance data calculated by the latest Eurostat method, this compliance check should be conducted of the "technically-adjusted MTO-targets" rather than the "originally reported MTO-targets" for Denmark and Sweden.-->
! style="border-bottom:2px solid"|2007
! style="border-bottom:2px solid"|2008
! style="border-bottom:2px solid"|2009<ref name="MTOs in 2009">{{cite web|url=http://ec.europa.eu/economy_finance/publications/european_economy/2010/pdf/ee-2010-4_en.pdf|title=Public finances in EMU 2010 (European Economy 4/2010)|work=Table I.3.1|publisher=European Commission (DG for Economic and Financial Affairs)|date=29 June 2010}}</ref><ref name="Recalculated forecast structural balances as per June 2009">{{cite web|url=http://ec.europa.eu/economy_finance/publications/publication15390_en.pdf|title=Public finances in EMU 2009 (European Economy 5/2009)|work=Table V (for all EU27 states – except Luxembourg) and Graph I.3.8 (for Luxembourg): Structural balance recalculated by the European Commission according to the submitted programmes in early 2009|publisher=European Commission (DG for Economic and Financial Affairs)|date=June 2009}}</ref>
! style="border-bottom:2px solid"|2010<ref name="MTOs in 2010">{{cite web|url=http://ec.europa.eu/economy_finance/publications/european_economy/2010/pdf/ee-2010-4_en.pdf|title=Public finances in EMU 2010 (European Economy 4/2010)|work=Table I.3.1 and Table I.3.3|publisher=European Commission (DG for Economic and Financial Affairs)|date=29 June 2010}}</ref>
<!--The "Public finances in EMU 2010" report concluded that Luxembourg+Slovenia had selected a too lenient MTO, when considering it should also respect the MTO-limit for Implicit Liabilities and Debt (MTO-ILD), and advised both countries to revise their MTO to a stricter figure (and/or implement structural reforms to improve their long-term outlook for fiscal sustainability).-->
|-
!Austria
|align="center" style="background:#FFE6E6"|{{hs|2008}}<small>N/A<ref name="Austrian SP2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/at_2004-11-30_sp_en.pdf|title=Austrian Stability Programme – Update for the period 2004-2008|publisher=Federal Ministry of Finance|date=30 November 2004}}</ref> ⇔ 0.0%<br/> in 2008</small>
<!--Had no country-specific quantifiable MTO for its structural balance in 2005. In absence of mentioning a country-specific quantifiable MTO in structural terms, the wikitable instead list the SGP's common MTO of ensuring "close to balance or surplus (min.0.0%) over the business cycle" to apply for Austria in 2005.-->
|align="center" style="background:#FFE6E6"|{{hs|2008}}0.0%<ref name="Austrian SP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/at_2005-11-30_sp_en.pdf|title=Austrian Stability Programme – Update for the period 2005 to 2008|publisher=Federal Ministry of Finance|date=30 November 2005}}</ref><br/> in 2008
|align="center"|<ref name="Austrian SP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2007-03-30_at_sp_en.pdf|title=Austrian Stability Programme – for the period 2006 to 2010|publisher=Federal Ministry of Finance|date=29 March 2007}}</ref><br/>
|align="center"|<ref name="Austrian SP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-11-21_at_sp_en.pdf|title=Austrian Stability Programme – for the period 2007 to 2010|publisher=Federal Ministry of Finance|date=21 November 2007}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}0.0%<ref name="Austrian SP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/at_2009-04-21_sp_en.pdf|title=Austrian Stability Programme – for the period 2008 to 2013|publisher=Federal Ministry of Finance|date=21 April 2009}}</ref><br/> earliest 2013
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}0.0%<ref name="Austrian SP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/at_2010-01-26_sp_en.pdf|title=Austrian Stability Programme – for the period 2009 to 2013|publisher=Federal Ministry of Finance|date=26 January 2010}}</ref><br/> earliest 2013
|-
!Belgium
|align="center" style="background:#D0F0C0"|{{hs|+0.0}}<small>N/A<ref name="Belgium SP2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/be_2004-12-06_sp_en.pdf|title=The Belgian Stability programme 2005-2008 – update 2004|publisher=Ministry of Finance|date=December 2004}}</ref> ⇔ 0.0%</small>
<!--Had no country-specific quantifiable MTO for its structural balance in 2005. In absence of mentioning a country-specific quantifiable MTO in structural terms, the wikitable instead list the SGP's common MTO of ensuring "close to balance or surplus (min.0.0%) over the business cycle" to apply for Belgium in 2005.-->
|align="center" style="background:#FFE6E6"|{{hs|2008}}+0.5%<ref name="Belgium SP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/be_2005-12-05_sp_en.pdf|title=The Belgian Stability Programme (2006-2009)|publisher=Ministry of Finance|date=5 December 2005}}</ref><br/> in 2008
|align="center"|<ref name="Belgium SP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2006-12-20_be_sp_en.pdf|title=Belgium's Stability Programme (2007-2010)|publisher=Ministry of Finance|date=13 December 2006}}</ref><br/>
|align="center"|<ref name="Belgium SP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2008-04-21_be_sp_en.pdf|title=Belgium's Stability Programme (2008-2011)|publisher=Ministry of Finance|date=21 April 2008}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|earliest 2014}}+0.5%<ref name="Belgium SP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/be_2009-04-06_sp_en.pdf|title=Belgian Stability Programme (2009-2013)|publisher=Ministry of Finance|date=6 April 2009}}</ref><br/> earliest 2014
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}+0.5%<ref name="Belgium SP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/be_2010-01-29_sp_en.pdf|title=Belgian Stability Programme (2009-2012)|publisher=Ministry of Finance|date=29 January 2010}}</ref><br/> earliest 2013
|-
!Bulgaria
|align="center"|<small>Outside EU</small>
|align="center"|<small>Outside EU</small>
|align="center" style="background:#FFE6E6"|{{hs|2007}}0.0%<ref name="Bulgarian CP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2007-01-05_bg_cp_en.pdf|title=Convergence programme 2006-2009 for Bulgaria|publisher=Republic of Bulgaria – Ministry of Finance|date=December 2006}}</ref><br/> in 2007
<!--When the achieved cyclically-adjusted budget deficit was cleansed from extraordinary one-off measures, the structural balance was found to be positive in 2007 according to the 2007 convergence programme – but according to the latest revision of data in 2014 utilizing a refined more accurate calculation method – the year resulted in a slight structural deficit not complying with the 0.0% MTO target. As Bulgaria thought they were on the positive side of their MTO in 2007, they did not set a target year for compliance in their convergence report.-->
|align="center" style="background:#FFE6E6"|{{hs|2008}}+1.5%<ref name="Bulgarian CP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-12-07_bg_cp_en.pdf|title=Republic of Bulgaria – Convergence Programme (2007-2010)|publisher=Republic of Bulgaria – Ministry of Finance|date=December 2007}}</ref><br/> in 2008
<!--Initial estimated data for 2008 indicated Bulgaria ran a large structural surplus around 3%, meaning they were well within their +1.5% MTO-limit at the time. However, the latest 2014-revision of the structural balance data revealed structural deficits for the entire period in 2007-2014. As Bulgaria thought they were on the positive side of their MTO in 2008, they did not set a target year for compliance in their convergence report.-->
|align="center" style="background:#FFE6E6"|{{hs|2009}}+1.5%<ref name="Bulgarian CP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/bg_2008-11-27_cp_en.pdf|title=Convergence programme 2008–2011 for Bulgaria|publisher=Republic of Bulgaria – Ministry of Finance|date=November 2008}}</ref><br/> in 2009
<!--Initial estimated data for 2009 indicated Bulgaria ran a large structural surplus around 3%, meaning they were well within their +1.5% MTO-limit at the time. However, the latest 2014-revision of the structural balance data revealed structural deficits for the entire period in 2007-2014. As Bulgaria thought they were on the positive side of their MTO in 2009, they did not set a target year for compliance in their convergence report.-->
|align="center" style="background:#FFE6E6"|{{hs|2010}}+0.5%<ref name="Bulgarian CP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/bg_2010-01-30_cp_en.pdf|title=Convergence programme 2009–2012 for Bulgaria|publisher=Republic of Bulgaria – Ministry of Finance|date=January 2010}}</ref><br/> in 2010
<!--Initial estimated data for 2010 (calculated both by the Bulgarian government and European Commission), indicated Bulgaria ran a large structural surplus around 2%, meaning they were well within their +0.5% MTO-limit at the time. However, the latest 2014-revision of the structural balance data revealed structural deficits for the entire period in 2007-2014. As Bulgaria thought they were on the positive side of their MTO in 2010, they did not set a target year for compliance in their convergence report.-->
|-
!Cyprus
|align="center" style="background:#FFE6E6"|{{hs|earliest 2009}}<small>N/A<ref name="Cypriot CP2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/cy_2004-12-07_cp_en.pdf|title=Convergence programme of the Republic of Cyprus 2004-2008|publisher=Ministry of Finance|date=December 2004}}</ref> ⇔ 0.0%<br/> earliest 2009</small>
<!--Had no country-specific quantifiable MTO for its structural balance in 2005. In absence of mentioning a country-specific quantifiable MTO in structural terms, the wikitable instead list the SGP's common MTO of ensuring "close to balance or surplus (min.0.0%) over the business cycle" to apply for Cyprus in 2005.-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2010}}-0.5%<ref name="Cypriot CP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/cy_2005-12-14_cp_en.pdf|title=Convergence programme of the Republic of Cyprus 2005-2009|publisher=Ministry of Finance|date=14 December 2005}}</ref><br/> earliest 2010
|align="center"|<ref name="Cypriot CP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2006-12-06_cy_cp_en.pdf|title=Convergence programme of the Republic of Cyprus 2006-2010|publisher=Ministry of Finance|date=6 December 2006}}</ref><br/>
|align="center"|<ref name="Cypriot SP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-12-07_cy_sp_en.pdf|title=Stability Programme of the Republic of Cyprus 2007-2011|publisher=Ministry of Finance|date=7 December 2007}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}0.0%<ref name="Cypriot SP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/cy_2009-02-13_sp_en.pdf|title=Stability Programme of the Republic of Cyprus 2008-2012|publisher=Ministry of Finance|date=13 February 2009}}</ref><br/> earliest 2013
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}0.0%<ref name="Cypriot SP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/cy_2010-04-13_sp_en.pdf|title=Stability Programme of the Republic of Cyprus 2009-2013|publisher=Ministry of Finance|date=13 April 2010}}</ref><br/> earliest 2013
|-
!Czech<br/>Republic
|align="center" style="background:#FFE6E6"|{{hs|earliest 2008}}<small>N/A<ref name="Czech CP2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/cz_2004-12-01_cp_en.pdf|title=Convergence programme of Czech Republic – November 2004|publisher=Ministry of Finance|date=November 2004}}</ref> ⇔ 0.0%<br/> earliest 2008</small>
<!--Had no country-specific quantifiable MTO for its structural balance in 2005. In absence of mentioning a country-specific quantifiable MTO in structural terms, the wikitable instead list the SGP's common MTO of ensuring "close to balance or surplus (min.0.0%) over the business cycle" to apply for Czech Republic in 2005.-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2009}}-1.0%<ref name="Czech CP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/cz_2005-11-24_cp_en.pdf|title=Convergence Programme Czech Republic (November 2005)|publisher=Ministry of Finance (Czech Republic)|date=24 November 2005}}</ref><br/> earliest 2009
|align="center"|<ref name="Czech CP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2007-03-15_cz_cp_en.pdf|title=Convergence Programme Czech Republic (March 2007)|publisher=Ministry of Finance (Czech Republic)|date=15 March 2007}}</ref><br/>
|align="center"|<ref name="Czech CP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-11-30_cz_cp_en.pdf|title=Convergence Programme Czech Republic (November 2007)|publisher=Ministry of Finance (Czech Republic)|date=30 November 2007}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|earliest 2012}}-1.0%<ref name="Czech CP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/cz_2008-11-20_cp_en.pdf|title=Convergence Programme Czech Republic (November 2008)|publisher=Ministry of Finance (Czech Republic)|date=20 November 2008}}</ref><br/> earliest 2012
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}-1.0%<ref>{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/02_technical_assessment/cz_2010-04-07_ta_en.pdf|title=CZECH REPUBLIC MACRO FISCAL ASSESSMENT: AN ANALYSIS OF THE FEBRUARY 2010 UPDATE OF THE CONVERGENCE PROGRAMME|publisher=European Commission|date=7 April 2010}}</ref><br/> earliest 2013
<!--No explicit MTO or target year was set in the Convergence Programme,<ref name="Czech CP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/cz_2010-02-15_cp_en.pdf|title=Convergence Programme of the Czech Republic (January 2010)|publisher=Ministry of Finance (Czech Republic)|date=January 2010}}</ref> but there was an intermediate target to reach -2.6% in 2012 which was mentioned not to be within the previously set Czech MTO.-->
|-
!Denmark
|align="center" style="background:#D0F0C0"|{{hs|#100-98.5}}+1.5% to +2.5%<ref name="Danish Convergence Programme 2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/dk_2004-11-29_cp_en.pdf|title=Convergence programme for Denmark: Updated programme for the period 2004-2009|publisher=Økonomi- og Indenrigsministeriet|date=November 2004}}</ref><br/><small>'''revised:''' +0.5% to +1.5%<ref name="Fiscal Sustainability Report 2006">{{cite web|url=http://ec.europa.eu/economy_finance/publications/publication7903_en.pdf|title=Long-term sustainability of public finances in the European Union|work=table III.5|publisher=European Commission|date=12 October 2006}}</ref></small>
|align="center" style="background:#D0F0C0"|{{hs|#100-99.5}}+0.5% to +1.5%<ref name="Danish Convergence Programme 2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/dk_2005-11-30_cp_en.pdf|title=Convergence programme for Denmark: Updated programme for the period 2005-2010|publisher=Økonomi- og Indenrigsministeriet|date=November 2005}}</ref><br/><!--THE EC REPORTS INCORRECTLY REFER TO THE DANISH MTO STILL BEING +1.5% to +2.5%-->
|align="center" style="background:#D0F0C0"|{{hs|#100-99.5}}+0.5% to +1.5%<ref name="Danish Convergence Programme 2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2006-11-30_dk_cp_en.pdf|title=Denmark's Convergence Programme 2006|publisher=Økonomi- og Indenrigsministeriet|date=November 2006}}</ref><br/>
|align="center" style="background:#D0F0C0"|{{hs|#100-99.25}}+0.75% to +1.75%<ref name="Danish Convergence Programme 2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-12-21_dk_cp_en.pdf|title=Denmark's Convergence Programme 2007|publisher=Økonomi- og Indenrigsministeriet|date=December 2007}}</ref><br/>
|align="center" style="background:#D0F0C0"|{{hs|#100-99.25}}+0.75% to +1.75%<ref name="Danish Convergence Programme 2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/dk_2008-12-04_cp_en.pdf|title=Denmark's Convergence Programme 2008|publisher=Økonomi- og Indenrigsministeriet|date=December 2008}}</ref><br/>
<!--Denmark in their Convergence Report had selected a 0.75% to 1.75% MTO for 2009 and 2010, while it was selected to be 0.0% for the period 2011-15.-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2016}}0.0%<ref name="Danish Convergence Programme 2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/dk_2010-02-24_cp_en.pdf|title=Denmark's Convergence Programme 2009|publisher=Økonomi- og Indenrigsministeriet|date=February 2010}}</ref><br/> earliest 2016<ref name="Commission's Staff Report for Denmark 2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/02_technical_assessment/dk_2010-04-07_ta_en.pdf|title=Denmark: Macro fiscal assessment – An analysis of the February 2010 update of the convergence programme|work=Table 1. Comparison of key macroeconomic and budgetary projections|publisher=European Commission|date=7 April 2010}}</ref>
<!--Denmark in their Convergence Report announced the earlier set 0.0% MTO for the 2011-15 period, now also should be regarded as the new MTO for 2010, in light of the adverse impact of the financial crisis.-->
|-
!Estonia
|align="center" style="background:#D0F0C0"|{{hs|+0.0}}<small>N/A<ref name="Estonian CP2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/ee_2004-12-01_cp_en.pdf|title=Updated Convergence Programme 2004 for Estonia|publisher=Ministry of Finance|date=November 2004}}</ref> ⇔ 0.0%</small>
<!--Had no country-specific quantifiable MTO for its structural balance in 2005. In absence of mentioning a country-specific quantifiable MTO in structural terms, the wikitable instead list the SGP's common MTO of ensuring "close to balance or surplus (min.0.0%) over the business cycle" to apply for Estonia in 2005.-->
|align="center" style="background:#D0F0C0"|{{hs|+0.0}}0.0%<ref name="Estonian CP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/ee_2005-12-01_cp_en.pdf|title=Republic of Estonia updated Convergence Programme 2005|publisher=Ministry of Finance|date=1 December 2005}}</ref><br/>
|align="center"|<ref name="Estonian CP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2007-01-03_ee_sp_en.pdf|title=Republic of Estonia updated Convergence Programme 2006|publisher=Ministry of Finance|date=1 December 2006}}</ref><br/>
|align="center"|<ref name="Estonian CP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-11-29_ee_cp_en.pdf|title=Republic of Estonia updated Convergence Programme 2007|publisher=Ministry of Finance|date=29 November 2007}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|2010}}0.0%<ref name="Estonian CP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/ee_2008-12-04_cp_en.pdf|title=Republic of Estonia updated Convergence Programme 2008|publisher=Ministry of Finance|date=4 December 2008}}</ref><br/> in 2010
|align="center" style="background:#D0F0C0"|{{hs|+0.0%}}0.0%<ref name="Estonian CP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/ee_2010-01-29_cp_en.pdf|title=Republic of Estonia updated Convergence Programme 2010|publisher=Ministry of Finance|date=29 January 2010}}</ref><br/>
<!--The contemporary forecast predicted the structural balance would fall short of the MTO target. However, according to the latest revised structural balance data from May 2015, the structural balance ended within the MTO: at +0.3% in 2010.-->
|-
!Finland
|align="center" style="background:#D0F0C0"|{{hs|#100-99.2}}<small>N/A<ref name="Finish SP2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/fi_2004-12-02_sp_en.pdf|title=Stability Programme for Finland (November 2004 Update)|publisher=Ministry of Finance|date=November 2004}}</ref> ⇔ +0.8%</small>
<!--Had no country-specific quantifiable MTO for its structural balance in 2005. In absence of mentioning a country-specific quantifiable MTO in structural terms, the SGP's common MTO of ensuring "close to balance or surplus (min.0.0%) over the business cycle" would normally apply for the state. However, as the Minimum Benchmark calculated by the Commission established a stricter +0.8% MTO-limit to apply for Finland in 2005, this specific value is instead being displayed by the wikitable.-->
|align="center" style="background:#D0F0C0"|{{hs|#100-98.5}}+1.5%<ref name="Finnish SP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/fi_2005-11-24_sp_en.pdf|title=Stability programme for Finland (November 2005 update)|publisher=Finlands Ministry of Finance|date=24 November 2005}}</ref><br/>
|align="center"|<ref name="Finnish SP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2006-11-30_fi_sp_en.pdf|title=Stability programme for Finland (November 2006 update)|publisher=Finlands Ministry of Finance|date=30 November 2006}}</ref><br/>
|align="center"|<ref name="Finnish SP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-11-29_fi_sp_en.pdf|title=Stability programme update for Finland 2007|publisher=Finlands Ministry of Finance|date=29 November 2007}}</ref><br/>
|align="center" style="background:#D0F0C0"|{{hs|#100-98.0}}+2.0%<ref name="Finnish SP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/fi_2008-12-18_sp_en.pdf|title=Stability programme update for Finland 2008|publisher=Finlands Ministry of Finance|date=18 December 2008}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}+0.5%<ref name="Finnish SP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/fi_2010-02-04_sp_en.pdf|title=Stability programme update for Finland 2009|publisher=Finlands Ministry of Finance|date=February 2010}}</ref><br/> earliest 2013
<!--The programme calculated the cyclically adjusted balance to be: +0.3% in 2009, -1.1% in 2010, -0.8% in 2010, -1.0% in 2011, -1.3% in 2012. No target year was published for when to achieve the +0.5% MTO.-->
|-
!France
|align="center" style="background:#FFE6E6"|{{hs|earliest 2009}}<small>N/A<ref name="French SP2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/fr_2004-12-07_sp_en.pdf|title=French stability programme: 2006-2008 (December 2004 update)|publisher=Ministry of Finance|date=4 December 2004}}</ref> ⇔ 0.0%<br/> earliest 2009</small>
<!--Had no country-specific quantifiable MTO for its structural balance in 2005. In absence of mentioning a country-specific quantifiable MTO in structural terms, the wikitable instead list the SGP's common MTO of ensuring "close to balance or surplus (min.0.0%) over the business cycle" to apply for France in 2005.-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2010}}0.0%<ref name="French SP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/fr_2006-01-13_sp_en.pdf|title=France Stability Programme 2007-2009 (January 2006)|publisher=Ministry of Finance|date=13 January 2006}}</ref><br/> earliest 2010
|align="center"|<ref name="French SP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2006-12-06_fr_sp_en.pdf|title=France Stability Programme 2007-2009 (December 2006)|publisher=Ministry of Finance|date=6 December 2006}}</ref><br/>
|align="center"|<ref name="French SP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-11-30_fr_sp_en.pdf|title=France Stability Programme 2009-2012 (November 2007)|publisher=Ministry of Finance|date=30 November 2007}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}0.0%<ref name="French SP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/fr_2008-12-22_sp_en.pdf|title=French Stability Programme 2009-2012 (December 2008)|publisher=Ministry of Finance|date=22 December 2008}}</ref><br/> earliest 2013
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}0.0%<ref name="French SP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/fr_2010-02-01_sp_en.pdf|title=France Stability Programme 2010-2013|publisher=Ministry of Finance|date=1 February 2010}}</ref><br/> earliest 2013
|-
!Germany
|align="center" style="background:#FFE6E6"|{{hs|earliest 2009}}<small>N/A<ref name="German SP2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/de_2004-12-01_sp_en.pdf|title=German stability programme – December 2004 update|publisher=Federal Ministry of Finance|date=December 2004}}</ref> ⇔ 0.0%<br/> earliest 2009</small>
<!--Had no country-specific MTO in 2005. However, through an amendment of its Law on Budgetary Principles (HGrG) with entry into force on 1 July 2002, both the Federation and Länder were bound to aim for "budget balance" to be achieved within a medium-term horizon, which also could be inferred to equal a target for the general government budget balance to be minimum 0.0%. Still Germany refrained in their 2005-report, to communicate any official target/objective for the general government (beside of committing to respect the -3% nominal target), and had absolutely no target for its general government budget balance in structural terms. In absence of a country-specific MTO, the SGP's common MTO of ensuring "close to balance or surplus (min.0.0%) over the business cycle" is listed to apply for Germany in 2005, by this specific wikitable.-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2010}}0.0%<ref name="German SP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/de_2006-02-22_sp_en.pdf|title=German stability programme – February 2006 update|publisher=Federal Ministry of Finance|date=22 February 2006}}</ref><br/> earliest 2010
|align="center"|<ref name="German SP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2006-11-30_de_sp_en.pdf|title=German stability programme – December 2006 update|publisher=Federal Ministry of Finance|date=30 November 2006}}</ref><br/>
|align="center"|<ref name="German SP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-12-05_de_sp_en.pdf|title=German stability programme – December 2007 update|publisher=Federal Ministry of Finance|date=5 December 2007}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}-0.5% to 0.0%<ref name="German SP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/de_2008-12-03_sp_en.pdf|title=German stability programme – December 2008 update|publisher=Federal Ministry of Finance|date=3 December 2008}}</ref><br/> earliest 2013
