(8)In line with the requirements of Article 126(3) TFEU, the Commission also analysed all the relevant factors in its report under that Article. As laid down in Article 2(4), second subparagraph, of Regulation (EC) No 1467/97, when assessing compliance on the basis of the deficit criterion, if the ratio of the government debt to GDP exceeds the reference value, those relevant factors are to be taken into account in the steps following the report under Article 126(3) TFEU and leading to the decision on the existence of an excessive deficit only if – before these relevant factors are taken into account – the general government deficit remains close to the reference value and its excess over the reference value is temporary. In the case of France, that double condition is not met. Therefore, relevant factors are not taken into account in the steps leading to this Decision.
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