THE COUNCIL OF THE EUROPEAN UNION , Having regard to the Treaty establishing the European Community , and in particular the second subparagraph of Article 104 ( 14 ) thereof , Having regard to the proposal from the Commission1 , Having regard to the opinion of the European Parliament2 , Having regard to the opinion of the European Central Bank3 , Whereas : ( 1 ) The Stability and Growth Pact initially consisted of 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 policies4 , Council Regulation ( EC ) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure5 and the Resolution of 17 June 1997 on the Stability and Growth Pact6 .
EUROOPA LIIDU NÕUKOGU , võttes arvesse Euroopa Ühenduse asutamislepingut , eriti selle artikli 104 lõike 14 teist lõiku , võttes arvesse komisjoni ettepanekut , 1 võttes arvesse Euroopa Parlamendi arvamust , 2 võttes arvesse Euroopa Keskpanga arvamust3 ning arvestades järgmist : ( 1 ) Stabiilsuse ja kasvu pakt koosnes algselt nõukogu 7 .