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}-0.5%<ref name="German SP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/de_2010-02-09_sp_en.pdf|title=German stability programme – January 2010 update|publisher=Federal Ministry of Finance|date=9 February 2010}}</ref><br/> earliest 2013
|-
!Greece
|align="center" style="background:#FFE6E6"|{{hs|earliest 2008}}<small>N/A<ref name="Greek SP2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/el_2005-03-21_sp_rev_en.pdf|title=The 2004 update of the Hellenic Stability and Growth Programme 2004-2007 (revised)|publisher=HR Ministry of Economic and Finance|date=21 March 2005}}</ref> ⇔ 0.0%<br/> earliest 2008</small>
<!--Had no country-specific MTO for its structural balance in 2005. The only budget target was to respect the -3% nominal limit starting from 2006. In absence of a country-specific MTO, the SGP's common MTO of ensuring "close to balance or surplus (min.0.0%) over the business cycle" is listed to apply for Greece in 2005, by this specific wikitable..-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2009}}0.0%<ref name="Greek SP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/el_2005-12-21_sp_en.pdf|title=The 2005 update of the Hellenic Stability and Growth Programme, 2005-2008|publisher=Hellenic Republic Ministry of Finance|date=21 December 2005}}</ref><br/> earliest 2009
|align="center"|<ref name="Greek SP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2006-12-18_el_sp_en.pdf|title=The 2006 Update of the Hellenic Stability and Growth Programme 2006-2009|publisher=Hellenic Republic Ministry of Finance|date=18 December 2006}}</ref><br/>
|align="center"|<ref name="Greek SP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-12-27_el_sp_en.pdf|title=The 2007 Update of the Hellenic Stability and Growth Programme 2007-2010|publisher=Hellenic Republic Ministry of Finance|date=27 December 2007}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|earliest 2012}}0.0%<ref name="Greek SP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/el_2009-01-30_sp_en.pdf|title=The 2008 Update of the Hellenic Stability and Growth Programme 2008-2011|publisher=Hellenic Republic Ministry of Finance|date=30 January 2009}}</ref><br/>earliest 2012
|align="center" style="background:#FFE6E6"|{{hs|earliest 2014}}0.0%<ref name="Greek MTO in 2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/03_commission/2010-02-03_el_recommendation_for_co_en.pdf|title=Recommendation for a COUNCIL OPINION On the updated stability programme of Greece, 2010-2013|publisher=European Commission|date=3 February 2010}}</ref><br/> earliest 2014<ref name="Greek MTO in 2010"/>
|-
!Hungary
|align="center" style="background:#FFE6E6"|{{hs|earliest 2009}}<small>N/A<ref name="Hungarian CP2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/hu_2004-12-01_cp_en.pdf|title=Updated Convergence Programme of Hungary 2004-2008|publisher=Government of the Republic of Hungary|date=December 2004}}</ref> ⇔ 0.0%<br/> earliest 2009</small>
<!--Had no country-specific MTO for its structural balance in 2005. The only budget target was to respect the -3% nominal limit starting from 2008. In absence of a country-specific MTO, the SGP's common MTO of ensuring "close to balance or surplus (min.0.0%) over the business cycle" is listed to apply for Hungary in 2005, by this specific wikitable.-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2009}}-1.0% to -0.5%<ref name="Hungarian CP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/hu_2006-09-01_cp_en.pdf|title=Convergence Programme of Hungary 2005-2009 (adjusted programme September 2006)|publisher=Government of Hungary|date=1 September 2006}}</ref><br/> earliest 2009
|align="center"|<ref name="Hungarian CP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2006-12-08_hu_cp_en.pdf|title=Convergence Programme of Hungary 2006-2010|publisher=Government of Hungary|date=1 December 2006}}</ref><br/>
|align="center"|<ref name="Hungarian CP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-11-30_hu_cp_en.pdf|title=Updated Convergence Programme of Hungary 2007-2011|publisher=Government of Hungary|date=30 November 2007}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|earliest 2012}}-0.5%<ref name="Hungarian CP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/hu_2008-12-19_cp_en.pdf|title=Updated Convergence Programme of Hungary 2008-2011|publisher=Government of Hungary|date=19 December 2008}}</ref><br/> earliest 2012
|align="center" style="background:#FFE6E6"|{{hs|2010}}-1.5%<ref name="Hungarian CP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/hu_2010-01-29_cp_en.pdf|title=Updated Convergence Programme of Hungary 2009-2012|publisher=Government of Hungary|date=29 January 2010}}</ref><br/> in 2010
<!--The current forecast predicted the structural balance would be within the MTO target. However, according to the latest revised structural balance data from May 2015, the structural balance ended far below the MTO: at -3.3% in 2010.-->
|-
!Ireland
|align="center" style="background:#D0F0C0"|{{hs|+0.0}}<small>N/A<ref name="Irish SP2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/ie_2004-12-01_sp_en.pdf|title=Ireland – Stability Programme – December 2004 Update|publisher=Ministry of Finance|date=December 2004}}</ref> ⇔ 0.0%</small>
<!--Had no country-specific MTO for its structural balance in 2005, although its report noted that its structural balance position in 2005 at 0.0% as well as 2006+2007 at +0.3% "respects the terms of the Stability and Growth Pact". In absence of a country-specific MTO, the SGP's common MTO of ensuring "close to balance or surplus (min.0.0%) over the business cycle" is listed to apply for Ireland in 2005, by this specific wikitable.-->
|align="center" style="background:#D0F0C0"|{{hs|+0.0}}0.0%<ref name="Irish SP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/ie_2005-12-07_sp_en.pdf|title=Ireland – Stability Programme Update December 2005|publisher=Ministry of Finance|date=7 December 2005}}</ref><br/>
|align="center"|0.0%<ref name="Irish SP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2006-12-06_ie_sp_en.pdf|title=Ireland – Stability Programme Update December 2006|publisher=Ministry of Finance|date=6 December 2006}}</ref><br/>
|align="center"|0.0%<ref name="Irish SP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-12-05_ie_sp_en.pdf|title=Ireland – Stability Programme Update December 2007|publisher=Ministry of Finance|date=5 December 2007}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|earliest 2014}}-0.5% to 0.0%<ref name="Irish SP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/ie_2008-10-14_sp_en.pdf|title=Ireland – Stability Programme Update October 2008|publisher=Ministry of Finance|date=14 October 2008}}</ref><br/> earliest 2014
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}-0.5%<ref name="Irish SP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/ie_2009-12-09_sp_en.pdf|title=Ireland – Stability Programme Update December 2009|publisher=Ministry of Finance|date=9 December 2009}}</ref><br/> earliest 2013
|-
!Italy
|align="center" style="background:#FFE6E6"|{{hs|earliest 2009}}<small>N/A<ref name="Italian SP2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/it_2004-12-01_sp_en.pdf|title=Italy's Stability Programme – Update November 2004|publisher=Ministero dell'Economia e delle Finanze|date=November 2004}}</ref> ⇔ 0.0%<br/> earliest 2009</small>
<!--Had no country-specific MTO for its structural balance in 2005. The only budget balance target mentioned by the report was to respect the -3% nominal limit. In absence of a country-specific MTO, the SGP's common MTO of ensuring "close to balance or surplus (min.0.0%) over the business cycle" is listed to apply for Italy in 2005, by this specific wikitable.-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2010}}0.0%<ref name="Italian SP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/it_2005-12-23_sp_en.pdf|title=Italy's Stability Programme – Update December 2005|publisher=Ministry of the Economy and Finance|date=23 December 2005}}</ref><br/> earliest 2010
|align="center"|<ref name="Italian SP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2006-12-05_it_sp_en.pdf|title=Italy's Stability Programme – Update December 2006|publisher=Ministry of the Economy and Finance|date=5 December 2006}}</ref><br/>
|align="center"|<ref name="Italian SP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-11-30_it_sp_en.pdf|title=Italy's Stability Programme – November 2007 Update|publisher=Ministry of the Economy and Finance|date=30 November 2007}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|earliest 2012}}0.0%<ref name="Italian SP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/it_2009-02-06_sp_en.pdf|title=Italy's Stability Programme – 2008 Update|publisher=Ministry of the Economy and Finance|date=6 February 2009}}</ref><br/> earliest 2012
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}0.0%<ref name="Italian SP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/it_2010-01-28_sp_en.pdf|title=Italy's Stability Programme – 2009 Update|publisher=Ministry of the Economy and Finance|date=28 January 2010}}</ref><br/> earliest 2013
|-
!Latvia
|align="center" style="background:#FFE6E6"|{{hs|earliest 2008}}<small>N/A<ref name="Latvian CP2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/lv_2004-12-30_cp_en.pdf|title=Convergence Programme of the Republic of Latvia 2004-2007|publisher=Ministry of Finance of the Republic of Latvia |date=December 2004}}</ref> ⇔ 0.0%<br/> earliest 2008</small>
<!--Had no country-specific MTO for its structural balance in 2005, as its report only noted that "An important task of the national fiscal policy is to create a balanced budget". In absence of a country-specific MTO, the SGP's common MTO of ensuring "close to balance or surplus (min.0.0%) over the business cycle" is listed to apply for Latvia in 2005, by this specific wikitable.-->
|align="center" style="background:#FFE6E6"|{{hs|2008}}-1.0%<ref name="Latvian CP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/lv_2005-11-30_cp_en.pdf|title=Convergence Programme of the Republic of Latvia 2005-2008|publisher=Latvian Ministry of Finance|date=30 November 2005}}</ref><br/> in 2008
|align="center"|<ref name="Latvian CP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2007-01-12_lv_cp_en.pdf|title=Convergence Programme of the Republic of Latvia 2006-2009|publisher=Latvian Ministry of Finance|date=12 January 2007}}</ref><br/>
|align="center"|<ref name="Latvian CP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-11-29_lv_cp_en.pdf|title=Convergence Programme of the Republic of Latvia 2007-2010|publisher=Latvian Ministry of Finance|date=29 November 2007}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|earliest 2012}}-1.0%<ref name="Latvian CP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/lv_2009-01-14_cp_en.pdf|title=Convergence Programme of the Republic of Latvia 2008-2011|publisher=Latvian Ministry of Finance|date=14 January 2009}}</ref><br/> earliest 2012
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}-1.0%<ref name="Latvian CP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/lv_2010-01-29_cp_en.pdf|title=Convergence Programme of the Republic of Latvia 2009-2012|publisher=Latvian Ministry of Finance|date=29 January 2010}}</ref><br/> earliest 2013
|-
!Lithuania
|align="center" style="background:#FFE6E6"|{{hs|earliest 2008}}<small>N/A<ref name="Lithuanian CP2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/lt_2005-01-14_cp_en.pdf|title=Convergence Programme for Lithuania (January 2005)|publisher=Ministry of Finance|date=21 January 2005}}</ref> ⇔ 0.0%<br/> earliest 2008</small>
<!--Had no country-specific MTO for its structural balance in 2005, as its report only noted that "The key objective of the medium-term fiscal policy is the approximation to a cyclically balanced general government budget". In absence of a country-specific MTO in structural terms, the SGP's common MTO of ensuring "close to balance or surplus (min.0.0%) over the business cycle" is listed to apply for Lithuania in 2005, by this specific wikitable.-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2009}}-1.0%<ref name="Lithuanian CP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/lt_2005-12-01_cp_en.pdf|title=Resolution No 1323 of 12 December 2005: On the Convergence Programme of Lithuania of 2005|publisher=Government of the Republic of Lithuania|date=1 December 2005}}</ref><br/> earliest 2009
|align="center"|<ref name="Lithuanian CP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2006-12-20_lt_cp_en.pdf|title=Convergence Programme of Lithuania of 2006|publisher=Government of the Republic of Lithuania|date=13 December 2006}}</ref><br/>
|align="center"|<ref name="Lithuanian CP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-12-28_lt_cp_en.pdf|title=Convergence Programme of Lithuania of 2007|publisher=Government of the Republic of Lithuania|date=28 December 2007}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|2010}}-1.0%<ref name="Lithuanian CP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/lt_2009-01-21_cp_en.pdf|title=Convergence Programme of Lithuania of 2008|publisher=Government of the Republic of Lithuania|date=21 January 2009}}</ref><br/> in 2010
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}+0.5%<ref name="Lithuanian CP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/lt_2010-02-26_cp_en.pdf|title=Convergence Programme of Lithuania of 2009|publisher=Government of the Republic of Lithuania|date=26 February 2010}}</ref><br/> earliest 2013
|-
!Luxembourg
|align="center" style="background:#D0F0C0"|{{hs|#100-99.9}}<small>N/A<ref name="Luxembourg Stability Programme 2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/lu_2004-11-30_sp_en.pdf|title=6th update of the Luxembourg Stability and Growth Programme 2003-2007|publisher=Ministry of Finance|date=November 2004}}</ref> ⇔ +0.1%</small>
<!--Had no country-specific MTO for its structural balance in 2005, as its report only noted that "At the level of the European Union, the government commits itself to respecting the objectives of the Stability and Growth Pact", while noting for the nominal budget balance further down in the report that: "convergence towards the medium term objective is rather slow and the net budgetary position of general government will not reach a position close to balance or in surplus over the forecast horizon". In absence of mentioning a country-specific quantifiable MTO in structural terms, the SGP's common MTO of ensuring "close to balance or surplus (min.0.0%) over the business cycle" would normally apply for the state. However, as the Minimum Benchmark calculated by the Commission established a stricter +0.1% MTO-limit to apply for Luxembourg in 2005, this specific value is instead being displayed by the wikitable.-->
|align="center" style="background:#FFE6E6"|{{hs|2007}}-0.8%<ref name="Luxembourg SP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/lu_2005-11-28_sp_en.pdf|title=7th update of the Luxembourg Stability and Growth Programme November 2005|publisher=Ministry of Finance|date=28 November 2005}}</ref><br/> in 2007
|align="center"|<ref name="Luxembourg SP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2006-12-05_lu_sp_en.pdf|title=8th update of the Luxembourg Stability and Growth Programme November 2006|publisher=Ministry of Finance|date=5 December 2006}}</ref><br/>
|align="center"|<ref name="Luxembourg SP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-10-27_lu_sp_en.pdf|title=9th update of the Luxembourg Stability and Growth Programme October 2007|publisher=Ministry of Finance|date=27 October 2007}}</ref><br/>
|align="center" style="background:#D0F0C0"|{{hs|-0.8%}}-0.8%<ref name="Luxembourg SP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/lu_2008-10-07_sp_en.pdf|title=10th update of the Luxembourg Stability and Growth Programme – Luxembourg, 6 October 2008|publisher=Ministry of Finance|date=7 October 2008}}</ref><br/>
<!--The forecast structural balance figures provided by Table V in the "Public finances in EMU 2009" report are incorrect due to a typing mistake (primary balance figures were incorrectly repeated at the structural balance line), while Graph I.3.8 of the same report has depicted the correct forecast figures: +0.6% in 2009, +0.4% in 2010. According to the latest 2014-revision of structural balance figures, the MTO was (as also promised by the forecast) achieved by a good margin in 2009.-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}+0.5%<ref name="Luxembourg SP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/lu_2010-02-05_sp_en.pdf|title=11th update of the Luxembourg Stability and Growth Programme for the period 2009-2014|publisher=Ministry of Finance|date=5 February 2010}}</ref><br/> earliest 2013
<!--According to the latest revised structural balance data from May 2015, the target was only shortly missed, as the structural balance was calculated to be +0.35% for 2010.-->
|-
!Malta
|align="center" style="background:#FFE6E6"|{{hs|2007}}<small>N/A<ref name="Maltese CP2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/mt_2004-12-07_cp_en.pdf|title=Malta: Update of Convergence Programme 2004-2007|publisher=Ministry of Finance|date=November 2004}}</ref> ⇔ 0.0%<br/> in 2007</small>
<!--Had no country-specific MTO for its structural balance in 2005, as its report only vaguely noted that "The Convergence Programme submitted in May 2004 outlined a planned programme concerning public finances aiming to attain medium-term fiscal sustainability", while the statistical data in the report forecast fiscal consolidation resulting in a nominal balance at -1.4% and a cyclically-adjusted balance at -0.1% by the end of the programme in 2007. In absence of mentioning a country-specific quantifiable MTO in structural terms, the SGP's common MTO of ensuring "close to balance or surplus (min.0.0%) over the business cycle" will apply for Malta in 2005.-->
|align="center" style="background:#FFE6E6"|{{hs|2008}}0.0%<ref name="Maltese CP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/mt_2006-01-06_cp_en.pdf|title=Malta: Update of Convergence Programme 2005-2008|publisher=Ministry of Finance|date=6 January 2006}}</ref><br/> in 2008
|align="center"|<ref name="Maltese CP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2006-12-07_mt_cp_en.pdf|title=Malta: Update of Convergence Programme 2006-2009|publisher=Maltese Ministry of Finance|date=7 December 2006}}</ref><br/>
|align="center"|<ref name="Maltese SP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-11-30_mt_sp_en.pdf|title=Malta: Stability Programme 2007-2010|publisher=Maltese Ministry of Finance|date=30 November 2007}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|2011}}0.0%<ref name="Maltese SP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/mt_2008-12-02_sp_en.pdf|title=Malta: Update of Stability Programme 2008-2011|publisher=Maltese Ministry of Finance|date=2 December 2008}}</ref><br/> in 2011
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}0.0%<ref name="Maltese SP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/mt_2010-02-19_sp_en.pdf|title=Malta: Update of Stability Programme 2009-2012|publisher=Maltese Ministry of Finance|date=19 February 2010}}</ref><br/> earliest 2013
|-
!Netherlands
|align="center" style="background:#FFE6E6"|{{hs|earliest 2008}}<small>N/A<ref name="Dutch SP2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/nl_2004-11-23_sp_en.pdf|title=Stability Programme The Netherlands, 2001 – 2007 Update, November 2004|publisher=Ministry of Finance|date=November 2004}}</ref> ⇔ 0.0%<br/> earliest 2008</small>
<!--Had no country-specific quantifiable MTO for its structural balance in 2005, as its report only vaguely noted that "Mindful of demographic ageing, the Cabinet aims at achieving a structural fiscal surplus", which could mean anything at +0.1% or above. In absence of mentioning a country-specific quantifiable MTO in structural terms, the wikitable instead list the SGP's common MTO of ensuring "close to balance or surplus (min.0.0%) over the business cycle" to apply for Netherlands in 2005.-->
|align="center" style="background:#FFE6E6"|{{hs|2009}}-1.0% to -0.5%<ref name="Dutch SP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/nl_2005-12-22_sp_en.pdf|title=Stability Programme of the Netherlands 2003-2008 – December 2005 update|publisher=Ministry of Finance|date=22 December 2005}}</ref><br/> in 2009
|align="center"|<ref name="Dutch SP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2006-11-22_nl_sp_en.pdf|title=Stability Programme of the Netherlands – November 2006 update|publisher=Ministry of Finance|date=22 November 2006}}</ref><br/>
|align="center"|<ref name="Dutch SP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-11-29_nl_sp_en.pdf|title=Stability Programme of the Netherlands – November 2007 update|publisher=Ministry of Finance|date=29 November 2007}}</ref><br/>
|align="center" style="background:#D0F0C0"|{{hs|-1.0%}}-1.0% to -0.5%<ref name="Dutch SP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/nl_2008-11-28_sp_en.pdf|title=Stability Programme of the Netherlands – November 2008 update|publisher=Ministry of Finance|date=28 November 2008}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}-0.5%<ref name="Dutch SP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/nl_2010-01-29_sp_en.pdf|title=Stability Programme of the Netherlands – January 2010 update|publisher=Ministry of Finance|date=29 January 2010}}</ref><br/> earliest 2013
|-
!Poland
|align="center" style="background:#FFE6E6"|{{hs|earliest 2008}}<small>N/A<ref name="Polish CP2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/pl_2004-12-01_cp_en.pdf|title=Republic of Poland Convergence Programme 2004 update|publisher=Ministry of Finance|date=November 2004}}</ref> ⇔ 0.0%<br/> earliest 2008</small>
<!--Had no country-specific MTO for its structural balance in 2005, as its report only noted that "The objective of the Polish fiscal policy is to reduce the ratio of the general government deficit to GDP below 3%". In absence of a country-specific MTO in structural terms, the wikitable instead list the SGP's common MTO of ensuring "close to balance or surplus (min.0.0%) over the business cycle" to apply for Poland's structural balance in 2005.-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2009}}-1.0%<ref name="Polish CP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/pl_2006-01-19_cp_en.pdf|title=Republic of Poland Convergence Programme 2005 update|publisher=Ministry of Finance|date=19 January 2006}}</ref><br/> earliest 2009
|align="center"|<ref name="Polish CP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2006-12-21_pl_cp_en.pdf|title=Republic of Poland Convergence Programme 2006 update|publisher=Ministry of Finance|date=30 November 2006}}</ref><br/>
|align="center"|<ref name="Polish CP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2008-03-26_pl_cp_en.pdf|title=Republic of Poland Convergence Programme update 2007|publisher=Ministry of Finance|date=26 March 2008}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|earliest 2012}}-1.0%<ref name="Polish CP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/pl_2009-01-15_cp_en.pdf|title=Republic of Poland Convergence Programme update 2008|publisher=Ministry of Finance|date=15 January 2009}}</ref><br/> earliest 2012
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}-1.0%<ref name="Polish CP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/pl_2010-02-08_cp_en.pdf|title=Republic of Poland – The Convergence Programme update 2009|publisher=Ministry of Finance|date=February 2010}}</ref><br/> earliest 2013
<!--No target year was set, but there was an intermediate target to reach -2.9% in 2012, implying that -1.0% could be reached four years later in 2016 through the annual minimum improvements of 0.5%-->
|-
!Portugal
|align="center" style="background:#FFE6E6"|{{hs|earliest 2009}}<small>N/A<ref name="Portuguese SP2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/pt_2005-06-09_sp_en.pdf|title=Stability and Growth Programme 2005-2009 – Portuguese Republic|publisher=Ministry of Finance|date=9 June 2005}}</ref> ⇔ 0.0%<br/> earliest 2009</small>
<!--Portugal's stability programme was published late in June 2005, being six months after expiry of the deadline for submitting them in December 2004. As it was published at a later date than normal, after having received notice by the European Commission in Spring 2005 about what their country-specific Minimum MTO had been calculated to be for the years ahead, the Portuguese report took notice of this, as can be read from the following cite:
"The Government is well aware that stability and growth programmes should present, at least for the final year of the period, a balance of the public accounts as a percentage of GDP consistent with a medium-term objective. This objective should ensure, among other things, a safety margin sufficient to avoid the 3% deficit ceiling being topped in normal cyclical conditions, when the automatic budgetary stabilisers cut in. The level of public debt must also, of course, be borne in mind. According to the European Commission staff, the desirable medium-term objective should mean, for Portugal, an underlying structural balance deficit of around 0.5% of GDP. However, the point of departure is high. The consolidation path will require immense effort. As a result, the underlying structural balance deficit estimated for 2009 stands at 1.8% of GDP. It is not realistic to consider going farther in this timeframe. This means that the budgetary consolidation now under way will not peter out at the end of the Government's mandate: the curbing of public expenditure growth will have to continue."
