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1. The unsatisfactory implementation, as assessed in accordance with Article 21 of this Regulation, of the reforms and investments included in a Member State’s national medium-term fiscal-structural plan that are relevant for macroeconomic imbalances shall be taken into consideration:

(a) by the Commission when undertaking in-depth reviews in accordance with Article 5(2) of Regulation (EU) No 1176/2011; and (b) by the Council and the Commission for their respective recommendations, when considering whether to establish the existence of an excessive imbalance and recommend that the Member State concerned take corrective action in accordance with Article 7(2) of Regulation (EU) No 1176/2011. The Commission shall take into account any information that the Member State concerned considers relevant.

2. A Member State in respect of which an excessive imbalance procedure is opened in accordance with Article 7(2) of Regulation (EU) No 1176/2011, shall submit a revised national medium-term fiscal-structural plan in accordance with Article 15 of this Regulation. That revised national medium-term fiscal-structural plan shall follow the Council recommendation adopted in accordance with Article 7(2) of Regulation (EU) No 1176/2011. The submission of the revised national medium-term fiscal-structural plan shall be subject to the endorsement of the Council in accordance with Articles 17 to 20 of this Regulation. The revised national medium-term fiscal-structural plan shall be assessed in accordance with Article 16 of this Regulation.

3. Where a Member State submits a revised national medium-term fiscal-structural plan pursuant to paragraph 2 of this Article, that revised plan shall serve as the corrective action plan required under Article 8(1) of Regulation (EU) No 1176/2011 and shall set out the specific policy actions that Member State has implemented or intends to implement, and shall include a timetable for those actions.

4. The Council shall, in accordance with Article 8(2) of Regulation (EU) No 1176/2011, on the basis of a Commission report, assess the revised national medium-term fiscal-structural plan within two months of its submission. The monitoring and assessment of the implementation of the revised plan shall be done in accordance with Article 22 of this Regulation and Articles 9 and 10 of Regulation (EU) No 1176/2011.