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Economy and Finance

Stability and convergence programmes

Euro area countries outline how they intend to reach their medium-term budgetary objectives (MTOs) in stability programmes, while the other EU countries do so in convergence programmes. 

Stability and convergence programmes are assessed by the European Commission and EU governments during the European Semester.

The assessment focuses on whether:

  • the medium-term budgetary objectives (MTO) target is set at an appropriate level         
  • the country is at the MTO or if the adjustment path towards it is appropriate, considering the cyclical conditions and the sustainability risks
  • the economic assumptions on which governments base their programmes are plausible

More on stability and convergence programmes