(3)The excessive deficit procedure (EDP) under Article 126 TFEU, as clarified by Council Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedurenote, 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 economic governance framework, which came into force on 30 April 2024, includes Council Regulation (EU) 2024/1264, which amended Regulation (EC) No 1467/97. The reform kept the rules of the excessive deficit procedure due to non-compliance with the deficit criterion broadly unchanged, whereas for Member States with a government debt ratio above 60 % of GDP the excessive deficit procedure due to non-compliance with the debt criterion will focus on deviations from the recommended maximum growth rates of net expenditurenote set by the Council under Articles 17 or 19 of Regulation (EU) 2024/1263note. According to Article 22(6) of Regulation (EU) 2024/1263, deviations are calculated on the basis of outturn data. The initial year of the maximum annual and cumulative net expenditure growth rates recommended by the Council for Finland is 2025. The assessment of compliance with the debt criterion can only be undertaken once the outturn data for 2025 are available, which will be in spring 2026.Therefore, this Council Decision concerns the excess of the ratio of the government deficit to GDP with respect to the reference value of 3 % of GDP.
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