Nevertheless, the wikitable has concluded Portugal had no nationally selected country-specific MTO for its structural balance in 2005, as its report only took note of what its "Minimum MTO" had been calculated by the Commission to be – starting from fiscal year 2006. In absence of a nationally selected country-specific MTO in structural terms, the wikitable has listed the SGP's common MTO of ensuring "close to balance or surplus (min.0.0%) over the business cycle" to apply for Portugal in 2005.-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2010}}-0.5%<ref name="Portuguese SP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/pt_2005-12-15_sp_en.pdf|title=Portuguese Republic – Stability and Growth Programme 2005-2009 (December 2005 update)|publisher=Ministério das Finanças|date=15 December 2005}}</ref><br/> earliest 2010
|align="center"|<ref name="Portuguese SP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2006-12-23_pt_sp_en.pdf|title=Portuguese Republic – Stability and Growth Programme 2006-2010 (December 2006 update)|publisher=Ministério das Finanças|date=15 December 2006}}</ref><br/>
|align="center"|<ref name="Portuguese SP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-12-14_pt_sp_en.pdf|title=Portuguese Republic – Stability and Growth Programme 2007-2011 (December 2007 update)|publisher=Ministério das Finanças|date=14 December 2007}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|earliest 2012}}-0.5%<ref name="Portuguese SP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/pt_2009-01-30_sp_en.pdf|title=Portuguese Republic – Stability and Growth Programme 2008-2011 (January 2009 update)|publisher=Ministério das Finanças|date=30 January 2009}}</ref><br/> earliest 2012
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}-0.5%<ref name="Portuguese SP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/pt_2010-03-29_sp_en.pdf|title=Portuguese Republic – Stability and Growth Programme 2010-2013 (March 2010 update)|publisher=Ministério das Finanças|date=29 March 2010}}</ref><br/> earliest 2013
|-
!Romania
|align="center"|<small>Outside EU</small>
|align="center"|<small>Outside EU</small>
|align="center" style="background:#FFE6E6"| -0.9%<ref name="Romanian CP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2007-01-31_ro_cp_en.pdf|title=Romania's government Convergence programme 2006-2009|publisher=Ministry of Finance|date=January 2007}}</ref><!---The convergence programme defined "-0.9% in 2011" as its MTO, in line with the adjustment path of reaching -2.4% in 2009.-->
|align="center" style="background:#FFE6E6"| -0.9%<ref name="Romanian CP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-12-05_ro_cp_en.pdf|title=Government of Romania's Convergence programme 2007-2010|publisher=Ministry of Finance|date=November 2007}}</ref><!---The convergence programme still defined "-0.9% in 2011" as its MTO. This somehow appear to conflict with the implemented adjustment path of reaching -2.8% in 2010, but formally the state did not revise its target year.-->
|align="center" style="background:#FFE6E6"|{{hs|2010}}-0.9%<ref name="Romanian CP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/ro_2009-06-03_cp_en.pdf|title=Government of Romania Convergence programme 2008-2011|publisher=Ministry of Finance|date=May 2009}}</ref><br/> in 2010
<!---The convergence programme defined "-0.9% in 2012" as its MTO, with an adjustment path resulting in -1.9% in 2011. However, according to the recalculated figures from the Commission's report (Public Finances in EMU 2009), the resulting structural balance was forecast to be -3.3% in 2009, -0.7% in 2010 and +1.3% in 2011; meaning the MTO was forecast to be reached already in 2010.-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}-0.7%<ref name="Romanian CP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/ro_2010-03-23_cp_en.pdf|title=Government of Romania Convergence programme 2009-2012|publisher=Ministry of Finance|date=March 2010}}</ref><br/> earliest 2013
<!---The convergence programme defined "-0.7% in 2014" as its MTO, with an adjustment path resulting in -2.8% in 2012. The Commission's "Public finances in EMU 2010" report, agreed that the MTO would not be reached throughout 2010-12; so this is why the input is "earliest 2013" according to the Commission's calculation.-->
|-
!Slovakia
|align="center" style="background:#FFE6E6"|{{hs|earliest 2008}}<small>N/A<ref name="Slovak CP2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/sk_2004-11-30_cp_en.pdf|title=Updated Convergence Programme for the Slovak Republic – covering the period 2004-2010|publisher=Ministry of Finance of the Slovak Republic|date=November 2004}}</ref> ⇔ 0.0%<br/> earliest 2008</small>
<!--Had no country-specific quantifiable MTO for its structural balance in 2005. In absence of mentioning a country-specific quantifiable MTO in structural terms, the wikitable instead list the SGP's common MTO of ensuring "close to balance or surplus (min.0.0%) over the business cycle" to apply for Slovakia in 2005.-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2009}}-0.9%<ref name="Slovak CP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/sk_2005-12-01_cp_en.pdf|title=Convergence Programme for the Slovak Republic – covering the period 2005-2010|publisher=Ministry of Finance of the Slovak Republic|date=1 December 2005}}</ref><br/> earliest 2009
|align="center"|<ref name="Slovak CP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2006-12-14_sk_cp_en.pdf|title=Convergence Programme of Slovakia – for years 2006 to 2010 (update 2006)|publisher=Ministry of Finance of the Slovak Republic|date=1 December 2006}}</ref><br/>
|align="center"|<ref name="Slovak CP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-11-29_sk_cp_en.pdf|title=Convergence Programme of the Slovak Republic – for 2007-2010 (2007 update)|publisher=Ministry of Finance of the Slovak Republic|date=29 November 2007}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|earliest 2012}}-0.8%<ref name="Slovak SP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/sk_2009-04-30_sp_en.pdf|title=Stability Programme of the Slovak Republic for 2008-2012|publisher=Ministry of Finance of the Slovak Republic|date=30 April 2009}}</ref><br/> earliest 2012
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}0.0%<ref name="Slovak SP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/sk_2010-01-29_sp_en.pdf|title=Stability Programme of the Slovak Republic for 2009-2012|publisher=Ministry of Finance of the Slovak Republic|date=29 January 2010}}</ref><br/> earliest 2013
|-
!Slovenia
|align="center" style="background:#FFE6E6"|{{hs|earliest 2008}}<small>N/A<ref name="Slovenian CP2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/si_2005-01-10_cp_en.pdf|title=Convergence Programme 2004 update for the Republic of Slovenia|publisher=Ministry of Finance|date=January 2005}}</ref> ⇔ 0.0%<br/> earliest 2008</small>
<!--Had no country-specific quantifiable MTO for its structural balance in 2005. In absence of mentioning a country-specific quantifiable MTO in structural terms, the wikitable instead list the SGP's common MTO of ensuring "close to balance or surplus (min.0.0%) over the business cycle" to apply for Slovenia in 2005.-->
|align="center" style="background:#FFE6E6"|{{hs|2008}}-1.0%<ref name="Slovenian CP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/si_2005-12-08_cp_en.pdf|title=The Republic of Slovenia: Convergence Program 2005-update|publisher=The Republic of Slovenia|date=8 December 2005}}</ref><br/> in 2008
|align="center"|<ref name="Slovenian SP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2006-12-07_si_cp_en.pdf|title=The Republic of Slovenia: Stability Programme (December 2006)|publisher=The Republic of Slovenia|date=7 December 2006}}</ref><br/>
|align="center"|<ref name="Slovenian SP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-11-30_si_sp_en.pdf|title=The Republic of Slovenia: Stability Programme 2007 Update|publisher=The Republic of Slovenia|date=30 November 2007}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|earliest 2012}}-1.0%<ref name="Slovenian SP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/si_2009-04-23_sp_en.pdf|title=The Republic of Slovenia: Stability Programme 2008 Update|publisher=The Republic of Slovenia|date=23 April 2009}}</ref><br/> earliest 2012
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}-1.0%<ref name="Slovenian SP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/si_2010-01-29_sp_en.pdf|title=The Republic of Slovenia: Stability Programme 2009 Update|publisher=The Republic of Slovenia|date=29 January 2010}}</ref><br/> earliest 2013
|-
!Spain
|align="center" style="background:#D0F0C0"|{{hs|+0.0}}<small>N/A<ref name="Spanish SP2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/es_2004-12-23_sp_en.pdf|title=Stability Programme Update 2004-2008 SPAIN|publisher=Ministry of Finance|date=December 2004}}</ref> ⇔ 0.0%</small>
<!--Had no country-specific quantifiable MTO for its structural balance in 2005. In absence of mentioning a country-specific quantifiable MTO in structural terms, the wikitable instead list the SGP's common MTO of ensuring "close to balance or surplus (min.0.0%) over the business cycle" to apply for Spain in 2005.-->
|align="center" style="background:#D0F0C0"|{{hs|+0.0}}0.0%<ref name="Spanish SP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/es_2005-12-30_sp_en.pdf|title=Stability Programme Update SPAIN 2005-2008|publisher=Ministry of Finance|date=30 December 2005}}</ref><br/>
|align="center"|<ref name="Spanish SP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2006-12-28_es_sp_en.pdf|title=Stability Programme Update SPAIN 2006-2009|publisher=Ministry of Finance|date=28 December 2006}}</ref><br/>
|align="center"|<ref name="Spanish SP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-12-21_es_sp_en.pdf|title=Stability Programme Update SPAIN 2007-2010|publisher=Ministry of Finance|date=21 December 2007}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|earliest 2012}}0.0%<ref name="Spanish SP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/es_2009-01-16_sp_en.pdf|title=Stability Programme Update SPAIN 2008-2011|publisher=Ministry of Finance|date=16 January 2009}}</ref><br/> earliest 2012
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013}}0.0%<ref name="Spanish SP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/es_2010-02-01_sp_en.pdf|title=Stability Programme Update SPAIN 2009-2013|publisher=Ministry of Finance|date=1 February 2010}}</ref><br/> earliest 2013
|-
!Sweden
|align="center" style="background:#FFE6E6"|{{hs|2007}}+2.0%<ref name="Swedish CP2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/se_2004-11-18_cp_en.pdf|title=Update of Sweden's convergence programme – November 2004|publisher=Ministry of Finance|date=November 2004}}</ref><br/><small>'''revised:''' +1.0%<ref name="Fiscal Sustainability Report 2006"/><br/> in 2007</small>
<!--The Swedish country-specific MTO differed from the Danish "forward-guided medium-term target-interval approach" (operated so that each upcoming year in the medium-term should be within its set target-interval). Instead, Sweden's approach was to do an overall judgement if their MTO had been achieved when measured as the average across the entire current business cycle which began i 2000, and thus a deviation of its structural balance from its MTO in a specific year would not necessarily be concluded to equal a "missed target". In example, Sweden in their 2005 Convergence Report concluded its average structural balance for 2000-2007 was +1.4%, and therefore below its current MTO business cycle target, while moreover the structural balance for 2005+2006+2007 would only be respectively: +1.0%, +0.6%, +0.9%. But the report then excused these lower structural balances throughout 2005-2007, by explaining it was due to a prolonged period with negative output gap and promised fiscal consolidation and higher surpluses again would be introduced as soon as its negative output-gap had vanished. The report noted the current Swedish +2.0% surplus across the business cycle target, had been the steering anchor of its policy since it was introduced back in 1998. Sweden however refrained from making any explicit note of having missed its MTO target for the current business cycle (perhaps because it was impossible to make a definitive conclusion before the cycle had ended). In its chapter about long-term sustainability, it was explained Sweden had a target to achieve +2.0% surpluses as average for the six years from 2010-2015. Together, all this indicates that Sweden ran a "periodic average MTO-target" rather than a year-specific target or target-interval. Nevertheless, Sweden in its report highlighted the "+2.0% in average over business cycle" was its current target, and said that looking at its structural balance in each year would indicate whether or not they were on the right path to achieve their "periodic target" (while temporary deviations due to adverse cyclical developments could be excused; meaning that active fiscal loosening was also allowed during "economic downturns" beyond what the budget deterioration caused by cyclical automatic stabilizers would account for). As they operated their average +2% MTO in a way, where its structural balance also was measured up against it each year as an indicator, this is the reason the table in this article now also has listed it to be a year-specific target to measure compliance against.-->
|align="center" style="background:#FFE6E6"|{{hs|2007}}+2.0%<ref name="Swedish CP2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/se_2005-11-24_cp_en.pdf|title=Update of Sweden's convergence programme – November 2005|publisher=Ministry of Finance|date=24 November 2005}}</ref><br/><small>'''revised:''' +1.0%<ref name="Fiscal Sustainability Report 2006"/><br/> in 2007</small>
|align="center"|+2.0%<ref name="Swedish CP2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2006-12-07_se_cp_en.pdf|title=Update of Sweden's convergence programme – December 2006|publisher=Ministry of Finance|date=7 December 2006}}</ref><br/><small>'''revised:''' +1.0%<ref name="Fiscal Sustainability Report 2006"/><br/></small>
|align="center"|+1.0%<ref name="Swedish CP2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-11-27_se_cp_en.pdf|title=Update of Sweden's convergence programme – November 2007|publisher=Ministry of Finance|date=27 November 2007}}</ref><br/>
|align="center" style="background:#D0F0C0"|{{hs|#100-99.0}}+1.0%<ref name="Swedish CP2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/se_2008-12-01_cp_en.pdf|title=Update of Sweden's convergence programme – November 2008|publisher=Ministry of Finance|date=1 December 2008}}</ref><br/>
<!--As in previous years throughout 1998-2010, the Swedish MTO was not operated as a year-specific target, but as an average target to be achieved over a complete business cycle. In absence of a year-specific MTO-target in 2009, the average target for a complete cycle is listed by the table, and the compliance color then indicates if the year-specific structural balance was above/below the MTO-targeted 1% average for Sweden (without saying anything about the compliance when calculated as the average value over the cycle).-->
|align="center" style="background:#FFE6E6"|{{hs|2010}}+1.0%<ref name="Swedish CP2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/se_2010-01-29_cp_en.pdf|title=Updating of Sweden's convergence programme – 2009|publisher=Ministry of Finance|date=29 January 2010}}</ref><br/> in 2010
<!--As in previous years throughout 1998-2010, the Swedish MTO was not operated as a year-specific target, but as an average target to be achieved over a complete business cycle. In absence of a year-specific MTO-target in 2010, the average target for a complete cycle is listed by the table, and the compliance color then indicates if the year-specific structural balance was above/below the MTO-targeted 1% average for Sweden (without saying anything about the compliance when calculated as the average value over the cycle). The Contemporary forecast data thought Sweden would be within its MTO in 2010. However, according to the latest revised data published in May 2015, the structural balance ended at +0.8% in 2010, meaning Sweden failed to meet its MTO.-->
|-
!United<br/>Kingdom<br/>{{small|(former<br/>member)}}
|align="center" style="background:#FFE6E6"|{{hs|earliest 2009-10}}<small>N/A<ref name="Convergence Programme for UK in 2005">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2004-05/01_programme/uk_2004-12-17_cp_en.pdf|title=Convergence Programme for the United Kingdom – Submitted in line with the Stability and Growth Pact (December 2004)|publisher=HM Treasury|date=17 December 2004}}</ref> ⇔ 0.0%<br/> earliest 2009-10</small><br /><small>Golden rule,<br/>no CACB target<ref name="Convergence Programme for UK in 2005"/></small><br /><small>'''Min.MTO = 0.0%'''</small><!--In absence of a country-specific MTO, the Minimum MTO was advised to be the strictest of the two values: Minimum Benchmark or Common MTO of "structural balance or surplus". As the Common MTO was the strictest one for UK, the Commission advised the UK Minimum MTO to be 0.0% in 2005.-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2010-11}}<small>N/A<ref name="Convergence Programme for UK in 2006">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2005-06/01_programme/uk_2005-12-14_cp_en.pdf|title=Convergence Programme for the United Kingdom – Submitted in line with the Stability and Growth Pact (December 2005)|publisher=HM Treasury|date=14 December 2005}}</ref> ⇔ -1.0%<br/> earliest 2010-11</small><br /><small>Golden rule,<br/> no CACB target<ref name="Convergence Programme for UK in 2006"/></small><br /><small>'''Min.MTO = -1.0%'''<ref name="Fiscal Sustainability Report 2006"/></small><!--Its Minimum Benchmark was calculated to be -1.4% in 2006, while the Minimum MTO was advised to be -1.0% by the Commissions Fiscal Sustainability Report 2006 (after taking other minimum requirements into concern).-->
|align="center" style="background:#FFE6E6"| <small>N/A<ref name="Convergence Programme for UK in 2007">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2006-07/01_programme/2006-12-18_uk_cp_en.pdf|title=Convergence Programme for the United Kingdom – Submitted in line with the Stability and Growth Pact (December 2006)|publisher=HM Treasury|date=18 December 2006}}</ref> ⇔ -1.0%</small><br /><small>Golden rule,<br/> no CACB target<ref name="Convergence Programme for UK in 2007"/></small><br /><small>'''Min.MTO = -1.0%'''<ref name="Fiscal Sustainability Report 2006"/></small><!--Its Minimum Benchmark was calculated to be -1.4% in 2006, while the Minimum MTO was advised to be -1.0% by the Commissions Fiscal Sustainability Report 2006 (after taking other minimum requirements into concern).-->
|align="center" style="background:#FFE6E6"| <small>N/A<ref name="Convergence Programme for UK in 2008">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2007-08/01_programme/2007-11-30_uk_cp_en.pdf|title=Convergence Programme for the United Kingdom – Submitted in line with the Stability and Growth Pact (November 2007)|publisher=HM Treasury|date=30 November 2007}}</ref> ⇔ -1.0%</small><br /><small>Golden rule,<br/> no CACB target<ref name="Convergence Programme for UK in 2008"/></small><br /><small>'''Min.MTO = -1.0%'''<ref name="Fiscal Sustainability Report 2006"/></small><!--Its Minimum Benchmark was calculated to be -1.4% in 2006, while the Minimum MTO was advised to be -1.0% by the Commissions Fiscal Sustainability Report 2006 (after taking other minimum requirements into concern).-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2014-15}}<small>N/A<ref name="Convergence Programme for UK in 2009">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2008-09/01_programme/uk_2008-12-18_cp_en.pdf|title=Convergence Programme for the United Kingdom: Submitted in line with the Stability and Growth Pact (December 2008)|publisher=HM Treasury|date=18 December 2008}}</ref> ⇔ -1.0%<br/> earliest 2014-15</small><br /><small>CACB=0.0% in 2015-16<ref name="Convergence Programme for UK in 2009"/><!--The previous "Golden rule" and "Sustainable Investment rule" were declared applicable only for the previous business cycle ranging from 1997 to 2006 (of which both rules were found to have been met for this specific cycle). Starting from 2008-09 and forward throughout the current business cycle, the two previous rules are replaced by this "temporary operating rule" (because of the cycle being forecast not to be normal – featuring a prolonged recovery phase compared to a normal cycle): "to set policies to improve the Cyclically-Adjusted Current Budget each year, once the economy emerges from the downturn (forecast to happen so that the first appropriate year with fiscal consolidation should be 2010-11), so that the CACB reaches balance and net debt start to decrease in the medium-term (forecast to be achieved in 2015-16). The UK government plan to communicate a new operational target to replace the "temporary operating rule", once the CACB has reached "0.0% or surplus".<ref name="Convergence Programme for UK in 2009"/>--></small><br /><small>'''Min.MTO = -1.0%'''<ref name="Fiscal Sustainability Report 2009">{{cite web|url=http://ec.europa.eu/economy_finance/publications/publication15998_en.pdf|title=Sustainability Report 2009|work=European Economy 9/2009|publisher=European Commission (DG for Economic and Financial Affairs)|date=23 October 2009}}</ref></small><!--The UK Minimum MTO was advised to be -1.0% by the Commissions Fiscal Sustainability Report 2009 (after also taking other minimum requirements than the Minimum Benchmark into concern).-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2013-14}}<small>N/A<ref name="Convergence Programme for UK in 2010">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2009-10/01_programme/uk_2010-01-28_cp_en.pdf|title=Convergence Programme for the United Kingdom: Submitted in line with the Stability and Growth Pact (January 2010)|publisher=HM Treasury|date=28 January 2010}}</ref> ⇔ -1.0%<br/> earliest 2013-14</small><br /><small>CACB=0.0% in 2017-18<!--The Cyclically-Adjusted Current Budget (CACB) has a 50% chance to turn into the targeted surplus territory. As the UK has an exemption towards the EU fiscal rules, it has not defined a MTO, but their CACB target is very similar.--><ref name="Convergence Programme for UK in 2010"/></small><br /><small>'''Min.MTO = -1.0%'''<ref name="Fiscal Sustainability Report 2009"/></small><!--The UK Minimum MTO was advised to be -1.0% by the Commissions Fiscal Sustainability Report 2009 (after also taking other minimum requirements than the Minimum Benchmark into concern).-->
