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1. Any Council decision to give notice to the participating Member State concerned to take measures for the deficit reduction in accordance with Article 126(9) TFEU shall be taken within two months of the Council decision under Article 126(8) TFEU establishing that no effective action has been taken. In the notice, the Council shall request that the Member State implement a corrective net expenditure path in accordance with the requirements established in Article 3(4) of this Regulation. The Council shall also indicate measures conducive to the achievement of the corrective net expenditure path.

1a. Following a Council notice under Article 126(9) TFEU, the Member State concerned shall report to the Council and the Commission on action taken in response thereto. The report shall include the targets for the government expenditure and revenue and for the discretionary measures on both the expenditure and the revenue side, as well as information on the actions being taken in response to the specific Council recommendations so as to allow the Council to take, if necessary, a decision in accordance with Article 6(2) of this Regulation. The Member State shall make the report public.

2. The Council may decide, on a recommendation from the Commission, to adopt a revised notice under Article 126(9) TFEU where:

(a) effective action has been taken in response to such a notice and the conditions referred to in Article 26 of Regulation (EU) 2024/1263 apply, or (b) the conditions referred to in Article 25 of Regulation (EU) 2024/1263 apply. The revised notice may, in particular, extend the deadline for the correction of the excessive deficit by one year as a rule.