What changed between the plenary report and the adopted text

Changed:A. whereas, according to the June 2023 Eurosystem staff macroeconomic projections, the growth of the euro area economy is expected to slow from 3.53,5 % in 2022 to 0.90,9 % in 2023, before rebounding to 1.51,5 % in 2024; whereas, according to a Eurostat flash estimate, the euro area grew by just 0.60,6 % in 2023; whereas this represents the worst performance since the recession of 2020;

Changed:B. whereas, according to the September 2023 Eurosystem staff macroeconomic projections for the euro area, headline inflation is expected to average 5.65,6 % in 2023, 3.23,2 % in 2024 and 2.12,1 % in 2025, despite falling energy prices and easing supply bottlenecks; whereas core inflation has been more persistent, rising to 5.55,5 % in June 2023 then decreasing to 4.24,2 % in September 2023; whereas core inflation is projected to overtake headline inflation in the near term and to remain above it until early 2024, mainly owing to strong wage growth;

Removed:C. whereas, according to the Commission’s 2023 economic forecast, government deficits are projected to decline to 3.1 % of gross domestic product (GDP) in 2023 and 2.4 % in 2024; whereas the government debt to GDP ratio decreased in the euro area from 95.0 % to 91.2 % and in the EU-27 from 87.4 % to 83.7 % in 2022 and 2023 respectively; whereas this is still above the Treaty reference values; whereas government debt and deficits vary widely among Member States;

Added:C. whereas the 10 consecutive increases in reference interest rates are having particularly damaging effects on the solvency of households and microenterprises and SMEs in countries which predominantly use variable interest rate models;

Added:D. whereas, according to the Commission’s 2023 economic forecast, government deficits are projected to decline to 3,1 % of gross domestic product (GDP) in 2023 and 2,4 % in 2024; whereas the government debt to GDP ratio decreased in the euro area from 95,0 % to 91,2 % and in the EU-27 from 87,4 % to 83,7 % in 2022 and 2023 respectively; whereas this is still above the Treaty reference values; whereas government debt and deficits vary widely among Member States;

Changed:12. Notes that headline inflation has come down from 8.48,4 % in 2022 to 5.25,2 % in 2023, mainly driven by lower energy prices and the easing of supply bottlenecks; observes, however, that inflation remains above the target level of 2 %; recognises the ECB forecast of 2.12,1 % in 2025; is concerned about second-round effects, about inflation expectations of businesses and households becoming de-anchored, and the possibility of a wage-price development when inflation expectations and therefore wages are increasing across the board, and the need to take into account its implications for growth and employment;