HISTORIC PRESS RELEASE : UK submits Annual Economic Report to European Commission [December 2001]

The press release issued by HM Treasury on 20 December 2001.

The Treasury today published, and submitted to the European Commission, the UK’s 2001 Convergence Programme, “Maintaining Economic Stability”.  This is the fourth annual update to the UK Convergence Programme published in line with the EU Stability and Growth Pact.

The programme, which provides information on economic and fiscal developments in the UK, is submitted to the ECOFIN Council and the European Commission in line with Article 7 of Council Regulation (EC) No 1466/97 of the Stability and Growth Pact, for the purposes of the multilateral surveillance procedure under Articles 99 and 104 of the Treaty establishing the European Community (ex Articles 103 and 104c).

Following submission to the Council and the Commission, the 2001 update of the UK programme will be examined by the Commission, as will updates of Stability and Convergence Programmes submitted by the other 14 Member States of the European Union.  Following the Commission’s examination, the ECOFIN Council will deliver its opinion on the programme.