|-
|}

<small>{{legend|#FFE6E6|'''MTO not reached <small>(as per the latest data calculated by the EC method in May 2015)</small>, with note of the forecast year to reach it <small>(as per the concurrent EC forecast made on basis of the national stability programme)</small>'''}}</small><small>{{legend|#D0F0C0|'''MTO reached <small>(as per the latest data calculated by the EC method in May 2015)</small>'''}}</small>

<small>'''Note A:''' Setting country-specific MTOs only became mandatory starting from the 2006 fiscal year. However, Denmark and Sweden by own initiative already did so for 2005. For states without a country-specific MTO in 2005, the green/red compliance color in this specific year indicate, if the structural balance of the state complied with both the common "close to balance or surplus" (min. 0.0%) target and the country-specific "minimum benchmark". The latter only being stricter for two states in 2005, effectively setting a +0.8% target for Finland, +0.1% target for Luxembourg, and a 0.0% target for the rest of the states to respect.<ref name="Minimum Benchmark in 2005 and 2006">{{cite web|url=http://ec.europa.eu/economy_finance/publications/publication423_en.pdf|title=Public finances in EMU 2006 (European Economy 3/2006)|work=Table II.8: Updated values of the minimal benchmarks for the 25 EU Member States|publisher=European Commission (DG for Economic and Financial Affairs)|date=June 2006}}</ref></small>

<small>'''Note B:''' Due to Eurostat implementing a significant method change for the calculation of budget balances (classifying "funded defined-contribution pension schemes" outside of the government's budget balance), which technically reduced revenues and budget balance data by 1% of GDP for states with such schemes, the earliest MTOs presented by Sweden and Denmark were technically adjusted to be 1% lower, in order to be comparable with the structural balance data calculated by the latest Eurostat method. When MTO-target compliance is checked for in 2005–07, by looking at the structural balance data calculated by the latest Eurostat method, this compliance check is conducted of the "technically-adjusted MTO-targets" rather than the "originally reported MTO-targets" for Denmark and Sweden.<ref name="Fiscal Sustainability Report 2006"/></small>

<small>'''Note about UK:''' Paragraph 4 of [[s:Consolidated protocols, annexes and declarations attached to the treaties of the European Union/Protocols#PROTOCOL (No 15) ON CERTAIN PROVISIONS RELATING TO THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND|Treaty Protocol No 15]], exempts UK from the obligation in [[:s:Consolidated version of the Treaty on the Functioning of the European Union/Title VIII: Economic and Monetary Policy#Article 126|Article 126(1+9+11)]] of the [[Treaty on the Functioning of the European Union]] to avoid excessive general government deficits, for as long as the state opts not to adopt the euro. Paragraph 5 of the same protocol however still provides that the "UK shall endeavour to avoid an excessive government deficit". On one hand, this means that the Commission and Council still approach the UK with EDP recommendations whenever excessive deficits are found,<ref>{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/30_edps/104-07_council/2009-12-02_uk_126-7_council_en.pdf|title=COUNCIL RECOMMENDATION to the United Kingdom with a view to bringing an end to the situation of an excessive government deficit (15765/09)|publisher=Council of the European Union|date=30 November 2009|access-date=3 June 2013}}</ref> but on the other hand, they legally cannot launch any sanctions against the UK if they do not comply with the recommendations. Due to its special exemption, the UK also did not incorporate the additional MTO adjustment rules introduced by the 2005 SGP reform and [[sixpack (European Union law)|six-pack reform]]. Instead, the UK defined their own budget concept comprising a ''"Golden rule"'' and ''"Sustainable investment rule"'', effectively running throughout 1998–2008, which was UK's national interpretation how the SGP-regulation text should be understood.</small>
* <small>The so-called ''Golden rule'' would only be met, if the Current Budget (the "nominal budget balance of the general government" before expenses used for "public net investment") expressed as a ratio to GDP, is calculated in average to be in balance or surplus (equal to minimum 0.0%) over the period starting in the first year of the economic cycle and ending with the last year of the economic cycle. In this way, it could not definitively be determined whether the ''Golden rule'' had been met before an entire economic cycle had been completed. Along the way, there were no year-specific target set for the Cyclically-Adjusted Current Budget (CACB) balance, which was allowed to fluctuate throughout the cycle – although only to the extent of ensuring the ''Golden rule'' would be met at the latest by the end of the cycle. For comparison towards the commission's structural balance calculation scheme, the UK's CACB balance was found in average to be 1–2% higher than the structural budget balance figure for all medium-term periods reported since 1998, simply because the CACB is equal to: "Structural budget balance" + "Public sector net investment" (between 1-2% when averaged over five years) + "reversed adjustment for one-off revenues/expenditures" (close to 0% when averaged over five years).<ref name="Convergence Programme for UK in 2005"/><ref name="Convergence Programme for UK in 2009"/></small>
* <small>The so-called ''sustainable investment rule'' (also applying for 1998–2008), demanded that "Public sector net debt as a proportion of GDP" should be held over the economic cycle at a stable level beneath a 40%-limit. With this target being set in "net debt", it differed from the SGP's 60%-target which was related to "gross debt".<ref name="Convergence Programme for UK in 2005"/><ref name="Convergence Programme for UK in 2009"/></small>
* <small>When it was evident the UK business cycle stretching from 1997 to 2006 had ended, the UK government found that both its "Golden rule" and "Sustainable Investment rule" had been attained across this specific cycle. Starting from 2008 to 2009 and forward throughout the current business cycle, the two previous rules were replaced by a "temporary operating rule", because of the current cycle being forecast not to be normal (featuring a prolonged recovery phase compared to a normal cycle). The "temporary operating rule" now target: ''"to allow for a sharp CACB deterioration in the short-term (by applying active loosening fiscal policy in addition to the automatic stabilizers throughout 2008-09 and 2009-10), and then once the economy has emerged from the downturn, to set policies to improve the CACB each year going forward, so that it reaches balance and net debt start to decrease in the medium-term"''.<ref name="Convergence Programme for UK in 2009"/></small>
* <small>As no MTO was nationally selected by the UK in "structural balance terms" – throughout the entire period covered by the table, the compliance colors for the UK indicate whether or not its structural balance each year respected its "Minimum MTO" as calculated in structural balance terms by the commission.</small>

{| class="wikitable sortable" style="font-size:80%; clear:both; white-space:nowrap; line-height:1.25; border:2px solid"
|-
! style="border-bottom:2px solid"|Country-<br/>specific<br/>MTOs<br/><small>([[Structural budget balance|structural<br/>balance]],<br/> % of GDP)</small>
! style="border-bottom:2px solid"|2011<ref name="MTOs in 2011">{{cite web|url=http://ec.europa.eu/economy_finance/publications/european_economy/2011/pdf/ee-2011-3_en.pdf|title=Public finances in EMU 2011 (European Economy 3/2011)|work=Graph I.3.6 and Table I.3.2|publisher=European Commission (DG for Economic and Financial Affairs)|date=September 2011}}</ref>
! style="border-bottom:2px solid"|2012<ref name="MTOs in July 2012">{{cite web|url=http://ec.europa.eu/economy_finance/publications/european_economy/2012/public-finances-in-emu-2012_en.htm|title=Public finances in EMU 2012 (European Economy 4/2012)|work=Graph I.3.6, Table I.3.1, and Box I.3.2|publisher=European Commission (DG for Economic and Financial Affairs)|date=18 July 2012}}</ref>
! style="border-bottom:2px solid"|2013<ref name="MTOs in 2013">{{cite web|url=http://ec.europa.eu/economy_finance/publications/occasional_paper/2013/pdf/ocp152_en.pdf|title=The 2013 Stability and Convergence Programmes: An Overview|work=Graph 4.6 and Table A1.8|publisher=European Commission (DG for Economic and Financial Affairs)|date=June 2013}}</ref>
! style="border-bottom:2px solid"|2014<ref name="MTOs in 2014">{{cite web|url=http://ec.europa.eu/economy_finance/publications/occasional_paper/2014/pdf/ocp199_en.pdf|title=The 2014 Stability and Convergence Programmes: An Overview|work=Graph 3.6 and Table A1.4|publisher=European Commission (DG for Economic and Financial Affairs)|date=July 2014}}</ref>
! style="border-bottom:2px solid"|2015<ref name="MTOs in 2015">{{cite web|url=https://economy-finance.ec.europa.eu/document/download/3d04f007-9b74-4cc3-ad97-664a09054faf_en?filename=ip002_en.pdf|title=The 2015 Stability and Convergence Programmes: An Overview (European Economy, Institutional Paper 002)|work=Graph III.8|publisher=European Commission (DG for Economic and Financial Affairs)|date=10 July 2015}}</ref>
|-
!Austria
|align="center" style="background:#FFE6E6"|{{hs|earliest 2015}}0.0%<ref name="Austrian SP2011">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nrp/sp_austria_en.pdf|title=Austrian Stability Programme – Update for the period 2010 to 2014|publisher=Federal Ministry of Finance|date=27 April 2011}}</ref><br/> earliest 2015
|align="center" style="background:#FFE6E6"|{{hs|earliest 2016}}-0.45%<ref name="Austrian SP2012">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/sp2012_austria_en.pdf|title=Austrian Stability Programme – Update for the period 2011 to 2016|publisher=Federal Ministry of Finance|date=24 April 2012}}</ref><br/> earliest 2016
|align="center" style="background:#FFE6E6"|{{hs|2016}}-0.45%<ref name="Austrian SP2013">{{cite web|url=http://www.oebfa.at/en/osn/DownloadCenter/Budget%20and%20Debt/StabilityProgramme_2012-2017_EN.pdf|title=Austrian Stability Programme – Update for the period 2012 to 2017|publisher=Federal Ministry of Finance|date=16 April 2013}}</ref><br/> in 2016
|align="center" style="background:#D0F0C0"|-0.45%<ref name="Austrian SP2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/sp2014_austria_en.pdf|title=Austrian Stability Programme – Update for the period 2013 to 2018|publisher=Federal Ministry of Finance|date=29 April 2014}}</ref><br/>
<!--According to the current forecast the MTO would not be met, but according to the latest revised data from May 2015 the structural balance actually met the MTO by ending at only -0.38% in 2014.-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2020}}-0.45%<ref name="Austrian SP2015">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2015/sp2015_austria_en.pdf|title=Austrian Stability Programme – Update for the period 2014 to 2019|publisher=Federal Ministry of Finance|date=21 April 2015}}</ref><br/> earliest 2020<ref name="AT 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/20_at_scp_en.pdf|title=Assessment of the 2015 Stability Programme for AUSTRIA|publisher=European Commission|date=27 May 2015}}</ref><br/>
<!--Austrian MTO at -0.45% has been set by its fiscal responsibility law, and compromise a lower limit of -0.35% for the Federal Government incl. Security System and a lower -0.1% limit for the Länder.-->
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!Belgium
|align="center" style="background:#FFE6E6"|{{hs|earliest 2015}}+0.5%<ref name="Belgium SP2011">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nrp/sp_belgium_en.pdf|title=Belgian Stability Programme (2011-2014)|publisher=Ministry of Finance|date=April 2011}}</ref><br/> earliest 2015
|align="center" style="background:#FFE6E6"|{{hs|earliest 2016}}+0.5%<ref name="Belgium SP2012">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/sp2012_belgium_en.pdf|title=Belgium's Stability Programme (2012-2015)|publisher=Ministry of Finance|date=30 April 2012}}</ref><br/> earliest 2016
|align="center" style="background:#FFE6E6"|{{hs|earliest 2017}}+0.75%<ref name="Belgium SP2013">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2013/01_programme/be_2013-05-07_sp_en.pdf|title=Belgium's Stability Programme (2013-2016)|publisher=Ministry of Finance|date=7 May 2013}}</ref><br/> earliest 2017
|align="center" style="background:#FFE6E6"|{{hs|earliest 2019}}+0.75%<ref name="Belgium SP2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/sp2014_belgium_en.pdf|title=Belgium's Stability Programme (2014-2017)|publisher=Ministry of Finance|date=30 April 2014}}</ref><br/> earliest 2019
|align="center" style="background:#FFE6E6"|{{hs|earliest 2019}}+0.75%<ref name="Belgium SP2015">{{cite web|url=http://data.consilium.europa.eu/doc/document/ST-9003-2015-ADD-2/en/pdf|title=Belgium's Stability Programme (2015-2018)|publisher=Ministry of Finance|date=31 July 2015}}</ref><br/> earliest 2019<ref name="BE 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/01_be_scp_en.pdf|title=Assessment of the 2015 Stability Programme for BELGIUM|publisher=European Commission|date=27 May 2015}}</ref>
|-
!Bulgaria
|align="center" style="background:#FFE6E6"|{{hs|2014}}-0.6%<ref name="Bulgarian CP2011">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nrp/cp_bulgaria_en.pdf|title=Convergence programme 2011–2014 for Bulgaria|publisher=Republic of Bulgaria – Ministry of Finance|date=5 April 2011}}</ref><br/> in 2014
|align="center" style="background:#FFE6E6"|{{hs|2014}}-0.5%<ref name="Bulgarian CP2012">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2012/01_programme/bg_2012-04-13_cp_en.pdf|title=Republic of Bulgaria Convergence Programme (2012-2015)|publisher=Republic of Bulgaria – Ministry of Finance|date=13 April 2012}}</ref><br/> in 2014
<!--MTO not achieved, as the updated structural deficit per the latest revision in May 2015, returned a -0.60% structural balance for 2012.-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2017}}-0.5%<ref name="Bulgarian CP2013">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/cp2013_bulgaria_en.pdf|title=Convergence Programme 2013-2016 update|publisher=Republic of Bulgaria – Ministry of Finance|date=18 April 2013}}</ref><br/> earliest 2017
|align="center" style="background:#FFE6E6"|{{hs|2015}}-1.0%<ref name="Bulgarian CP2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/cp2014_bulgaria_en.pdf|title=Convergence Programme of the Republic of Bulgaria 2014-2017|publisher=Republic of Bulgaria – Ministry of Finance|date=April 2014}}</ref><br/> in 2015
|align="center" style="background:#FFE6E6"|{{hs|earliest 2019}}-1.0%<ref name="Bulgarian CP2015">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2015/cp2015_bulgaria_en.pdf|title=Convergence Programme of the Republic of Bulgaria 2015-2018|publisher=Republic of Bulgaria – Ministry of Finance|date=April 2015}}</ref><br/> earliest 2019<ref name="BG 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/02_bg_scp_en.pdf|title=Assessment of the 2015 Convergence Programme for BULGARIA|publisher=European Commission|date=27 May 2015}}</ref>
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!Croatia
|align="center"|<small>Outside EU</small>
|align="center"|<small>Outside EU</small>
|align="center"|<small>N/A</small><ref name="Croatian Convergence Programme 2013">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/ep2013_croatia_en.pdf|title=2013 Economic programme of Croatia|publisher=Croatian Ministry of Finance|date=April 2013}}</ref><br /><small>'''Min.MTO = N/A'''</small><ref name="2013 Staff Report on Croatia">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/swd2013_croatia_en.pdf|title=COMMISSION STAFF WORKING DOCUMENT: Assessment of the 2013 economic programme for Croatia|publisher=European Commission|date=29 May 2013}}</ref><!--Structural balance was programmed to deteriorate from -2.4% in 2012 to -4.5% in 2016, and neither its convergence programme nor the Commission's staff report defined/calculated any MTO.-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2019}}<small>N/A<ref name="Croatian Convergence Programme 2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/cp2014_croatia_en.pdf|title=Convergence programme of the republic of Croatia for the period 2014-2017|publisher=Croatian Ministry of Finance|date=April 2014}}</ref> ⇔ -1.5%<br/> in 2019</small><br /><small>'''Min.MTO = -1.5%'''<ref name="2014 IDR for Croatia">{{cite web|url=http://ec.europa.eu/economy_finance/publications/occasional_paper/2014/pdf/ocp179_en.pdf|title=Macroeconomic Imbalances Croatia 2014|publisher=European Commission|date=March 2014}}</ref></small>
<!--Structural balance was programmed by the 2014 convergence programme to improve from -4.1% in 2014 to -2.1% in 2017, but the programme did not define any MTO. However, the In-Depth-Review report written by the Commission in March 2014 calculated an indicative preliminary MTO to be set at -1.5%.-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2019}}<small>N/A<ref name="Croatian Convergence Programme 2015">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2015/cp2015_croatia_hr.pdf|title=Convergence programme of the republic of Croatia for the period 2015-2018|language=hr|publisher=Croatian Ministry of Finance|date=April 2015}}</ref> ⇔ 0.0%<br/> earliest 2019<ref name="HR 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/11_hr_scp_en.pdf|title=Assessment of the 2015 Convergence Programme for CROATIA|publisher=European Commission|date=27 May 2015}}</ref></small><br /><small>'''Min.MTO = 0.0%'''<ref name="MTOs in 2015"/></small>
<!--Structural balance was programmed by the 2015 convergence programme to improve from -3.7% in 2015 to -2.3% in 2018, but the programme did not define any MTO. While the In-Depth-Review report written by the Commission in March 2014 calculated an indicative preliminary MTO to be set at -1.5%, the Commission in July 2015 depicted a new indicative preliminary 0.0% value in their summary report (graph III.8) for all submitted convergence/stability programmes.-->
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!Cyprus
|align="center" style="background:#FFE6E6"|{{hs|earliest 2015}}0.0%<ref name="Cypriot SP2011">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nrp/sp_cyprus_en.pdf|title=Stability Programme of the Republic of Cyprus 2010-2014|publisher=Ministry of Finance|date=April 2011}}</ref><br/> earliest 2015
|align="center" style="background:#FFE6E6"|{{hs|2013}}0.0%<ref name="Cypriot SP2012">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/sp2012_cyprus_en.pdf|title=Stability Programme of the Republic of Cyprus 2012-2015|publisher=Ministry of Finance|date=April 2012}}</ref><br/> in 2013
