What changed between the plenary report and the adopted text

Removed:1. Where a Member State fails to implement the reform and investment commitments included in its national medium-term fiscal-structural plan to address the country-specific recommendations that are relevant for the Macroeconomic Imbalance Procedure established by Regulation (EU) No 1176/2011, and where the Commission considers that the Member State concerned is affected by excessive imbalances in accordance with Article 7(1) of that Regulation, the procedure laid down in Article 7(2) of Regulation (EU) No 1176/2011 shall apply.

Removed:2. In that case, the Member State for which an excessive imbalance procedure is opened in accordance with Article 7(2) of Regulation (EU) No 1176/2011, it shall submit a revised plan in accordance with Article 14 of this Regulation. The revised plan shall follow the Council recommendation adopted in accordance with Article 7(2) of Regulation (EU) No 1176/2011. The submission of the revised plan shall be subject to the endorsement by the Council in accordance with Articles 16 to 19 of this Regulation. The revised plan shall be assessed in accordance with Article 15 of this Regulation.

Removed:3. Where a Member State submits a revised medium-term fiscal-structural plan pursuant to paragraph 2, that revised plan shall serve as the corrective action plan required under Article 8(1) of Regulation (EU) No 1176/2011 and shall set out the specific policy actions the Member State concerned has implemented or intends to implement and shall include a timetable for those actions.

Removed:Where the Council decides not to open an excessive imbalance procedure under Article 7(2) of Regulation (EU) No 1176/2011 in cases where the Commission considers that the Member State concerned is affected by excessive imbalances on the basis of the in-depth review referred to in Article 5 of that Regulation, the Council shall publicly explain its position.

Removed:In that case, in accordance with Article 8(2) of Regulation (EU) No 1176/2011, the Council, on the basis of a Commission assessment, shall assess the revised plan within 2 months of its submission. The monitoring and assessment of the implementation of the revised plan shall be made in accordance with Article 21 of this Regulation and Articles 9 and 10 of Regulation (EU) No 1176/2011.

Removed:INTERACTION WITH REGULATION (EU) No 472/2013

Removed:Interaction with the enhanced surveillance procedure

Removed:A Member State subject to enhanced surveillance under Article 2 of Regulation (EU) No 472/2013 of the European Parliament and of the Council shall take into account any recommendations addressed to it under Article 23 of this Regulation when adopting measures aimed at addressing the sources or potential sources of difficulties pursuant to Article 3(1) of that Regulation.

Removed:Where a Member State is subject to a macroeconomic adjustment programme and the changes thereto in accordance with Article 7 of Regulation (EU) No 472/2013, it shall not be required to submit a medium-term fiscal-structural plan pursuant to Article 9 of this Regulation and an annual progress report pursuant to Article 20 of this Regulation.

Removed:Where a Member State has an active medium-term fiscal-structural plan, and that Member State becomes subject to a macroeconomic adjustment programme pursuant to Article 7 of Regulation (EU) No 472/2013, the medium-term fiscal-structural plan shall be taken into account in the design of the macroeconomic adjustment programme.

Removed:DELEGATED POWERS

Removed:Amendment of the annexes

Removed:The Commission is empowered to adopt delegated acts in accordance with Article 33 to amend Annexes II, III and VII to adapt them to take due account of further developments or needs regarding the information in the national medium-term fiscal-structural plan (Annex II) or in the annual progress reports (Annex III), ▌or regarding the assessment framework (Annex VII).

Removed:Exercise of the delegation

Removed:1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article.

Removed:2. The power to adopt delegated acts referred to in Articles 8 and 19a shall be conferred on the Commission for a period of 5 years from the date of entry into force of this Regulation. The Commission shall draw up a report in respect of the delegation of power not later than nine months before the end of the 5-year period. The delegation of power shall be tacitly extended for periods of an identical duration, unless the European Parliament or the Council opposes such extension not later than three months before the end of each period.

Removed:3. The delegations of power referred to in Articles 8 and 19a may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect on the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.

Removed:4. Before adopting a delegated act, the Commission shall conduct a public consultation and consult experts designated by each Member State in accordance with the principles and procedures laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making.

Removed:5. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council.

Removed:6. A delegated act adopted pursuant to Articles 8 and 19a shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of three months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by three months at the initiative of the European Parliament or of the Council.

Removed:COMMON PROVISIONS

Removed:Dialogue with the Member States

Removed:The Commission shall ensure a permanent dialogue with Member States in accordance with the objectives of this Regulation. To that end, the Commission shall, in particular, carry out missions for the purpose of the assessment of the socio-economic situation in the Member State and the identification of any risks or difficulties in complying with the objectives of this Regulation.

