(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, whenever the ratio of the government debt to GDP does not exceed the reference value, relevant factors are to be taken into account in the steps leading to the decision on the existence of an excessive deficit. Overall, the relevant factors examined in the report under Article 126(3) TFEU are aggravating. The consideration of those relevant factors does not alter the conclusion that the deficit criterion in the TFEU is not fulfilled.
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