|align="center" style="background:#FFE6E6"|{{hs|earliest 2017}}0.0%<ref name="Cypriot EAP">{{cite web|url=http://ec.europa.eu/economy_finance/publications/occasional_paper/2013/pdf/ocp149_en.pdf|title=The Economic Adjustment Programme for Cyprus (European Economy, Occasional Papers 149, May 2013)|publisher=European Commission|date=May 2013}}</ref><br/> earliest 2017
<!--No stability programme written, because of being engaged in an Economic Adjustment Programme. The EAP has set a target for the Cypriot primary budget balance to reach a surplus of 1.2% in 2016, 3.0% in 2017 and 4.0% in 2018. In the annexed "Memorandum of Understanding on Specific Economic Policy Conditionality", the Cypriot MTO for its structural balance to reach 0.0% in the medium-term has been confirmed still to apply (although it is unclear from the provided tables in the report, if the targeted primary surplus will result in achievement of its structural balance MTO target in 2017 or 2018).-->
|align="center" style="background:#D0F0C0"|{{hs|+0.0}}0.0%<ref name="Cypriot EAP 4th Review">{{cite web|url=http://ec.europa.eu/economy_finance/publications/occasional_paper/2014/pdf/ocp197_en.pdf|title=The Economic Adjustment Programme for Cyprus Fourth Review – Spring 2014 (European Economy, Occasional Papers 197, July 2014)|publisher=European Commission|date=July 2014}}</ref><br/>
<!--No stability programme written, because of being engaged in an Economic Adjustment Programme. The EAP has set a target for the Cypriot primary budget balance to reach a surplus of 1.2% in 2016, 3.0% in 2017 and 4.0% in 2018. In the annexed "Memorandum of Understanding on Specific Economic Policy Conditionality", the Cypriot MTO for its structural balance to reach 0.0% in the medium-term has been confirmed still to apply (although it is unclear from the provided tables in the review report, if the targeted primary surplus will result in achievement of its structural balance MTO target in 2017 or 2018). According to the latest revised structural balance data from May 2015, Cyprus met its MTO both in 2014 and 2015, by posting a surplus of respectively +1.5% and +0.4%.-->
|align="center" style="background:#D0F0C0"|{{hs|+0.0}}0.0%<ref name="Cypriot EAP 6th Review">{{cite web|url=http://ec.europa.eu/economy_finance/publications/eeip/pdf/ip007_en.pdf|title=The Economic Adjustment Programme. Cyprus, 6th Review – Spring 2015 (European Economy, Institutional Paper 004, July 2015)|publisher=European Commission|date=10 July 2015}}</ref><br/>
<!--No stability programme written, because of being engaged in an Economic Adjustment Programme. The EAP has set a target for the Cypriot primary budget balance to reach a surplus of 1.5% in 2015, 2.5% in 2016, 3.0% in 2017 and 3.6% in 2018. In the annexed "Memorandum of Understanding on Specific Economic Policy Conditionality", the Cypriot MTO for its structural balance to reach 0.0% in the medium-term has been confirmed still to apply. According to the Commission's latest revised structural balance data from May 2015, Cyprus met its MTO both in 2014 and 2015, by posting a surplus of respectively +1.5% and +0.4%. The July 2015 updated forecast, show that the structural balance MTO will still be met in 2015+2016 by respectively +0.1% and +0.2%.-->
|-
!Czech<br/>Republic
|align="center" style="background:#FFE6E6"|{{hs|earliest 2015}}-1.0%<ref name="Czech CP2011">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nrp/cp_czech_en.pdf|title=Convergence Programme of the Czech Republic (April 2011)|publisher=Ministry of Finance (Czech Republic)|date=April 2011}}</ref><br/><!--No target year was set, but there was an intermediate target to reach -1.6% in 2014, implying that the -1.0% limit could be achieved two years later in 2016 through implementation of the minimum required annual improvements of 0.5%. This 2016 prognosis was also confirmed explicit by the Commissions technical SWP report. However, as no concrete fiscal plans were submitted by the government beyond 2014 and no structural balance data recalculated by the Commission method for years beyond 2014, the data for attaining the MTO was listed in this wikitable to be "earliest 2015".--> earliest 2015
|align="center" style="background:#FFE6E6"|{{hs|2015}}-1.0%<ref name="Czech Republic CP2012">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/cp2012_czech_en.pdf|title=Convergence Programme of the Czech Republic (April 2012)|publisher=Ministry of Finance (Czech Republic)|date=April 2012}}</ref><br/> in 2015
|align="center" style="background:#D0F0C0"|-1.0%<ref name="Czech Republic CP2013">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2013/01_programme/cz_2013-04-26_cp_en.pdf|title=Convergence Programme of the Czech Republic (April 2013)|publisher=Ministry of Finance (Czech Republic)|date=26 April 2013|access-date=30 April 2013}}</ref><br/>
|align="center" style="background:#D0F0C0"|-1.0%<ref name="Czech Republic CP2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/csr2014_council_czech_en.pdf|title=COUNCIL RECOMMENDATION of 8 July 2014: On the National Reform Programme 2014 of the Czech Republic and delivering a Council opinion on the Convergence Programme of the Czech Republic 2014|publisher=Official Journal of the EU|date=29 July 2014}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|2017}}-1.0%<ref name="Czech Republic CP2015">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2015/cp2015_czech_en.pdf|title=Convergence Programme of the Czech Republic (April 2015)|publisher=Ministry of Finance (Czech Republic)|date=4 May 2015}}</ref><br/> in 2017<ref name="CZ 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/03_cz_scp_en.pdf|title=Assessment of the 2015 Convergence Programme for CZECH REPUBLIC|publisher=European Commission|date=27 May 2015}}</ref>
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!Denmark
|align="center" style="background:#D0F0C0"|{{hs|-0.5}}-0.5%<ref name="Danish Convergence Programme 2011">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2011/01_programme/dk_2011-05-09_cp_en.pdf|title=Denmark's Convergence Programme 2011|publisher=Økonomi- og Indenrigsministeriet|date=9 May 2011}}</ref><br/>
<!--Graph I.3.6 of the Commission's "Public finances in EMU 2011" report, incorrectly suggested the Danish MTO was 0.0%, while Table I.3.2 of the same report contained correct info setting the current MTO to be -0.5% along with the non-binding operational MTO-target at 0.0% in 2020.-->
|align="center" style="background:#D0F0C0"|-0.5%<ref name="Danish Convergence Programme 2012">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/cp2012_denmark_en.pdf|title=Convergence Programme Denmark 2012|publisher=Økonomi- og Indenrigsministeriet|date=April 2012}}</ref><br/>
|align="center" style="background:#D0F0C0"|-0.5%<ref name="Danish Convergence Programme 2013">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/cp2013_denmark_en.pdf|title=Convergence Programme Denmark 2013|publisher=Økonomi- og Indenrigsministeriet|date=30 April 2013}}</ref><br/>
<!--Denmark notes that its Minimum MTO was recalculated by the Commission in Oct.2012, now to be -0.75%, but that the government selected its binding MTO still to be the slightly more strict 0.5% deficit (because its national calculation method suggests the existence of greater output-gap semi-elasticities compared to those applied by the Commission's calculation method). In addition, the existing 2020 fiscal plan agreed by broad political consensus, has set an even more ambitious operational target of achieving a structural balance at 0.0% in 2020. The fiscal aim in the long-term, is only to target a -0.5% MTO during normal economic downturns, replaced by a 0.0% MTO when Real GDP Growth equals Potential GDP Growth, which finally should be replaced by a "surplus MTO" for "overheated years" characterized by having Real GDP Growth above Potential GDP Growth along with visible inflation pressures. According to its 2020 fiscal plan, Denmark's official MTO will be kept at -0.5% for all years in 2011-19, because of the expected slow recovery from the Great Recession. It is envisaged Denmark then will revise its official MTO from -0.5% to 0.0% for the next 2020-25 period, but no formal decision has been taken yet. All MTO targets and structural balance data presented by Denmark in its Convergence Report, is in the terms of its own method to calculate its structural balance – and its fiscal responsibility law does not provide room for operating "adjusted MTO targets" because of reforms or pension schemes (what you see is what you get, when it comes to the MTO target). The government from a starting point, pay absolutely no attention to how the Commission calculate the Danish structural balance, and only steer its fiscal policy according to the results of its national calculation method. If the Commission's use of the EU-calculation method produces a result in which the Danish structural balance appears to have breached the Danish MTO, the government simply hope (believe) this breach subsequently will be dispensed when the additional bottom-up (fiscal effort) analysis and expenditure benchmark subsequently also is considered by the Commission.-->
|align="center" style="background:#D0F0C0"|-0.5%<ref name="Danish Convergence Programme 2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/cp2014_denmark_en.pdf|title=Convergence Programme Denmark 2014|publisher=Økonomi- og Indenrigsministeriet|date=April 2014}}</ref><br/>
<!--Denmark notes that its Minimum MTO was recalculated by the Commission in Oct.2012, now to be -0.75%, but that the government selected its binding MTO still to be the slightly more strict 0.5% deficit (because its national calculation method suggests existence of greater output-gap semi-elasticities compared to those applied by the Commission's calculation method). In addition, the existing 2020 fiscal plan agreed by broad political consensus, has set an even more ambitious operational target of achieving a structural balance at 0.0% in 2020. The fiscal aim in the long-term, is only to target a -0.5% MTO during normal economic downturns, replaced by a 0.0% MTO when Real GDP Growth equals Potential GDP Growth, which finally should be replaced by a "surplus MTO" for "overheated years" characterized by having Real GDP Growth above Potential GDP Growth along with visible inflation pressures. According to its 2020 fiscal plan, Denmark's official MTO will be kept at -0.5% for all years in 2011-19, because of the expected slow recovery from the Great Recession. It is envisaged Denmark then will revise its official MTO from -0.5% to 0.0% for the next 2020-25 period, but no formal decision has been taken yet. All MTO targets and structural balance data presented by Denmark in its Convergence Report, is in the terms of its own method to calculate its structural balance – and its fiscal responsibility law does not provide room for operating "adjusted MTO targets" because of reforms or pension schemes (what you see is what you get, when it comes to the MTO target). The government from a starting point, pay absolutely no attention to how the Commission calculate the Danish structural balance, and only steer its fiscal policy according to the results of its national calculation method. If the Commission's use of the EU-calculation method produces a result in which the Danish structural balance appears to have breached the Danish MTO, the government simply hope (believe) this breach subsequently will be dispensed when the additional bottom-up (fiscal effort) analysis and expenditure benchmark subsequently also is considered by the Commission.-->
|align="center" style="background:#D0F0C0"|-0.5%<ref name="Danish Convergence Programme 2015">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2015/cp2015_denmark_en.pdf|title=Convergence Programme Denmark 2015|publisher=Økonomi- og Indenrigsministeriet|date=March 2015}}</ref><br/>
<!--Denmark notes that its Minimum MTO was recalculated by the Commission in Oct.2012, now to be -0.75%, but that the government selected its binding MTO still to be the slightly more strict 0.5% deficit (because its national calculation method suggest existence of greater output-gap semi-elasticities compared to those applied by the Commission's calculation method). In addition, the existing 2020 fiscal plan agreed by broad political consensus, has set an even more ambitious operational target of achieving a structural balance at 0.0% in 2020. The fiscal aim in the long-term, is only to target a -0.5% MTO during normal economic downturns, replaced by a 0.0% MTO when Real GDP Growth equals Potential GDP Growth, which finally should be replaced by a "surplus MTO" for "overheated years" characterized by having Real GDP Growth above Potential GDP Growth along with visible inflation pressures. According to its 2020 fiscal plan, Denmark's official MTO will be kept at -0.5% for all years in 2011-19, because of the expected slow recovery from the Great Recession. It is envisaged Denmark then will revise its official MTO from -0.5% to 0.0% for the next 2020-25 period, but no formal decision has been taken yet. All MTO targets and structural balance data presented by Denmark in its Convergence Report, is in the terms of its own method to calculate its structural balance – and its fiscal responsibility law does not provide room for operating "adjusted MTO targets" because of reforms or pension schemes (what you see is what you get, when it comes to the MTO target). The government from a starting point, pay absolutely no attention to how the Commission calculate the Danish structural balance, and only steer its fiscal policy according to the results of its national calculation method. If the Commission's use of the EU-calculation method produces a result in which the Danish structural balance appears to have breached the Danish MTO, the government simply hope (believe) this breach subsequently will be dispensed when the additional bottom-up (fiscal effort) analysis and expenditure benchmark subsequently also is considered by the Commission.-->
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!Estonia
|align="center" style="background:#D0F0C0"|{{hs|+0.0}}0.0%<ref name="Estonian SP2011">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2011/01_programme/ee_2011-04-28_sp_en.pdf|title=Republic of Estonia Stability Programme 2011|publisher=Ministry of Finance|date=28 April 2011}}</ref><br/>
<!--According to the latest revised data from May 2015, Estonia met its MTO in 2011 by posting a structural balance at 0.0%.-->
|align="center" style="background:#FFE6E6"|{{hs|2013}}0.0%<ref name="Estonian SP2012">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/sp2012_estonia_en.pdf|title=Republic of Estonia Stability Programme 2012|publisher=Ministry of Finance|date=April 2012}}</ref><br/> in 2013
|align="center" style="background:#FFE6E6"|{{hs|2014}}0.0%<ref name="Estonian SP2013">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/sp2013_estonia_en.pdf|title=Republic of Estonia Stability Programme 2013|publisher=Ministry of Finance|date=25 April 2013}}</ref><br/> in 2014
|align="center" style="background:#D0F0C0"|{{hs|+0.0}}0.0%<ref name="Estonian SP2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/sp2014_estonia_en.pdf|title=Republic of Estonia Stability Programme 2014|publisher=Ministry of Finance|date=29 April 2014}}</ref><br/>
<!--According to the latest revised data from May 2015, Estonia met its MTO in 2014 by posting a structural surplus of +0.2%.-->
|align="center" style="background:#FFE6E6"|{{hs|2016}}0.0%<ref name="Estonian SP2015">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2015/sp2015_estonia_et.pdf|title=Republic of Estonia Stability Programme 2015|language=et|publisher=Ministry of Finance|date=14 May 2015}}</ref><br/> in 2016<ref name="EE 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/06_ee_scp_en.pdf|title=Assessment of the 2015 Stability Programme for ESTONIA|publisher=European Commission|date=27 May 2015}}</ref>
<!--According to the latest revised data from May 2015, Estonia will post a structural balance at -0.4% and not meet its MTO in 2015.-->
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!Finland
|align="center" style="background:#FFE6E6"|{{hs|2011}}+0.5%<ref name="Finnish SP2011">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nrp/sp_finland_en.pdf|title=Stability programme update for Finland 2011|publisher=Finlands Ministry of Finance|date=April 2011}}</ref><br/><!--The programme calculated the cyclically adjusted balance to be +0.7% in 2011 and +0.5% in 2012, but according to the revised structural balance data published in February 2015 it ended to be -0.8% and -1.0% in respectively 2011 and 2012.--> in 2011
|align="center" style="background:#FFE6E6"|{{hs|earliest 2016}}+0.5%<ref>{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/sp2012_finland_en.pdf|title=Stability programme for Finland 2012|publisher=Finlands Ministry of Finance|date=April 2012}}</ref><br/> earliest 2016
|align="center" style="background:#FFE6E6"|{{hs|earliest 2018}}-0.5%<ref>{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2013/01_programme/fi_2013-04-18_sp_en.pdf|title=Finlands stability programme 2013|publisher=Finlands Ministry of Finance|date=18 April 2013|access-date=30 April 2013}}</ref><br/> earliest 2018
|align="center" style="background:#FFE6E6"|{{hs|2015}}-0.5%<ref>{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/sp2014_finland_en.pdf|title=Finlands stability programme 2014|publisher=Finlands Ministry of Finance|date=April 2014}}</ref><br/> in 2015
|align="center" style="background:#FFE6E6"|{{hs|earliest 2020}}-0.5%<ref>{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2015/sp2015_finland_sv.pdf|title=Finlands stability programme 2015|language=sv|publisher=Finlands Ministry of Finance|date=April 2015}}</ref><br/> earliest 2020<ref name="FI 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/26_fi_scp_en.pdf|title=Assessment of the 2015 Stability Programme for FINLAND|publisher=European Commission|date=27 May 2015}}</ref>
<!--The Finnish authorities have committed to update their 2015 Stability Programme in autumn 2015, which will include the impact of several new fiscal consolidation measures for the years in 2016-18. It is expected this extra fiscal consolidation will also improve their forecast "MTO achievement year", although the Commission assessed the impact of the first round of planned extra fiscal consolidation would only improve Finland's structural balance to around -1.5% in 2016, which is still breaching their -0.5% MTO. The updated Autumn 2015 Stability Programme will reveal whether Finland will reach its MTO already in 2017/2018/2019 rather than the initial forecast "earliest 2020".-->
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!France
|align="center" style="background:#FFE6E6"|{{hs|earliest 2015}}0.0%<ref name="French SP2011">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2011/01_programme/fr_2011-05-03_sp_en.pdf|title=France Stability Programme 2011-2014|publisher=Ministry of Finance|date=3 May 2011}}</ref><br/> earliest 2015
|align="center" style="background:#FFE6E6"|{{hs|earliest 2016}}0.0%<ref name="French SP2012">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2012/01_programme/fr_2012-05-04_sp_en.pdf|title=France Stability Programme 2012-2016|publisher=Ministry of Finance|date=4 May 2012}}</ref><br/> earliest 2016
|align="center" style="background:#FFE6E6"|{{hs|earliest 2018}}0.0%<ref name="French SP2013">{{cite web|url=http://www.tresor.economie.gouv.fr/File/387830|title=France Stability Programme 2013-2017|publisher=Ministry of Finance|date=April 2013|access-date=1 May 2015|archive-date=18 May 2015|archive-url=https://web.archive.org/web/20150518072542/http://www.tresor.economie.gouv.fr/File/387830|url-status=dead}}</ref><br/> earliest 2018
|align="center" style="background:#FFE6E6"|{{hs|2018}}0.0%<ref name="French SP2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/sp2014_france_en.pdf|title=France Stability Programme 2014-2017|publisher=Ministry of Finance|date=23 April 2014}}</ref><br/> in 2018
|align="center" style="background:#FFE6E6"|{{hs|earliest 2019}}-0.4%<ref name="French SP2015">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2015/sp2015_france_en.pdf|title=Stability Programme for France 2015–2018|publisher=Ministry of Finance|date=April 2015}}</ref><br/> earliest 2019<ref name="FR 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/10_fr_scp_en.pdf|title=Assessment of the 2015 Stability Programme for FRANCE|publisher=European Commission|date=27 May 2015}}</ref>
|-
!Germany
|align="center" style="background:#FFE6E6"|{{hs|2014}}-0.5%<ref name="German SP2011">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nrp/sp_germany_en.pdf|title=German stability programme – 2011 update|publisher=Federal Ministry of Finance|date=13 April 2011}}</ref><br/> in 2014
