2.8.97 Official Journal of the European Communities No L 209/1 (Acts whose publication is obligatory) COUNCIL REGULATION (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Article 103 (5) thereof, Having regard to the proposal from the Commission ('), Acting in accordance with the procedure referred to in of budgetary positions of close to balance or in surplus, to which all Member States are committed, and to take the corrective budgetary action they deem necessary to meet the objectives of their stability and convergence programmes, whenever they have information indicating actual or expected significant divergence from the medium-term budgetary objective; Article 189¢ of the Treaty (3), (3)  Whereas in stage threc of Economic and Monetary Union (EMU) the Member States are, according to Article 104¢ of the Treaty, under a clear Treaty (1) Whereas the Stability and Growth Pact is based on obl'lg'zmon to avoid excessive general government the objective of sound government finances as a deficits; wher'eas und.e'r Article 5 of Protocol (NO means of strengthening the conditions for price 11) on certain provisions relating to the United stability and for strong sustainable growth Kingdom of Grgar Britain and Northern Ireland to conducive to employment creation; the Treaty, Article 104¢(1) does not apply to the United Kingdom unless it moves to the third stage; whereas the obligation under Article 109¢(4) to (2)  Whereas the Stability and Growth Pact consists of endeavour to avoid exces.sive deficits will continue this Regulation which aims to strengthen the to apply to the United Kingdom; surveillance of budgetary positions and the surveillance and coordination of economic policies, of Council Regulation (EC) No 1467/97 {3) which aims to speed up and to clarify the implementation of the excessive deficit procedure and of the (4)  Whercas adherence to the medium-term objective Resolution of the European Council of 17 June of budgetary positions close to balance or in 1997 on the Stability and Growth Pact (%), in surplus will allow Member States to deal with which, in accordance with Article D of the Treaty normal cyclical fluctuations while keeping the on European Union, firm political guidelines are government deficit within the 3% of GDP issued in order to implement the Stability and reference value; Growth Pact in a strict and timely manner and in particular to adhere to the medium term objective () O] No C 368, 6. 12. 1996, p. 9. (5} Whereas it is appropriate to complement the {?) Opinion of the European Parliament of 28 November 1996 multilateral surveillance procedure of Article 103 (O] No C 380, 16. 12. 1996, p. 28), Council Common Position of 14 April 1997 (O] No C 146, 30. S. 1997, p. 26) and Decision of the European Parliament of 29 May 1997 (O] No C 182, 16. 6. 1997). (*) See p. 6 of this Official Journal () OJ No C 236, 2. 8. 1997, p. 1. (3) and (4) with an early warning system, under which the Council will alert a Member State at an early stage to the need to take the necessary budgetary corrective action in order to prevent a government deficit becoming excessive;