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The 2015 Stability and Convergence Programmes: an overview
This note provides an overview of the 2015 vintage of Stability and Convergence Programmes (SCPs) submitted by the Member States (1). The note aims at offering a cross-country aggregated view of fiscal policy plans in the Union and the euro area as a whole (2). In its conclusions of 19-20 March 2015, the Council indicated that fiscal consolidation has to be pursued and should be differentiated, growth-friendly, in line with the priorities set out in the Annual Growth Survey and based on an appropriate mix of expenditure and revenue measures at the level of the Member States. Together with the SGP requirements – as specified in the 2015 country specific recommendations, especially for 2016 – these principles represent the basis for the assessments of the SCPs. In the context of the European Semester, the Council recommendations are expected to feed into the national budgets for 2016. For these reasons, plans for 2016 are given primary attention in the present note. [...]