|align="center" style="background:#D0F0C0"|-0.5%<ref name="German SP2012">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/sp2012_germany_en.pdf|title=German stability programme – 2012 update|publisher=Federal Ministry of Finance|date=18 April 2012}}</ref><br/>
|align="center" style="background:#D0F0C0"|-0.5%<ref name="German SP2013">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2013/01_programme/de_2013-04-17_sp_en.pdf|title=German Stability Programme – 2013 update|publisher=Federal Ministry of Finance|date=17 April 2013}}</ref><br/>
|align="center" style="background:#D0F0C0"|-0.5%<ref name="German SP2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/sp2014_germany_en.pdf|title=German stability programme – 2014 update|publisher=Federal Ministry of Finance|date=8 April 2014}}</ref><br/>
|align="center" style="background:#D0F0C0"|-0.5%<ref>{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2015/sp2015_germany_en.pdf|title=German Stability Programme – 2015 update|publisher=Federal Ministry of Finance|date=15 April 2015}}</ref><br/>
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!Greece
|align="center"|<small>N/A</small><ref name="Greek SP2011">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nrp/sp_greece_en.pdf|title=Update of the Hellenic Stability and Growth Programme 2011-2014|publisher=Hellenic Republic Ministry of Finance|date=July 2011}}</ref><br/>
<!--Given the reporting requirements under its macroeconomic financial assistance programme, as well as the related much more complicated monitoring and enforcement procedures, Greece was exempted from the obligation to select and steer towards a MTO in structural terms. The Greek Stability Programme instead only referred to a nominal budget balance target, setting out a five year long path of implementing improvements by gradual steps until it reaches -0.6% in 2015.-->
|align="center"|<small>N/A</small><ref name="No Greek Stability Programme or MTO in 2012">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/swd2012_greece_en.pdf|title=COMMISSION STAFF WORKING DOCUMENT: Assessment of the 2012 national reform programme and stability programme for Greece|publisher=European Commission|date=30 May 2012}}</ref><br/>
<!--Given the reporting requirements under its macroeconomic financial assistance programme, as well as the much more complicated monitoring and enforcement procedures, Greece was exempted from the obligation to submit a Stability Programme in 2012.-->
|align="center"|<small>N/A</small><!--No stability programme written, because of being engaged in an Economic Adjustment Programme.-->
|align="center"|<small>N/A</small><!--No stability programme written, because of being engaged in an Economic Adjustment Programme.-->
|align="center"|<small>N/A</small><!--No stability programme written, because of being engaged in an Economic Adjustment Programme.-->
|-
!Hungary
|align="center" style="background:#FFE6E6"|{{hs|earliest 2015}}-1.5%<ref name="Hungarian CP2011">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nrp/cp_hungary_en.pdf|title=Convergence Programme of Hungary 2011-2015|publisher=Government of Hungary|date=April 2011}}</ref><br/> earliest 2015
|align="center" style="background:#D0F0C0"|-1.5%<ref name="Hungarian CP2012">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2012/01_programme/hu_2012-04-23_cp_en.pdf|title=Convergence Programme of Hungary 2012-2015|publisher=Government of Hungary|date=23 April 2012}}</ref><br/>
|align="center" style="background:#D0F0C0"|-1.7%<ref name="Hungarian CP2013">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2013/01_programme/hu_2013-04-16_cp_en.pdf|title=Convergence Programme of Hungary 2013-2016|publisher=Government of Hungary|date=16 April 2013}}</ref><br/>
|align="center" style="background:#FFE6E6"|{{hs|2014}}-1.7%<ref name="Hungarian CP2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/cp2014_hungary_en.pdf|title=Convergence Programme of Hungary 2014-2017|publisher=Government of Hungary|date=April 2014}}</ref><br/> in 2014
|align="center" style="background:#FFE6E6"|{{hs|2017}}-1.7%<ref name="Hungarian CP2015">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2015/cp2015_hungary_en.pdf|title=Convergence Programme of Hungary 2015-2018|publisher=Government of Hungary|date=April 2015}}</ref><br/> in 2017<ref name="HU 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/17_hu_scp_en.pdf|title=Assessment of the 2015 Convergence Programme for HUNGARY|publisher=European Commission|date=27 May 2015}}</ref>
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!Ireland
|align="center" style="background:#FFE6E6"|{{hs|earliest 2015}}-0.5%<ref name="Irish SP2011">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nrp/sp_ireland_en.pdf|title=Ireland – Stability Programme Update April 2011|publisher=Ministry of Finance|date=April 2011}}</ref><br/> earliest 2015
|align="center" style="background:#FFE6E6"|{{hs|earliest 2016}}-0.5%<ref name="Irish SP2012">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2012/01_programme/ie_2012-04-27_sp_en.pdf|title=Ireland – Stability Programme Update April 2012|publisher=European Commission|date=27 April 2012}}</ref><br/> earliest 2016
|align="center" style="background:#FFE6E6"|{{hs|earliest 2018}}0.0%<ref name="Irish SP2013">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2013/01_programme/ie_2013-04-30_sp_en.pdf|title=Irish Stability Programme April 2013 Update|publisher=Irish Department of Finance|date=30 April 2013}}</ref><br/> earliest 2018
|align="center" style="background:#FFE6E6"|{{hs|earliest 2019}}0.0%<ref name="Irish SP2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/sp2014_ireland_en.pdf|title=Ireland's Stability Programme, April 2014 Update|publisher=Department of Finance|date=April 2014}}</ref><br/> earliest 2019
|align="center" style="background:#FFE6E6"|{{hs|2019}}0.0%<ref name="Irish SP2015">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2015/sp2015_ireland_en.pdf|title=Ireland's Stability Programme, April 2015 Update|publisher=Department of Finance|date=April 2015}}</ref><br/> in 2019<ref name="IE 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/07_ie_scp_en.pdf|title=Assessment of the 2015 Stability Programme for IRELAND|publisher=European Commission|date=27 May 2015}}</ref>
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!Italy
|align="center" style="background:#FFE6E6"|{{hs|2014}}0.0%<ref name="Italian SP2011">{{cite web|url=http://www.tesoro.it/doc-finanza-pubblica/def/2011/documenti/27295_pds_2011_xengxxissn_on-linex_protetto.pdf|title=2011 Economic and Financial Document: Section I – Italy's Stability Programme|publisher=Ministry of the Economy and Finance|date=5 May 2011}}</ref><br/> in 2014
|align="center" style="background:#FFE6E6"|{{hs|2013}}0.0%<ref name="Italian SP2012">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/sp2012_italy_en.pdf|title=2012 Economic and Financial Document: Section I – Italy's Stability Programme|publisher=Ministry of the Economy and Finance|date=26 April 2012}}</ref><br/> in 2013
|align="center" style="background:#FFE6E6"|{{hs|2014}}0.0%<ref name="Italian SP2013">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/sp2013_italy_en.pdf|title=Economic and Financial Document 2013: Section I – Italy's Stability Programme|publisher=Ministry of the Economy and Finance|date=April 2013}}</ref><br/> in 2014
|align="center" style="background:#FFE6E6"|{{hs|2016}}0.0%<ref name="Italian SP2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/sp2014_italy_en.pdf|title=Economic and Financial Document 2014: Section I – Italy's Stability Programme|publisher=Ministry of the Economy and Finance|date=8 April 2014}}</ref><br/> in 2016
|align="center" style="background:#FFE6E6"|{{hs|2018}}0.0%<ref name="Italian SP2015">{{cite web|url=http://www.dt.mef.gov.it/modules/documenti_en/analisi_progammazione/documenti_programmatici/PdS_2015_xENx.pdf|title=Economic and Financial Document 2015: Section I – Italy's Stability Programme|publisher=Ministry of the Economy and Finance|work=(translated to English 25 May 2015)|date=10 April 2015}}</ref><br/> in 2018<ref name="IT 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/12_it_scp_en.pdf|title=Assessment of the 2015 Stability Programme for ITALY|publisher=European Commission|date=27 May 2015}}</ref>
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!Latvia
|align="center" style="background:#D0F0C0"|-1.0%<ref name="Latvian CP2011">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nrp/cp_latvia_lv.pdf|title=Latvijas Konverģences programma 2011-2014 (Latvia's Convergence Programme 2011-2014)|language=lv|publisher=Latvian Ministry of Finance|date=29 April 2011}}</ref><br/>
<!--According to the current forecast the MTO would not be met, but according to the latest revised data from May 2015, Latvia met its MTO by posting a structural balance at -0.95% in 2011.-->
|align="center" style="background:#D0F0C0"|-0.5%<ref name="Latvian CP2012">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/cp2012_latvia_en.pdf|title=Convergence Programme of the Republic of Latvia 2012-2015|publisher=European Commission|date=April 2012}}</ref><br/>
<!--According to the current forecast the MTO would not be met, but according to the latest revised data from May 2015, Latvia met its MTO by posting a structural balance at +0.04% in 2012.-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2017}}-0.5%<ref name="Latvian CP2013">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/cp2013_latvia_en.pdf|title=Latvia's Convergence Programme for 2013-2016|publisher=Latvian Ministry of Finance|date=29 April 2013}}</ref><br/> earliest 2017
|align="center" style="background:#FFE6E6"|{{hs|2018}}-1.0%<ref name="Latvian SP2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/sp2014_latvia_en.pdf|title=Latvia's Stability Programme for 2014-2017|publisher=Latvian Ministry of Finance|date=April 2014}}</ref><br/><!--Latvia selected a national MTO at -0.5%, which they operate according to the structural balance calculated by their own "national method". Simultaneously the national MTO however is -1.0%, when the structural balance is calculated by the "European Commission method". When defining the balance target for the upcoming years, they calculate according to both methods, and select the strictest of the two results. As a special feature, they also allow temporarily to raise the structural deficit beyond the MTO-limit by an amount equaling the costs from implementing structural reforms and pension schemes – as long as it doesn't exceed their MTO Minimum Benchmark (which should be in compliance with how the EU method will allow temporary breaches of the MTO-limit).--> in 2018
|align="center" style="background:#FFE6E6"|{{hs|earliest 2019}}-1.0%<ref name="Latvian SP2015">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2015/sp2015_latvia_en.pdf|title=Latvia's Stability Programme for 2015-2018)|publisher=Latvian Ministry of Finance|date=April 2015}}</ref><br/> earliest 2019<ref name="LV 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/14_lv_scp_en.pdf|title=Assessment of the 2015 Stability Programme for LATVIA|publisher=European Commission|date=27 May 2015}}</ref>
<!--Latvia selected a national MTO at -0.5%, which they operate according to the structural balance calculated by their own "national method". Simultaneously the national MTO, however, is -1.0%, when the structural balance is calculated by the "European Commission method". When defining the balance target for the upcoming years, they calculate according to both methods, and select the strictest of the two results. As a unique feature, they also allow temporarily to raise the structural deficit beyond the MTO-limit by an amount equaling the costs from implementing structural reforms and pension schemes – if it doesn't exceed their MTO Minimum Benchmark (which should be in compliance with how the EU method will allow temporary breaches of the MTO-limit). In the 2015 Stability Programme, the forecast revealed the EU method (with MTO=-1%) actually to be stricter compared to the national method (with MTO=-0.5%) for all years in 2014-18, meaning that the EU method will set the binding structural targets for Latvia throughout this period. After having adjusted the EU-method's -1% MTO for Latvia from the impact of their structural reforms and pension scheme costs (while being allowed at most to deteriorate down to its MTO Minimum Benchmark), the "adjusted EU MTO-limit" was calculated to: 1.5% in 2013+14, 1.8% in 2015+16 and 1.4% in 2017+18+19. If Latvia manages to stay within the so-called "adjusted EU MTO-limit", it will declare to have achieved its MTO=-1% within the maximum deviation allowed (with its MTO-limit temporarily elevated because of implemented structural reforms and building up of a new pension scheme).-->
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!Lithuania
|align="center" style="background:#FFE6E6"|{{hs|earliest 2015}}+0.5%<ref name="Lithuanian CP2011">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nrp/cp_lithuania_en.pdf|title=Convergence Programme of Lithuania of 2011|publisher=Government of the Republic of Lithuania|date=28 April 2011}}</ref><br/> earliest 2015
|align="center" style="background:#FFE6E6"|{{hs|earliest 2016}}+0.5%<ref name="Lithuanian CP2012">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/cp2012_lithuania_en.pdf|title=Resolution no 446 on the Convergence Programme of Lithuania of 2012|publisher=Government of the Republic of Lithuania|date=11 May 2012}}</ref><br/> earliest 2016
|align="center" style="background:#FFE6E6"|{{hs|2016}}-1.0%<ref name="Lithuanian CP2013">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2013/01_programme/lt_2013-05-06_cp_en.pdf|title=Resolution no 343 on the Convergence Programme of Lithuania of 2013|publisher=Government of the Republic of Lithuania|date=8 May 2013}}</ref><br/> in 2016
|align="center" style="background:#FFE6E6"|{{hs|2015}}-1.0%<ref name="Lithuanian CP2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/cp2014_lithuania_en.pdf|title=Resolution no 346 on the Convergence Programme of Lithuania for 2014|publisher=Government of the Republic of Lithuania|date=12 May 2014}}</ref><br/> in 2015
|align="center" style="background:#FFE6E6"|{{hs|2016}}-1.0%<ref name="Lithuanian SP2015">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2015/sp2015_lithuania_en.pdf|title=Resolution no 440 on the Stability Programme of Lithuania for 2015|publisher=Government of the Republic of Lithuania|date=29 April 2015}}</ref><br/> in 2016<ref name="LT 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/15_lt_scp_en.pdf|title=Assessment of the 2015 Stability Programme for LITHUANIA|publisher=European Commission|date=27 May 2015}}</ref>
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!Luxembourg
|align="center" style="background:#D0F0C0"|{{hs|#100-99.5}}+0.5%<ref name="Luxembourg SP2011">{{cite web|url=http://www.mf.public.lu/publications/programme/12th_update_stability_growth_programme.pdf|title=12th update of the Luxembourg Stability and Growth Programme 2011-2014|publisher=Ministry of Finance|date=29 April 2011}}</ref><br/>
|align="center" style="background:#D0F0C0"|{{hs|#100-99.9}}+0.5%<ref name="Luxembourg SP2012">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/sp2012_luxembourg_en.pdf|title=13th update of the Luxembourg Stability and Growth Programme 2012-2015|publisher=Ministry of Finance|date=27 April 2012}}</ref><br/>
|align="center" style="background:#D0F0C0"|{{hs|#100-99.5}}+0.5%<ref name="Luxembourg SP2013">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2013/01_programme/lu_2013-04-26_sp_en.pdf|title=14th update of the Luxembourg Stability and Growth Programme 2013-2016|publisher=Government of Grand-Duchy of Luxembourg|date=26 April 2013}}</ref><br/>
|align="center" style="background:#D0F0C0"|{{hs|#100-99.5}}+0.5%<ref name="Luxembourg SP2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/sp2014_luxembourg_en.pdf|title=15th update of the Stability and Growth Programme of the Grand-Duchy Of Luxembourg 2014-2018|publisher=Ministry of Finance|date=25 April 2014}}</ref><br/>
|align="center" style="background:#D0F0C0"|{{hs|#100-99.5}}+0.5%<ref name="Luxembourg SP2015">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2015/sp2015_luxembourg_en.pdf|title=16th update of the Stability and Growth Programme of the Grand-Duchy Of Luxembourg 2015-2019|publisher=Ministry of Finance|date=29 May 2015}}</ref>
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!Malta
|align="center" style="background:#FFE6E6"|{{hs|earliest 2015}}0.0%<ref name="Maltese SP2011">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nrp/sp_malta_en.pdf|title=Malta: Update of Stability Programme 2011-2014|publisher=Maltese Ministry of Finance|date=April 2011}}</ref><br/> earliest 2015
|align="center" style="background:#FFE6E6"|{{hs|earliest 2016}}0.0%<ref name="Malta SP2012">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/sp2012_malta_en.pdf|title=Malta: Update of Stability Programme 2012-2015|publisher=Maltese Ministry of Finance|date=April 2012}}</ref><br/> earliest 2016
|align="center" style="background:#FFE6E6"|{{hs|earliest 2017}}0.0%<ref name="Malta SP2013">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2013/01_programme/mt_2013-05-07_sp_en.pdf|title=Malta: Update of Stability Programme 2013-2016|publisher=Maltese Ministry of Finance|date=7 May 2013}}</ref><br/> earliest 2017
|align="center" style="background:#FFE6E6"|{{hs|2018}}0.0%<ref name="Malta SP2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/sp2014_malta_en.pdf|title=Malta: Update of Stability Programme 2014-2017|publisher=Maltese Ministry of Finance|date=April 2014}}</ref><br/> in 2018
|align="center" style="background:#FFE6E6"|{{hs|earliest 2019}}0.0%<ref name="Malta SP2015">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2015/sp2015_malta_en.pdf|title=Malta: Update of Stability Programme 2015-2018|publisher=Maltese Ministry of Finance|date=April 2015}}</ref><br/> earliest 2019<ref name="MT 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/18_mt_scp_en.pdf|title=Assessment of the 2015 Stability Programme for MALTA|publisher=European Commission|date=27 May 2015}}</ref>
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!Netherlands
|align="center" style="background:#FFE6E6"|{{hs|earliest 2016}}-0.5%<ref name="Dutch SP2011">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nrp/cp_netherlands_en.pdf|title=Stability Programme of the Netherlands – April 2011 update|publisher=Ministry of Finance|date=21 April 2011}}</ref><br/> earliest 2016
|align="center" style="background:#FFE6E6"|{{hs|earliest 2016}}-0.5%<ref name="Dutch SP2012">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/sp2012_netherlands_en.pdf|title=Stability Programme of the Netherlands – April 2012|publisher=Ministry of Finance|date=April 2012}}</ref><br/> earliest 2016
|align="center" style="background:#FFE6E6"|{{hs|earliest 2018}}-0.5%<ref name="Dutch SP2013">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2013/01_programme/nl_2013-04-30_sp_en.pdf|title=Stability Programme of the Netherlands – April 2013|publisher=Ministry of Finance|date=30 April 2013}}</ref><br/> earliest 2018
|align="center" style="background:#D0F0C0"|-0.5%<ref name="Dutch SP2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/sp2014_netherlands_en.pdf|title=Stability Programme of the Netherlands – April 2014|publisher=Ministry of Finance|date=April 2014}}</ref><br/>
<!--According to the 2014-forecast the MTO would not be met, but according to the latest revised data from May 2015, Netherlands met its MTO by posting a structural balance at -0.2% in 2014.-->
|align="center" style="background:#D0F0C0"|-0.5%<ref name="Dutch SP2015">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2015/sp2015_netherlands_en.pdf|title=Stability Programme of the Netherlands – April 2015|publisher=Ministry of Finance|date=April 2015}}</ref><br/>
<!--According to the latest data from May 2015, Netherlands will meet its MTO by posting a structural balance at -0.3% in 2015.-->
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!Poland
|align="center" style="background:#FFE6E6"|{{hs|earliest 2015}}-1.0%<ref name="Polish CP2011">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nrp/cp_poland_en.pdf|title=Republic of Poland – Convergence Programme 2011 update|publisher=Ministry of Finance|date=April 2011}}</ref><br/><!--No target year was set, but there was an intermediate target to reach -2.0% in 2014, implying that -1.0% could be reached two years later in 2016 through the annual minimum improvements of 0.5%--> earliest 2015
|align="center" style="background:#FFE6E6"|{{hs|2015}}-1.0%<ref name="Polish CP2012">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/cp2012_poland_en.pdf|title=Convergence Programme 2012 update (Poland)|publisher=Ministry of Finance|date=April 2012}}</ref><br/> in 2015
