(3)The excessive deficit procedure under Article 126 TFEU, as clarified by Council Regulation (EC) No 1467/97note, which is part of the SGP, provides for a decision on the existence of an excessive deficit. Protocol No 12 on the excessive deficit procedure, annexed to the Treaty on European Union and the TFEU, sets out further provisions relating to the implementation of the excessive deficit procedure. Council Regulation (EC) No 479/2009note lays down detailed rules and definitions for the application of those provisions. The Union’s reformed economic governance framework, which came into force on 30 April 2024, includes Council Regulation (EU) 2024/1264note, which amended Regulation (EC) No 1467/97. As the Council has not yet set the net expenditure path for Belgium, the Commission is not able to assess compliance with the debt criterion in accordance with the new rules. This Decision therefore concerns only the excess of the ratio of the government deficit to gross domestic product (GDP) with respect to the TFEU reference value of 3 % of GDP, in line with existing legal provisions.
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