Engagement of the members of the European Union
With the Stability and Growth Pact, the EU Member States committed themselves "to respect the medium-term budgetary objective of positions close to balance or in surplus set out in their stability or convergence programme..."
(Resolution of the European Council on the Stability and Growth Pact. Amsterdam, 17 June 1997).
The Stability Program
According to this commitment, the Member states are required to submit each year a stability programme (or a convergence programme in the case of countries which have not adopted the euro) to the Council and the Commission.
(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).