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Excessive Deficit Procedure

In: Public Finance and National Accounts in the European Context

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  • Joaquim Miranda Sarmento

    (University of Lisbon)

Abstract

The Excessive Deficit Procedure (EDP) consists in the operationalisation of the surveillance present in the Stability and Growth Pact and in the Fiscal Compact. The calculation of the deficit and the public debt, for purposes of the EDP, is carried out in the National Accounts. However, the rules for the calculation of the public debt in the EDP are slightly different from those of the ESA 2010. The opening of an EDP results from the situation of a Member State having violated the deficit limit of 3% of GDP, except in the exceptional circumstances defined in the Stability and Growth Pact (see Chap. 1 ). Once an EDP has been opened, the country commits to taking measures with the objective of closing the procedure, which can only occur when the fiscal deficit returns to below 3%. The EDP has a preventive arm, and consequently in March and September of each year, all Member States have to communicate their government’s accounts.

Suggested Citation

  • Joaquim Miranda Sarmento, 2018. "Excessive Deficit Procedure," Financial and Monetary Policy Studies, in: Public Finance and National Accounts in the European Context, chapter 0, pages 91-102, Springer.
    • Handle: RePEc:spr:fimchp:978-3-030-05174-7_7
    DOI: 10.1007/978-3-030-05174-7_7
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