L 314/18 Official Journal of the European Union 30.11.2005 II (Acts whose publication is not obligatory) COUNCIL COUNCIL DECISION of 8 November 2005 establishing, in accordance with Article 104(8) of the Treaty establishing the European Community, that the action taken by Hungary in response to the recommendation of the Council of 8 March 2005 pursuant to Article 104(7) of the Treaty is proving to be inadequate (2005/843[EC) THE COUNCIL OF THE EUROPEAN UNION, (3) Having regard to the Treaty establishing the European Community, and in particular Article 104(8) thereof, The Resolution of the European Council on the Stability and Growth Pact in Amsterdam of 17 June 1997 (3 solemnly invites all parties, namely the Member States, the Council and the Commission, to implement the Treaty and the Stability and Growth Pact in a strict and timely manner. (4) By Council Decision 2004/918/EC of 5 July 2004, the . . . Council decided, in accordance with Article 104(6), that Having regard to the recommendation from the Commission, an excessive deficit exists in Hun 3 gary (). Whereas: (5)  In accordance with Article 104(7) of the Treaty and Article 3(4) of Regulation (EC) No 1467/97, on 5 July 2004 the Council also adopted a recommendation (%) addressed to the Hungarian authorities and calling on them to bring the existence of an excessive deficit to (1)  According to Article 104 of the Treaty, Member States an end as rapidly as possible and to take action in a are to avoid excessive government deficits. medium-term framework to achieve the ObjeCtiVe of bringing the deficit below 3 % of GDP by 2008 in a credible and sustainable manner, in accordance with the path for deficit reduction specified in the convergence programme submitted by the authorities and endorsed in (2)  The Stability and Growth Pact is based on the objective the opinion of the Council of 5 July 2004 (). That of sound government finances as a means of recommendation  established the deadline of 5 strengthening the conditions for price stability and for November. 2004 for the Hungarian  Government  to strong sustainable growth conducive to employment take effective action regarding the measures envisaged creation. The Stability and Growth Pact includes to achieve the original 2005 deficit target of 4,1 % of Council Regulation (EC) No 1467/97 of 7 July 1997 GDP. on speeding up and clarifying the implementation of the excessive deficit procedure (!), which was adopted () OJ C 236, 2.8.1997, p. 1. in order to further the prompt correction of excessive () http:/jue.cu.int/ueDocs/ems_Data/docs/pressData/en/ecofin/81342. general government deficits. pdf#page=8 (O] L 389, 30.12.2004, p. 27). (*) http:/[register.consilium.eu.int/pdf/en/04/st11/st11218.en04.pdf# e page=2 () OJ L 209, 2.8.1997, p. 6. Regulation as amended by Regulation (EC) () http:/[register.consilium.ew.int/pdf/en/04/st11/st11194.en04.pdf# No 1056/2005 (O] L 174, 7.7.2005, p. 5). page=2