Cap. 534 Art. 11European Commission warning.
(1) If the European Commission addresses a warning to the
Malta under Article 6(2) of the Council Regulation (EC) No. 1466/
97 or if the Government considers that there is a failure to comply with the budgetary rule which constitutes a significant deviation for the purposes of Article 6(3) of that Regulation, the Government shall, within two months, prepare and lay before House of Representatives a plan specifying what is required to be done for securing compliance with the budgetary rule.
(2) The plan shall:
(a) specify the period over which compliance with the budgetary rule is to be achieved,
(b) if that period is longer than a year, specify annual targets to be met in moving towards such compliance,
(c) specify the size and nature of the revenue and expenditure measures that are to be taken to secure such compliance, and
(d) outline how any revenue and expenditure measures that are to be taken will relate to different subsectors of the general government.
(3) The provisions made by the plan shall be consistent with:
(a) the rules of the Stability and Growth Pact,
(b) any recommendations made to Malta under the Stability and Growth Pact in relation to the period over which compliance with the budgetary rule is to be achieved and the size of measures to be taken to secure such compliance, and
(c) the current stability programme.
(4) If the Government considers that exceptional circumstances have arisen during the period specified in the plan, the things specified in the plan shall no longer be required to be done; but when the Government considers that the exceptional circumstances have ceased to exist, the Government shall, unless there is no longer a failure such as is mentioned in sub-article (1), within two months prepare and lay before the House of Representatives a new plan under that sub-article.
(5) If the Government considers that a failure to comply with the budgetary rule is likely to occur, the Government may, within two months, prepare and lay a statement before the House of Representatives outlining the steps the Government intends to take to avoid such a failure. official forecasts to be used in the context of the national medium-term fiscal plan and the draft budget, and such forecasts must also be submitted simultaneously to the Fiscal Council endorsement for the purposes of the 2013 Regulation.