|align="center" style="background:#FFE6E6"|{{hs|earliest 2017}}-1.0%<ref name="Polish CP2013">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/cp2013_poland_en.pdf|title=Convergence Programme 2013 update (Poland)|publisher=Ministry of Finance|date=April 2013}}</ref><br/> earliest 2017
|align="center" style="background:#FFE6E6"|{{hs|2018}}-1.0%<ref name="Polish CP2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/cp2014_poland_en.pdf|title=Convergence Programme 2014 update (Poland)|publisher=Ministry of Finance|date=30 April 2014}}</ref><br/> in 2018
|align="center" style="background:#FFE6E6"|{{hs|earliest 2019}}-1.0%<ref name="Polish CP2015">{{cite web|url=http://www.mf.gov.pl/documents/764034/1010438/The+Convergence+Programme+-+2015|title=Convergence Programme 2015 update (Poland)|publisher=Ministry of Finance|date=April 2015}}</ref><br/> earliest 2019<ref name="PL 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/21_pl_scp_en.pdf|title=Assessment of the 2015 Convergence Programme for POLAND|publisher=European Commission|date=27 May 2015}}</ref>
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!Portugal
|align="center" style="background:#FFE6E6"|{{hs|earliest 2019}}-0.5%<ref name="Economic Adjustment Programme for Portugal 2011">{{cite web|url=http://ec.europa.eu/economy_finance/publications/occasional_paper/2011/pdf/ocp79_en.pdf|title=The Economic Adjustment Programme for Portugal|work=Box 5|publisher=European Commission (DG for Economic and Financial Affairs|date=June 2011}}</ref><br/> in 2019<ref name="Economic Adjustment Programme for Portugal 2011"/>
<!--In absence of an approved national "Stability Report" and absence of recalculated structural balance data for Portugal (as per the EC method) in the "Public Finances in EMU 2011" report, the selected MTO as well as the forecast year of attaining it was extracted from the Commission's Economic Adjustment Programme report published in June 2011. This report has set specific targets for the nominal budget balance (-1.9%) and structural primary budget balance (+2.9%) to be reached in 2015, and then assumes further fiscal consolidation to take place between 2016-19 equal to a 0.5% annual structural budget balance improvement – in cumulative terms a 2.0% improvement – so that Portugal attains its -0.5% MTO in 2019.-->
|align="center" style="background:#FFE6E6"|{{hs|2014}}-0.5%<ref name="Portuguese SP2012">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2012/01_programme/pt_2012-05-02_sp_pt.pdf|title=Documento de Estratégia Orçamental 2012-2016 (Portugal – Stability Programme Update)|language=pt|publisher=Ministério das Finanças|date=2 May 2012}}</ref><br/> in 2014
|align="center" style="background:#FFE6E6"|{{hs|2017}}-0.5%<ref name="Portuguese SP2013">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/sp2013_portugal_pt.pdf|title=Documento de Estratégia Orçamental 2013-2017 (Portugal – Stability Programme Update)|language=pt|publisher=Ministério das Finanças|date=April 2013}}</ref><br/> in 2017
|align="center" style="background:#FFE6E6"|{{hs|2017}}-0.5%<ref name="Portuguese SP2014">{{cite web|url=http://www.portugal.gov.pt/media/1405438/20140430%20deo.pdf|title=Documento de Estratégia Orçamental 2014-2018 (Portugal – Stability Programme Update)|language=pt|publisher=Ministério das Finanças|date=30 April 2014}}</ref><br/> in 2017
|align="center" style="background:#FFE6E6"|{{hs|2019}}-0.5%<ref name="Portuguese SP2015">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2015/sp2015_portugal_pt.pdf|title=Programa de Estabilidade 2015-2019 (Portugal – Stability Programme 2015-2019)|language=pt|publisher=Ministério das Finanças|date=22 April 2015}}</ref><br/> in 2019<ref name="PT 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/22_pt_scp_en.pdf|title=Assessment of the 2015 Stability Programme for PORTUGAL|publisher=European Commission|date=27 May 2015}}</ref>
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!Romania
|align="center" style="background:#FFE6E6"|{{hs|2014}}-2.0%<ref name="Romanian CP2011">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nrp/cp_romania_en.pdf|title=Government of Romania Convergence programme 2011-2014|publisher=Ministry of Finance|date=29 April 2011}}</ref><br/><!---The convergence programme defined "-2.0% in 2014" as its MTO, with an adjustment path resulting in this being achieved by -1.9% in 2014. However, the Commission's "Public Finances in EMU 2011" report incorrectly claimed the Romanian MTO instead was kept at -0.7%, and therefore would not be attained before 2015 at the earliest. If the Romanian MTO indeed was -2.0%, the recalculated structural balance data of the Commission's report agreed this was attainable already in 2014.--> in 2014
|align="center" style="background:#FFE6E6"|{{hs|2014}}-0.7%<ref name="Romanian CP2012">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/cp2012_romania_en.pdf|title=Government of Romania Convergence programme 2012-2015|publisher=Ministry of Finance|date=April 2012}}</ref><br/> in 2014<!--The convergence programme defined "-0.7% in 2014" as its MTO, with an adjustment path resulting in this being achieved by -0.7% in 2014. The Commission's recalculation of its structural balance in the "Public Finances in EMU 2012" report, conquered that the MTO would be reached in 2014.-->
|align="center" style="background:#FFE6E6"|{{hs|2016}}-1.0%<ref name="Romanian CP2013">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2013/01_programme/ro_2013-04-30_cp_en.pdf|title=Government of Romania Convergence Programme 2013-2016|publisher=Government of Romania|date=April 2013}}</ref><br/> in 2016 <!---The convergence programme selected -1.0% in 2014 as MTO, with an adjustment path resulting in this being achieved in 2014. However, when the EC utilized the EC method to calculate the structural balance the MTO was indicated to be achieved only in 2016.-->
|align="center" style="background:#D0F0C0"|-1.0%<ref name="Romanian CP2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/cp2014_romania_en.pdf|title=Government of Romania Convergence Programme 2014-2017|publisher=Government of Romania|date=April 2014}}</ref><br/>
<!---The convergence programme 2014 selected -1.0% MTO to be reached in 2015. When the EC utilized the EC method to calculate the structural balance in June 2014, they agreed the MTO indeed would be met in 2015. According to the latest revised figures for its structural balance published in May 2015, it appeared Romania with a balance at exactly -1.0% had managed to reach their MTO already in 2014.-->
|align="center" style="background:#FFE6E6"|{{hs|2016}}-1.0%<ref name="Romanian CP2015">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2015/cp2015_romania_en.pdf|title=Government of Romania Convergence Programme 2015-2018|publisher=Government of Romania|date=April 2015}}</ref><br/> in 2016<ref name="RO 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/23_ro_scp_en.pdf|title=Assessment of the 2015 Convergence Programme for ROMANIA|publisher=European Commission|date=27 May 2015}}</ref>
<!--The Romaninan Structural Balance was calculated by the Commission to reach -1.1% in 2015 followed by -0.9% in 2016, on basis of fiscal consolidation measures notified by the submitted Romanian Convergence Programme. This mean Romania wont meet their -1.0% MTO in 2015, but will meet it again already in 2016.-->
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!Slovakia
|align="center" style="background:#FFE6E6"|{{hs|earliest 2015}}0.0%<ref name="Slovak SP2011">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nrp/sp_slovakia_en.pdf|title=Stability Programme of the Slovak Republic for 2011-2014|publisher=Ministry of Finance of the Slovak Republic|date=April 2011}}</ref><br/> earliest 2015
|align="center" style="background:#FFE6E6"|{{hs|earliest 2016}}-0.5%<ref name="Slovak SP2012">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/sp2012_slovakia_en.pdf|title=Stability Programme of the Slovak Republic for 2012-2015|publisher=Ministry of Finance of the Slovak Republic|date=April 2012}}</ref><br/> earliest 2016
|align="center" style="background:#FFE6E6"|{{hs|earliest 2017}}-0.5%<ref name="Slovak SP2013">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/sp2013_slovakia_en.pdf|title=Stability Programme of the Slovak Republic for 2013-2016|publisher=Ministry of Finance of the Slovak Republic|date=April 2013}}</ref><br/> earliest 2017
|align="center" style="background:#FFE6E6"|{{hs|2018}}-0.5%<ref name="Slovak SP2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/sp2014_slovakia_en.pdf|title=Stability Programme of the Slovak Republic for 2014-2017|publisher=Ministry of Finance of the Slovak Republic|date=April 2014}}</ref><br/> in 2018
|align="center" style="background:#FFE6E6"|{{hs|earliest 2019}}-0.5%<ref name="Slovak SP2015">{{cite web|url=http://www.finance.gov.sk/en/Components/CategoryDocuments/s_LoadDocument.aspx?categoryId=347&documentId=650|title=Stability Programme of the Slovak Republic for 2015-2018|publisher=Ministry of Finance of the Slovak Republic|date=April 2015}}</ref><br/> earliest 2019<ref name="SK 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/25_sk_scp_en.pdf|title=Assessment of the 2015 Stability Programme for SLOVAKIA|publisher=European Commission|date=27 May 2015}}</ref>
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!Slovenia
|align="center" style="background:#FFE6E6"|{{hs|earliest 2015}}0.0%<ref name="Slovenian SP2011">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nrp/sp_slovenia_en.pdf|title=The Republic of Slovenia: Stability Programme 2011 Update|publisher=The Republic of Slovenia|date=April 2011}}</ref><br/> earliest 2015
|align="center" style="background:#FFE6E6"|{{hs|earliest 2016}}0.0%<ref name="Slovenian SP2012">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/sp2012_slovenia_en.pdf|title=The Republic of Slovenia: Stability Programme 2012 Update|publisher=The Republic of Slovenia|date=April 2012}}</ref><br/> earliest 2016
|align="center" style="background:#FFE6E6"|{{hs|earliest 2017}}0.0%<ref name="Slovenian SP2013">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2013/01_programme/si_2013-05-09_sp_en.pdf|title=The Republic of Slovenia: Stability Programme 2013 Update|publisher=The Republic of Slovenia|date=9 May 2013}}</ref><br/> earliest 2017<br /><small>'''Min.MTO = +0.25%'''<!--This Min.MTO at +0.25% was calculated by the Commission Services in Autumn 2012 before the new Slovenian pension reform enacted in 2012 had been reviewed. The staff report from 29 May 2013 notes that EPC now have reviewed the pension reform at its 28 May 2013 meeting; and as Slovenia just asked for a recalculation of its Min.MTO, the Commission Service will now perform this recalculation in June/July 2013 based on the new situation after the implemented pension reform--><ref name="SL 2013 assessment">{{cite web|url=https://commission.europa.eu/document/download/b99731b0-4a6d-4a46-97ea-428a0a728bb0_en?filename=swd2013_slovenia_en.pdf|title=COMMISSION STAFF WORKING DOCUMENT: Assessment of the 2013 national reform programme and stability programme for SLOVENIA|publisher=European Commission|date=29 May 2013}}</ref></small>
|align="center" style="background:#FFE6E6"|{{hs|earliest 2019}}0.0%<ref name="Slovenian SP2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/sp2014_slovenia_en.pdf|title=The Republic of Slovenia: Stability Programme 2014 amendments|publisher=The Republic of Slovenia|date=April 2014}}</ref><br/> earliest 2019
|align="center" style="background:#FFE6E6"|{{hs|earliest 2020}}0.0%<ref name="Slovenian SP2015">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2015/sp2015_slovenia_en.pdf|title=The Republic of Slovenia: Stability Programme 2015 amendments|publisher=The Republic of Slovenia|date=April 2015}}</ref><br/> earliest 2020<ref name="SL 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/24_si_scp_en.pdf|title=Assessment of the 2015 Stability Programme for SLOVENIA|publisher=European Commission|date=27 May 2015}}</ref>
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!Spain
|align="center" style="background:#FFE6E6"|{{hs|earliest 2015}}0.0%<ref name="Spanish SP2011">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nrp/sp_spain_en.pdf|title=Stability Programme Spain 2011-2014|publisher=Ministry of Finance|date=April 2011}}</ref><br/> earliest 2015
|align="center" style="background:#FFE6E6"|{{hs|earliest 2016}}0.0%<ref name="Spanish SP2012">{{cite web|url=http://serviciosweb.meh.es/APPS/DGPE/Textos/ProgEst/historicos/Ing/stabprog_2012-2015.pdf|title=Stability Programme Update, Kingdom of Spain, 2012-2015|publisher=Ministry of Finance|date=April 2012|access-date=1 May 2015|archive-date=20 June 2013|archive-url=https://web.archive.org/web/20130620135224/http://serviciosweb.meh.es/APPS/DGPE/Textos/ProgEst/historicos/Ing/stabprog_2012-2015.pdf|url-status=dead}}</ref><br/> earliest 2016
|align="center" style="background:#FFE6E6"|{{hs|earliest 2017}}0.0%<ref name="Spanish SP2013">{{cite web|url=http://www.thespanisheconomy.com/stfls/tse/ficheros/2013/agosto/Stability_Programme_Update_2013_2016.pdf|title=Stability Programme Update, Kingdom of Spain, 2013-2016|publisher=Ministry of Finance|date=April 2013}}</ref><br/> earliest 2017
|align="center" style="background:#FFE6E6"|{{hs|2018}}0.0%<ref name="Spanish SP2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/sp2014_spain_en.pdf|title=Stability Programme Update, Kingdom of Spain, 2014-2017|publisher=Ministry of Finance|date=April 2014}}</ref><br/> in 2018
|align="center" style="background:#FFE6E6"|{{hs|earliest 2019}}0.0%<ref name="Spanish SP2015">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2015/sp2015_spain_en.pdf|title=Stability Programme Update, Kingdom of Spain, 2015-2018|publisher=Ministry of Finance|date=April 2015}}</ref><br/> earliest 2019<ref name="ES 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/09_es_scp_en.pdf|title=Assessment of the 2015 Stability Programme for SPAIN|publisher=European Commission|date=27 May 2015}}</ref>
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!Sweden
|align="center" style="background:#FFE6E6"|{{hs|2011}}+1.0%<ref name="Swedish CP2011">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nrp/cp_sweden_en.pdf|title=Convergence programme for Sweden – 2011 update|publisher=Government Offices of Sweden|date=13 April 2011}}</ref><br/> in 2011
<!--As in previous years throughout 1998-2010, the Swedish MTO was not operated as a year-specific target, but as an average target to be achieved over a complete business cycle. In absence of a year-specific MTO-target in 2011, the average target for a complete cycle is listed by the table, and the compliance color then indicates if the year-specific structural balance was above/below the MTO-targeted 1% average for Sweden (without saying anything about the compliance when calculated as the average value over the cycle). The Contemporary forecast data thought Sweden would be within its MTO in 2011. However, according to the latest revised data published in May 2015, the structural balance ended at 0.0% in 2011, meaning Sweden failed to meet its MTO.-->
|align="center" style="background:#D0F0C0"|-1.0%<ref name="Swedish CP2012">{{cite web|url=http://ec.europa.eu/europe2020/pdf/nd/cp2012_sweden_en.pdf|title=Sweden's convergence programme 2012|publisher=Government Offices of Sweden|date=20 April 2012}}</ref><br/><!--Sweden notes that although their MTO towards EU has been set to 1.0% deficit, they are still as a national operational target striving towards reaching a MTO at 1.0% surplus in average across an entire business cycle. This two-sided approach, running both an EU-MTO for the specific year along with a "National-MTO average target" for the entire business cycle, has been explained in full detail by the hidden note written in the table below – at the row with data for Sweden in 2015.-->
|align="center" style="background:#D0F0C0"|-1.0%<ref name="Swedish CP2013">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2013/01_programme/se_2013-04-19_cp_en.pdf|title=Sweden's convergence programme 2013|publisher=Sweden's Ministry of Finance|date=19 April 2013}}</ref><br/>
<!--Sweden notes that although their binding MTO towards EU has been set to a 1.0% deficit, they are still at the national level striving towards achieving a structural balance at 1.0% surplus as average for the current business cycle.-->
|align="center" style="background:#FFE6E6"|{{hs|2014}}-1.0%<ref name="Swedish CP2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/cp2014_sweden_en.pdf|title=Sweden's convergence programme 2014|publisher=Sweden's Ministry of Finance|date=16 April 2014}}</ref><br/> in 2014
<!--Sweden was forecast by the Commission's "Public Finance in EMU 2014" report to meet its EU-MTO in 2014, but when final revised data for the year subsequently was published in May 2015, the MTO-target was concluded not to have been achieved (barely missed) as the structural balance ended at -1.06%.-->
|align="center" style="background:#D0F0C0"|-1.0%<ref name="Swedish CP2015">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2015/cp2015_sweden_en.pdf|title=Sweden's convergence programme 2015|publisher=Sweden's Ministry of Finance|date=April 2015}}</ref><br/>
<!--Sweden notes that although their binding MTO towards EU has been set to a 1.0% deficit, they are still at the national level striving towards achieving a structural balance at 1.0% surplus as average for the current business cycle. As Sweden regard their National-MTO target primarily to be a forward-guided target for its fiscal policy, the compliance with the target is assessed according to the forecast for the upcoming medium-term period – and not by calculating the average of the structural balance for all historically completed years in the current business cycle. Still, the report calculates a historical 10-year average for the structural balance (2005-14), but for the only purpose to help indicate if their exist systemic failure in the fiscal policy risking to limit the likelihood for the government to reach its National-MTO target in the future. The compliance check with its National-MTO target is instead based on a calculation of the average for the structural balance across the nearest 7 years with available recorded/forecast data (2012-2018). In the 2015-program they conclude to have met (and meet) their -1% EU-MTO throughout all specific years in 2014-18, but at the same time conclude to deviate from their stricter +1% National-MTO average target in all years across 2015-18. Sweden explain their reason for running two different versions of the MTO, is because they want both limits to be kept constant throughout a business cycle, where they in addition to "automatic stabilizers" will have the freedom (room) also to kick in active fiscal policy to help alleviate economic downturns – meaning that their "+1% National MTO as average of the business cycle" will be consistent with its structural balance reaching the lower limit of -1% (EU-MTO) during economic downturns followed by years of being in "balance or surplus" across years with normal economic activity so that the average ultimately reach the +1% across the business cycle (national-MTO). The fiscal policy approach (utilizing "active fiscal policy" in addition to "automatic stabilizers") is identical in Sweden and Denmark. So the only point where the two states differ, is that Denmark chose only to have one official current EU-MTO, which Denmark then expect to revise on an ongoing forwarded-guided basis across their business cycles (being set to the lowest limit in years with economic downturn, and then revised up at "balance/surplus" in those years where its real GDP exceeds or equal its potential GDP).-->
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!United<br/>Kingdom<br/>{{small|(former<br/>member)}}
|align="center" style="background:#FFE6E6"|{{hs|earliest 2015-16 fiscal year}}<small>N/A<ref name="Convergence Programme for UK in 2011"/> ⇔ -1.0%<br/> earliest 2015-16</small><br /><small>CACB=0.0% in 2014-15<!--The Cyclically-Adjusted Current Budget (CACB) has a 50% chance to turn into the targeted surplus territory. As the UK has an exemption towards the EU fiscal rules, it has not defined a MTO, but their CACB target is somewhat similar.--><ref name="Convergence Programme for UK in 2011">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2011/01_programme/uk_2011-04-28_cp_en.pdf|title=2010-11 Convergence Programme for the United Kingdom|publisher=HM Treasury|date=28 April 2011}}</ref></small><br /><small>'''Min.MTO = -1.0%'''<ref name="Fiscal Sustainability Report 2009"/></small><!--The UK Minimum MTO was advised to be -1.0% by the Commissions Fiscal Sustainability Report 2009 (after also taking other minimum requirements than the Minimum Benchmark into concern).-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2016-17 fiscal year}}<small>N/A<ref name="Convergence Programme for UK in 2012"/> ⇔ -1.0%<br/> earliest 2016-17</small><br /><small>CACB=0.0% in 2016-17<ref name="Convergence Programme for UK in 2012">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2012/01_programme/uk_2012-04-30_cp_en.pdf|title=2011-12 Convergence Programme for the United Kingdom|publisher=HM Treasury|date=30 April 2012}}</ref></small><br /><small>'''Min.MTO = -1.0%'''<ref name="MTOs in December 2012"/></small>