Removed:Monitoring missions

Removed:1. The Commission shall undertake monitoring missions in Member States which are the subject of recommendations issued pursuant to Article 23. Such monitoring shall, as a general rule, take place on-site.

Removed:2. When the Member State concerned is a Member State whose currency is the euro or a Member State that is participating in ERM2, the Commission may invite representatives of the European Central Bank, if appropriate, to participate in monitoring missions.

Removed:3. For the purposes of monitoring missions, the Commission may invite relevant stakeholders based in the Member State concerned to participate in those missions.

Removed:Review

Removed:1. By [31 December 2028] and every 5 years thereafter, the Commission shall submit to the European Parliament and to the Council a report on the application of this Regulation accompanied, where appropriate, by a proposal to amend this Regulation. The Commission shall make that report public.

Removed:2. The report referred to in paragraph 1 shall assess and review:

Removed:(a) the effectiveness of this Regulation▌in ensuring a downward path for public debt ratios or maintaining them at prudent levels in accordance with the relevant Council recommendations, in promoting debt sustainability and sustainable and inclusive growth in the Member States and in preventing the occurrence of excessive government deficits;

Removed:(aa) the use of the delegated powers laid down in Article 33;

Removed:(b) the progress in ensuring closer coordination of economic policies and sustained convergence of economic performances of the Member States.

Removed:(ba) the progress in the implementation of the country-specific recommendations, the common priorities of the Union referred to in Article 12, point (ba), the reforms and overall level of investments in the Union;

Removed:(bb) whether Communication COM(2015)012 is still fit for purpose.

Removed:3. The report shall be forwarded to the European Parliament and the Council.

Removed:Repeal of Regulation (EC) No 1466/97

Removed:Regulation (EC) No 1466/97 is repealed.

Removed:Entry into force

Removed:This Regulation shall enter into force on the [twentieth] day following that of its publication in the Official Journal of the European Union.

Removed:This Regulation shall be binding in its entirety and directly applicable in all Member States.

Removed:Done at Brussels,

Removed:For the European Parliament For the Council

Removed:The President The President

Removed:▌

Removed:Information to be provided in the national medium-term fiscal-structural plans

Removed:A national medium-term fiscal-structural plan shall contain the following information:

Removed:(a) The national net expenditure path referred to in Article 11. ▌

Removed:(b) The projected growth path of government revenue at unchanged policy.

Removed:(c) The projected path of the public debt ratio.

Removed:(ca) An assessment of national public investment gaps, including to achieve each of the common priorities of the Union referred to in Article 12, point (ba);

Removed:(d) Information on implicit liabilities related to ageing, and contingent liabilities with a potentially large impact on government budgets, including government guarantees, non-performing loans, and liabilities stemming from the operation of public corporations, including the extent thereof, potential expenses and obligations arising from court cases and, to the extent possible, science-based information on disaster and climate contingent liabilities.

Removed:(e) The main assumptions about expected economic developments and main economic variables which are relevant for ensuring consistency with a convergence of public debt towards prudent levels and maintaining the government deficit below the 3% of GDP reference value.

Removed:(f) In case the Member State makes use of assumptions referred to under point (e) that differ from the Commission’s assumptions over the adjustment period of the national medium-term fiscal-structural plan, and, if applicable, the reference trajectory proposed by the Member State deviates from the reference trajectory put forward by the Commission in accordance with Article 5, due explanations and justifications based on sound economic arguments of these differences.

Removed:(g) An analysis of how changes in the main economic assumptions would affect the budgetary and debt position of the Member State.

Removed:▌

Removed:(i) Reform and investment priorities to respond to the main challenges as identified in the country-specific recommendations, taking into account the state of play of implementation of those country-specific recommendations and the progress on the reduction of the investment gaps.

Removed:(j) ▌Reforms and public investment expenditure addressing each of the common priorities of the Union referred to in Article 12, point (ba).

Removed:(k) If applicable, information on a specific, time-bound and verifiable set of reform and investment commitments underpinning an extension of the adjustment period pursuant to Article 13, a timeline for its implementation, as well as sound economic arguments that this set of reform and investment commitments fulfil the criteria under Article 13 taking into account the assessment criteria in Annex VII.

Removed:(l) A quantification, as much as possible, of the expected impacts of reforms and investment referred to under point (k) on fiscal sustainability, sustainable and inclusive growth, competitiveness and quality employment, where applicable in line with commonly agreed methodologies.