THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) No 473/2013 of the European Parliament and of the Council of 21 May 2013 on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficits of the Member States in the euro area(1), and in particular Article 10(3) thereof,
Whereas:
(1) Pursuant to the statement of the Board of Governors of the European Stability Mechanism of 15 May 2020, Member States whose currency is the euro may receive financial assistance under the Pandemic Crisis Support, which is based on the Enhanced Conditions Credit Line of the European Stability Mechanism, adapted to the specific situation of the COVID-19 pandemic.
(2) In particular, Member States benefitting from the Pandemic Crisis Support are not required to implement new policy measures. The only requirement is to use the credit line to finance direct and indirect healthcare, cure and prevention-related costs due to the COVID-19 pandemic.
(3) In application of Article 2(3) and (4) of Regulation (EU) No 472/2013 of the European Parliament and of the Council(2), a Member State drawing on Pandemic Crisis Support is to be subject to enhanced surveillance.
(4) In accordance with Article 3(2) of that Regulation, the reporting requirements laid down in Article 10 of Regulation (EU) No 473/2013, and further detailed in Commission Delegated Regulation (EU) No 877/2013(3), are to apply.
(5) Regulation (EU) No 472/2013 states that the intensity of economic and budgetary surveillance should be commensurate with, and proportionate to, the severity of the financial difficulties encountered and should take due account of the nature of the financial assistance received.
(6) Delegated Regulation (EU) No 877/2013 should therefore be amended accordingly.
(7) With a view to the very specific and limited scope of the Pandemic Crisis Support, it is hence appropriate to define the reporting requirements applicable in that case. The structure of reporting required where a Member State is subject to an excessive deficit procedure pursuant to Article 126 TFEU or where a Member State is under enhanced surveillance for reasons other than drawing on Pandemic Crisis Support should not be affected,
HAS ADOPTED THIS REGULATION:
Regulation (EU) No 472/2013 of the European Parliament and of the Council of 21 May 2013 on the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability (OJ L 140, 27.5.2013, p. 1).
Commission Delegated Regulation (EU) No 877/2013 of 27 June 2013 supplementing Regulation (EU) No 473/2013 of the European Parliament and of the Council on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area (OJ L 244, 13.9.2013, p. 23).