budgetary position of the Member State.
The Commission may also prepare a report if, notwithstanding the
fulfillment of the requirement under the criteria, it is of the opinion that
there is a risk of an excessive deficit in a Member State.
4. The Committee provided for in Article 109c shall formulate an
opinion on the report of the Commission.
5. If the Commission considers that an excessive deficit in a Member
State exists or may occur, the Commission shall address an opinion
to the Council.
6. The Council shall, acting by a qualified majority on a
recommendation from the Commission, and having considered any
observations which the Member State concerned may wish to make,
decide after an overall assessment whether an excessive deficit
exists.
7. Where the existence of an excessive deficit is decided according to
paragraph 6, the Council shall make recommendations to the Member
State concerned with a view to bringing that situation to an end within
a given period. Subject to the provisions of paragraph 8, these
recommendations shall not be made public.
8. Where it establishes that there has been no effective action in
response to its recommendations within the period laid down, the
Council may make its recommendations public.
9. If a Member State persists in failing to put into practice the
recommendations of the Council, the Council may decide to give notice
to the Member State to take, within a specified time limit, measures for
the deficit reduction which is judged necessary by the Council in order
to remedy the situation.
In such a case, the Council may request the Member State concerned
to submit reports in accordance with a specific timetable in order to
examine the adjustment efforts of that Member State.
10. The right to bring actions provided for in Articles 169 and 170 may
not be exercised within the framework of paragraphs 1 to 9 of this
Article.
11. As long as a Member State fails to comply with a decision taken in
accordance with paragraph 9, the Council may decide to apply the
following measures:
- to require the Member State concerned to publish additional
information, to be specified by the Council, before issuing bonds and
securities;
- to invite the European Investment Bank to reconsider its lending
policy towards the Member State concerned;
- to require the Member State concerned to make a non-interest-
bearing deposit of an appropriate size with the Community until the
excessive deficit has,