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Regulation (EU) 2024/1263 of the European Parliament and of the Council of 29 April 2024 on the effective coordination of economic policies and on multilateral budgetary surveillance and repealing Council Regulation (EC) No 1466/97 article 25 CELEX: 32024R1263 General escape clause
1. On a recommendation from the Commission based on its analysis, the Council may adopt within four weeks, as a rule, a recommendation allowing Member States to deviate from their net expenditure path as set by the Council, in the event of a severe economic downturn in the euro area or the Union as a whole, provided that it does not endanger fiscal sustainability over the medium term. The Council shall specify a one-year time limit for such deviation. 2. As long as the severe economic downturn in the euro area or the Union as a whole persists, the Commission shall continue to monitor debt sustainability and ensure policy coordination and a consistent policy mix that takes into account the euro area and the Union dimension. |
Regulation (EU) 2024/1263 of the European Parliament and of the Council of 29 April 2024 on the effective coordination of economic policies and on multilateral budgetary surveillance and repealing Council Regulation (EC) No 1466/97 article 25 CELEX: 32024R1263 3. The Council, on a recommendation from the Commission, may extend the period during which Member States may deviate from their net expenditure paths as set by the Council, provided that the severe economic downturn in the euro area or the Union as a whole persists. The European Fiscal Board shall deliver an opinion on the extension of the general escape clause. An extension may be granted more than once. However, each extension shall be for an additional period of up to one year. |