<!--The Cyclically-Adjusted Current Budget (CACB) has a 50% chance to turn into the targeted surplus territory in 2016-17, according to the UK Convergence Programme. As the UK has an exemption towards the EU fiscal rules, it has not defined a MTO, but their CACB target is similar, which is why it has been listed in the wikitable. For the UK, the Commission's 2012 Fiscal Sustainability Report assumed "-1.0% of GDP" to be its MTO in structural terms (because of being its calculated Minimum MTO), which will apply for UK until the next recalculation of Minimum MTOs will be conducted in Autumn 2015. The calculated Min.MTO is also utilized and referred to throughout all the Commission's annual Staff Working Documents for UK, as part of assessing whether UK complied with its related "expenditure benchmark" (because this benchmark shall be a special lower calculated rate for as long as UK is on the adjustment path to reach their Minimum MTO). In absence of a nationally selected MTO in structural terms, the compliance color of this wikitable cell therefore indicate whether UK in the specific year complied with its Min.MTO in structural terms.-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2018-19 fiscal year}}<small>N/A<ref name="Convergence Programme for UK in 2013"/> ⇔ -1.0%<br/> earliest 2018-19</small><br /><small>CACB=0.0% in 2016-17<ref name="Convergence Programme for UK in 2013">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2013/01_programme/uk_2013-04-30_cp_en.pdf|title=2012-13 Convergence Programme for the United Kingdom|publisher=HM Treasury|date=30 April 2013}}</ref></small><br /><small>'''Min.MTO = -1.0%'''<ref name="MTOs in December 2012"/></small>
<!--The Cyclically-Adjusted Current Budget (CACB) has a 50% chance to turn into the targeted surplus territory in 2016-17, according to the UK Convergence Programme. As the UK has an exemption towards the EU fiscal rules, it has not defined a MTO, but their CACB target is similar – although it corresponds to a MTO for UK around 1.3% lower (0.0% CACB = -1.3% MTO) when including the public net investments. This is why the CACB target is also displayed by the wikitable. The CACB "achievement year" noted along, corresponds to when the latest national UK forecast predict their target will be reached, while the "fiscal mandate" of the government only legally requires the government to reach the target at the latest by the last year of the rolling 5-year period. For the UK, the Commission's 2012 Fiscal Sustainability Report assumed "-1.0% of GDP" to be its MTO in structural terms (because of being its calculated Minimum MTO), which will apply for UK until the next recalculation of Minimum MTOs will be conducted in Autumn 2015. The calculated Min.MTO is utilized and referred to throughout all the Commission's annual Staff Working Documents for UK, as part of assessing whether UK complied with its related "expenditure benchmark" (because this benchmark shall be a special lower calculated rate for as long as UK is on the adjustment path to reach their Minimum MTO). In absence of a nationally selected MTO in structural terms, the compliance color of this wikitable cell therefore indicate whether UK in the specific year complied with its Min.MTO in structural terms.-->
|align="center" style="background:#FFE6E6"|{{hs|earliest 2018-19 fiscal year}}<small>N/A<ref name="Convergence Programme for UK in 2014"/> ⇔ -1.0%<br/> in 2018-19</small><br /><small>CACB=0.0% in 2017-18<ref name="Convergence Programme for UK in 2014">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2014/cp2014_uk_en.pdf|title=2013-14 Convergence Programme for the United Kingdom|publisher=HM Treasury|date=April 2014}}</ref></small><br /><small>'''Min.MTO = -1.0%'''<ref name="MTOs in December 2012"/></small>
<!--The Cyclically-Adjusted Current Budget (CACB) has been forecast to turn into the targeted surplus territory in 2017-18, according to the UK Convergence Programme. As the UK has an exemption towards the EU fiscal rules, it has not defined a MTO, but their CACB target is similar – although it corresponds to a MTO for UK around 1.3% lower (0.0% CACB = -1.3% MTO) when including the public net investments. This is why the CACB target is also displayed by the wikitable. The CACB "achievement year" noted along, corresponds to when the latest national UK forecast predict their target will be reached, while the "fiscal mandate" of the government only legally requires the government to reach the target at the latest by the last year of the rolling 5-year period. For the UK, the Commission's 2012 Fiscal Sustainability Report assumed "-1.0% of GDP" to be its MTO in structural terms (because of being its calculated Minimum MTO), which will apply for the UK until the next recalculation of Minimum MTOs will be conducted in Autumn 2015. The calculated Min.MTO is utilized and referred to throughout all of the Commission's annual Staff Working Documents for UK, as part of assessing whether UK complied with its related "expenditure benchmark" (because this benchmark shall be a special lower calculated rate for as long as the UK is on the adjustment path to reach their Minimum MTO). In absence of a nationally selected MTO in structural terms, the compliance color of this wikitable cell therefore indicate whether the UK in the specific year complied with its Min.MTO in structural terms.-->
|align="center" style="background:#FFE6E6"|{{hs|2017-18}}<small>N/A<ref name="Convergence Programme for UK in 2015"/> ⇔ -1.25%<br/> in 2017-18<ref name="UK 2015 assessment">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2015/28_uk_scp_en.pdf|title=Assessment of the 2015 Convergence Programme for UNITED KINGDOM|publisher=European Commission|date=27 May 2015}}</ref></small><br /><small>CACB=0.0% in 2017-18<ref name="Convergence Programme for UK in 2015">{{cite web|url=http://ec.europa.eu/europe2020/pdf/csr2015/cp2015_uk_en.pdf|title=2014-15 Convergence Programme for the United Kingdom|publisher=HM Treasury|date=March 2015}}</ref></small><br /><small>'''Min.MTO = -1.25%'''<ref name="MTOs in 2015"/></small>
<!--The Cyclically-Adjusted Current Budget (CACB) has been forecast to turn into the targeted surplus territory in 2017-18, according to the UK Convergence Programme. As the UK has an exemption towards the EU fiscal rules, it has not defined an MTO, but their CACB target is similar – although it corresponds to a MTO for UK around 1.3% lower (0.0% CACB = -1.3% MTO) when including the public net investments. This is why the CACB target is also displayed by the wikitable. The CACB "achievement year" noted along, corresponds to when the latest national UK forecast predict their target will be reached, while the "fiscal mandate" of the government only legally requires the government to reach the target at the latest by the last year of the rolling 5-year period. For the UK, the Commission's 2015 Summary report for all submitted stability/convergence programmes, mentioned the Commission has calculated a "-1.25% of GDP" to be the Min.MTO in structural terms for the UK, which will apply for UK until the next recalculation of Minimum MTOs will be conducted in Autumn 2018. The calculated Min.MTO is utilized and referred to throughout all the Commission's annual Staff Working Documents for UK, as part of assessing whether the UK complied with its related "expenditure benchmark" (because this benchmark shall be a special lower calculated rate for as long as UK is on the adjustment path to reach their Minimum MTO). In absence of a nationally selected MTO in structural terms, the compliance color of this wikitable cell therefore indicates whether the UK in the specific year complied with its Min.MTO in structural terms.-->
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<small>{{legend|#FFE6E6|'''MTO not reached <small>(as per the latest data calculated by the EC method in May 2015)</small>, with note of the forecast year to reach it <small>(as per the concurrent EC forecast made on basis of the national stability programme)</small>'''}}</small><small>{{legend|#D0F0C0|'''MTO reached <small>(as per the latest data calculated by the EC method in May 2015)</small>'''}}</small>

<small>'''Note about UK:''' Paragraph 4 of [[s:Consolidated protocols, annexes and declarations attached to the treaties of the European Union/Protocols#PROTOCOL (No 15) ON CERTAIN PROVISIONS RELATING TO THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND|Treaty Protocol No 15]], exempts UK from the obligation in [[:s:Consolidated version of the Treaty on the Functioning of the European Union/Title VIII: Economic and Monetary Policy#Article 126|Article 126(1+9+11)]] of the [[Treaty on the Functioning of the European Union]] to avoid excessive general government deficits, for as long as the state opts not to adopt the euro. Paragraph 5 of the same protocol however still provides that the "UK shall endeavour to avoid an excessive government deficit". On one hand, this means that the Commission and Council still approach the UK with EDP recommendations whenever excessive deficits are found,<ref>{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/30_edps/104-07_council/2009-12-02_uk_126-7_council_en.pdf|title=Council Recommendation to the United Kingdom with a view to bringing an end to the situation of an excessive government deficit (15765/09)|publisher=Council of the European Union|date=30 November 2009|access-date=3 June 2013}}</ref> but on the other hand, they legally cannot launch any sanctions against the UK if they do not comply with the recommendations. Due to its special exemption, the UK also did not incorporate the additional MTO adjustment rules introduced by the 2005 SGP reform and [[sixpack (European Union law)|six-pack reform]]. Instead, the UK defined their own budget concept, which was operated by a ''"Golden rule"'' and ''"Sustainable investment rule"'' throughout 1998-2008 (described in detail by the table note further above), and since then by a ''"temporary operating rule"''.</small>
* <small>The so-called ''temporary operating rule'' commit the government ''"to allow for a sharp Cyclically-Adjusted Current Budget (CACB) deterioration in the short-term during a severe economic crisis (throughout 2008-09 and 2009-10), by applying active loosening fiscal policy in addition to the automatic stabilizers, and then once the economy has emerged from the downturn, to set policies to improve the CACB each year going forward, so that it reaches balance and net debt start to decrease in the medium-term"''. In other words, the CACB is targeted only to reach a minimum of 0.0% in the medium term, after having been allowed temporarily to deteriorate throughout the 2008–09 and 2009-10 fiscal years. The CACB figures correspond to the commission's reported structural budget balance figures, except that it does not include the expenditure "Public sector net investment" and refrains from performing any adjustment for one-off revenues/expenditures.<ref name="UK June 2010 emergency budget">{{cite web|url=http://cdn.hm-treasury.gov.uk/junebudget_complete.pdf|title=Budget 2010: Copy of Economic and Fiscal Strategy Report and Financial Statement and Budget Report – June 2010, as laid before the House of Commons by the Chancellor of the Exchequer when opening the Budget|publisher=HM Treasury|date=22 June 2010|access-date=3 June 2013|archive-date=8 February 2013|archive-url=https://web.archive.org/web/20130208175228/http://cdn.hm-treasury.gov.uk/junebudget_complete.pdf|url-status=dead}}</ref> For comparison with the SGP's definition of structural budget balance, it shall be noted that the UK has been forecasted to spend on average 1.5% of GDP annually on "Public sector net investment" throughout the seven years from 2013–14 to 2019–20. When this extra expense is subtracted from the CACB balance, it will be equal to the commission's "structural budget balance before adjustment for one-off revenues/expenditures".<ref name="Convergence Programme for UK in 2015"/> As of 2015, the CACB surplus target and CACB definition has remained unchanged, but its achievement date has now been postponed from its initial set 2015-16 fiscal year<ref name="Convergence Programme for UK in 2009"/> to the 2017-18 fiscal year.<ref name="Convergence Programme for UK in 2015"/></small>
* <small>The UK fiscal debt-ratio target under the "temporary operating rule", also differs from the SGP debt-ratio target, as it measure compliance with the target according to "net debt" rather than "gross debt", and only require a declining trend to start from 2015 to 2016,<ref name="UK fiscal mandate adopted by the June 2010 emergency budget">{{cite web|url=http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/30_edps/communication_to_the_council/2010-07-06_uk_communication_on_action_taken_en.pdf|title=COMMUNICATION FROM THE COMMISSION TO THE COUNCIL: Assessment of the action taken by the United Kingdom in response to the Council Recommendations of 2 December 2009 with a view to bringing an end to the situation of excessive government deficit|publisher=European Commission|date=6 July 2010|access-date=3 June 2013}}</ref> a target which was slightly postponed in 2015, so that it shall now only decrease starting from 2016 to 2017.<ref name="Convergence Programme for UK in 2015"/></small>
* <small>As no MTO was nationally selected by the UK in "structural balance terms" – throughout the entire period covered by the table, the compliance colors for the UK indicate whether or not its structural balance each year respected its "Minimum MTO" as calculated in structural balance terms by the commission.</small>

== See also ==
* [[Convergence criteria]] for joining the [[Eurozone]]
* [[Fiscal union]]
* [[Euro Plus Pact]]
* [[Sixpack (EU)]]
* [[List of acronyms associated with the eurozone crisis]]

== Bibliography ==
* Matthias Belafi und Roman Maruhn (2005): [http://www.cap.lmu.de/download/2005/2005_swpeu2.pdf C·A·P-Position: Ein neuer Stabilitätspakt? Bilanz des Gipfelkompromisses], Centrum für angewandte Politikforschung {{in lang|de}}
* Anne Brunila, Marco Buti & Daniele Franco,: The Stability and Growth Pact, Palgrave, 2001
* [[Peter Bofinger]] (2003): [http://www2.wifak.uni-wuerzburg.de/vwl1/downloads/s.4-7forum.pdf »The Stability and Growth Pact neglects the policy mix between fiscal and monetary policy«] {{Webarchive|url=https://web.archive.org/web/20080308204409/http://www2.wifak.uni-wuerzburg.de/vwl1/downloads/s.4-7forum.pdf |date=8 March 2008 }}, in: [[Intereconomics]], Review of European Economic Policy, 1, S. 4–7.
* [[Daniel Gros]] (2005): Reforming the Stability Pact, S. 14–17, in: Boonstra, Eijffinger, Gros, Hefeker (2005), Forum: The Stability and Growth Pact in Need of Reform, in: Intereconomics, 40. Jg., Nr. 1, S. 4–21.
* Friedrich Heinemann (2004): Die strategische Klugheit der Dummheit – keine Flexibilisierung des Stabilitätspaktes ohne Entpolitisierung, S. 62–71, in: Hefeker, Heinemann, Zimmermann (2004), Wirtschaftspolitisches Forum: Braucht die EU einen flexibleren Stabilitätspakt?, in: Zeitschrift für Wirtschaftspolitik, 53. Jahrgang, Heft 1, S. 53–80. {{in lang|de}}
* Kai Hentschelmann (2010): [http://www.europa-kolleg-hamburg.de/fileadmin/user_upload/documents/Discussion_Papers/DP1_10_Hentschelmann_final.pdf Der Stabilitäts- und Wachstumspakt als Ordnungsrahmen in Krisenzeiten], Europa-Kolleg Hamburg, Institute for European Integration, Discussion Paper Nr. 1/10. {{in lang|de}}

==Criticism==
The Pact has been criticised by some as being insufficiently flexible and needing to be applied over the [[economic cycle]] rather than in any one year.<ref name=":0">{{Cite book |last=Grauwe |first=Paul De |title=Economics of monetary union |location=Oxford |publisher=Oxford University Press |edition=6th |year=2005 |isbn=0-19-927700-1 }}</ref> The problem is, that countries in the EMU cannot react to [[Shock (economics)|economic shocks]] with a change of their [[monetary policy]] since it is coordinated by the [[European Central Bank|ECB]] and not by national central banks. Consequently, countries must use [[fiscal policy]] i.e. government spending to absorb the shock.<ref name=":0" /> They fear that by limiting governments' abilities to spend during economic slumps may intensify recessions and hamper growth. In contrast, other critics think that the Pact is too flexible; economist Antonio Martino writes: "The fiscal constraints introduced with the new currency must be criticized not because they are undesirable—in my view they are a necessary component of a liberal order—but because they are ineffective. This is amply evidenced by the "creative accounting" gimmickry used by many countries to achieve the required deficit to GDP ratio of 3 per cent, and by the immediate abandonment of fiscal prudence by some countries as soon as they were included in the euro club. Also, the Stability Pact has been watered down at the request of Germany and France."<ref>[https://www.cato.org/sites/cato.org/files/serials/files/cato-journal/2008/5/cj28n2-10.pdf Milton Friedman and the Euro], Cato Institute, 2008</ref>

The Maastricht criteria has been applied inconsistently: the Council failed to apply sanctions against the first two countries that broke the 3% rule: France and Germany, yet punitive proceedings were started (but fines never applied) when dealing with Portugal (2002) and Greece (2005). In 2002 the [[European Commission President]] (1999–2004)<ref>{{Cite news | title=The Commissioners – Profiles, Portfolios and Homepages | work=The European Commission | url=http://ec.europa.eu/archives/commission_1999_2004/index_en.htm | access-date=21 March 2007}}</ref> [[Romano Prodi]] described it as "stupid",<ref>{{Cite web|url=http://news.bbc.co.uk/1/hi/business/2336823.stm |title=Row over 'stupid' EU budget rules |publisher=BBC News |date=17 October 2002 |access-date=26 April 2011}}</ref> but was still required by the Treaty to seek to apply its provisions.

The Pact has proved to be unenforceable against big countries that dominate the EU economically, such as France and Germany, which were its strongest promoters when it was created. These countries have run "excessive" deficits under the Pact definition for some years. The reasons that larger countries have not been punished include their influence and large number of votes on the Council, which must approve sanctions; their greater resistance to "naming and shaming" tactics, since their electorates tend to be less concerned by their perceptions in the European Union; their weaker commitment to the euro compared to smaller states; and the greater role of government spending in their larger and more enclosed economies. The Pact was further weakened in 2005 to waive France's and Germany's violations.<ref>{{cite book |title=Tragedy of the Euro |author=Philipp Bagus |year=2010 |publisher=Ludwig von Mises Institute |isbn=978-1-61016-118-3 |url=http://mises.org/books/bagus_tragedy_of_euro.pdf}}</ref>

==References==
{{Reflist}}

==External links==
* [http://eur-lex.europa.eu/legal-content/EN/ALL/;ELX_SESSIONID=bxJvTFPJrkPdGRf3xgTjLNqWs25G7QnJfJGT07pKjsBr3Dvh7RsC!-419626452?uri=CELEX:31997R1466 Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies]
* [http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:31997R1467 Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure]
* [http://ec.europa.eu/economy_finance/sgp/index_en.htm European Commission, Directorate General for Economic and Financial Affairs. Stability and Growth Pact]
* [https://www.destatis.de/EN/FactsFigures/NationalEconomyEnvironment/NationalAccounts/EUStabilityPact/Tables/DebtratioEU.html Federal Statistical Office Germany page on General government consolidated gross debt as a percentage of GDP]
* [https://www.destatis.de/EN/FactsFigures/NationalEconomyEnvironment/NationalAccounts/EUStabilityPact/Tables/DeficitratioEU.html Federal Statistical Office Germany page on Share of net borrowing or net lending of general government in the gross domestic product]
* [http://library.fes.de/pdf-files/id/ipa/07724.pdf Björn Hacker/Till van Treeck: What influence for European governance? The reformed stability and growth pact, the Europe 2020 strategy and the "European Semester"], Friedrich-Ebert-Stiftung, December 2010 (PDF 115 KB)

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{{DEFAULTSORT:Stability and Growth Pact}}
[[Category:European Union economic policy]]
[[Category:Fiscal policy]]
[[Category:1997 in economic history]]
[[Category:1997 in the European Union]]