The Commission may also prepare a report if, notwithstanding the fulfillment of the  requirements under the criteria, it is of the opinion that there is a risk of an excessive  deficit in a Member State.

4. The Committee provided for in Article 109c shall formulate an opinion on the  report of the Commission.

5. If the Commission considers that an excessive deficit in a Member State exists or  may occur, the Commission shall address an opinion to the Council.

6. The Council shall, acting by a qualified majority on a recommendation from the  Commission, and having considered any observations which the Member State  concerned may wish to make, decide after an overall assessment whether an  excessive deficit exists.

7. Where the existence of an excessive deficit is decided according to paragraph 6,  the Council shall make recommendations to the Member State concerned with a view  to bringing that situation to an end within a given period. Subject to the provisions of  paragraph 8, these recommendations shall not be made public.

8. Where it establishes that there has been no effective action in response to its  recommendations within the period laid down, the Council may make its  recommendations public.

9. If a Member State persists in failing to put into practice the recommendations of  the Council, the Council may decide to give notice to the Member State to take,  within a specified time limit, measures for the deficit reduction which is judged  necessary by the Council in order to remedy the situation.

In such a case, the Council may request the Member State concerned to submit  reports in accordance with a specific timetable in order to examine the adjustment  efforts of that Member State.

10. The rights to bring actions provided for in Articles 169 and 170 may not be  exercised within the framework of paragraphs 1 to 9 of this Article.

11. As long as a Member State fails to comply with a decision taken in accordance  with paragraph 9, the Council may decide to apply or, as the case may be, intensify  one or more of the following measures:

to require the Member State concerned to publish additional information, to be  specified by the Council, before issuing bonds and securities;

to invite the European Investment Bank to reconsider its lending policy towards  the Member State concerned;  to require the Member State concerned;

to make a non interest bearing deposit of  an appropriate size with the Community until the excessive deficit has, in the  view of the Council, been corrected;

to impose fines of an appropriate size.

The President of the Council shall inform the European Parliament of the decisions  taken.

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