The 2014 stability and convergence programmes : an overview

This note provides an overview of the 2014 updates of stability and convergence programmes (SCPs) submitted by the Member States. The note aims at offering a global, aggregated view of fiscal policy plans in the Union and the euro area as a whole. In its conclusions of 18 February 2014, the Council indicated that fiscal consolidation has to be pursued and should be differentiated, growth-friendly, in line with the priorities set out in the annual growth survey and based on an appropriate mix of expenditure and revenue measures at the level of the Member States. Together with the SGP requirements, these principles represent the basis for the assessments of the SCPs. In the context of the European semester, the Council recommendations are expected to feed into the national budgets for 2015. For these reasons, plans for 2015 are given primary attention in the present note.