(1)

On 13 July 2010, by Decision 2010/422/EU (1), following a proposal from the Commission in accordance with Article 126(6) of the Treaty, the Council decided that an excessive deficit existed in Bulgaria. The Council noted that the general government deficit reached 3,9 % of GDP in 2009, above the 3 % of GDP Treaty reference value, while the general government gross debt was 14,8 % of GDP, well below the 60 % of GDP Treaty reference value (2).

(2)

On 13 July 2010, in accordance with Article 126(7) of the Treaty and Article 3(4) of Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure (3), the Council, based on a recommendation from the Commission, addressed a recommendation to Bulgaria with a view to bringing the excessive deficit situation to an end by 2011 at the latest. The recommendation was made public.

(3)

In accordance with Article 4 of the Protocol on the excessive deficit procedure annexed to the Treaties, the Commission provides the data for the implementation of the procedure. As part of the application of this Protocol, Member States are to notify data on government deficits and debt and other associated variables twice a year, namely before 1 April and before 1 October, in accordance with Article 3 of Council Regulation (EC) No 479/2009 of 25 May 2009 on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the European Community (4).

(4)

When considering whether a decision on the existence of an excessive deficit should be abrogated, the Council should take a decision on the basis of notified data. Moreover, a decision on the existence of an excessive deficit should be abrogated only if the Commission forecasts indicate that the deficit will not exceed the 3 % of GDP threshold over the forecast horizon (5).

(5)

Based on data provided by the Commission (Eurostat) in accordance with Article 14 of Regulation (EC) No 479/2009 following the notification by Bulgaria before 1 April 2012 and on the Commission services 2012 spring forecast, the following conclusions are justified:

(6)

In accordance with Article 126(12) of the Treaty, a Council Decision on the existence of an excessive deficit is to be abrogated when the excessive deficit in the Member State concerned has, in the view of the Council, been corrected.

(7)

In the view of the Council, the excessive deficit in Bulgaria has been corrected and Decision 2010/422/EU should therefore be abrogated,