Commission assesses another four Stability and Convergence Programmes: “Following last week’s assessment of 17 Stability and Convergence Programmes, the European Commission today examined the updated programmes of Italy, Luxembourg, Lithuania and Portugal…According to Council Regulation (EC) No 1466/97 on the strengthening of budgetary surveillance and the surveillance and coordination of economic policies, Member States must submit updated macroeconomic and budgetary projections every year. Such updates are called stability programmes in the case of countries that have adopted the euro, and convergence programmes otherwise. This regulation is also referred to as the ‘preventive arm’ of the Stability and Growth Pact.”

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