On Friday 14 June, the ECOFIN Council abrogated the excessive deficit procedure opened in 2009 for Spain, which brought its government deficit below 3% of national GDP on a sustainable basis.
The Spanish public deficit was 2.7% and 2.5% of GDP in 2017 and 2018 respectively. In its spring forecasts, the Commission forecasts a deficit of 2.3% of GDP in 2019 and 2.0% of GDP in 2020 (see EUROPE 12269/2). The structural deficit (excluding cyclical effects) improved by 0.4% of GDP over the last three years.
The ratio of public debt to GDP fell from 98.1% in 2017 to 97.1% in 2018. It is expected to fall to 96.3% in 2019 and 95.7% in 2020.
No Member State remains subject to an excessive deficit procedure. At the height of the euro crisis in 2010-2011, proceedings had been initiated against 24 Member States. (Original version in French by Mathieu Bion)