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P. 1
Letter to the EU Council. Proposal for European Economic Government. By Angela Merkel and Nicolas Sarkosy. 08172011.

Letter to the EU Council. Proposal for European Economic Government. By Angela Merkel and Nicolas Sarkosy. 08172011.

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Published by econotwist
"As a rule, the balanced budget fiscal rule is made law as part of Member States’ constitutions or by legislation of an equivalent level in order to ensure the rule’s stability and superiority over annual budgets. The fiscal rule should implement the objectives of the Stability and Growth Pact and ensure that every Member State of the euro area achieves a balanced budget as soon as possible. Therefore, it would ensure a sustained reduction of the debt ratios in the case they exceed the reference value (60% of GDP). In line with the revised Stability and Growth Pact, by end-2011, all Member States of the euro area whose debt level exceeds the reference value must present an adjustment path for reducing their debt below the reference value and expose how to address the impact of ageing population on the long term debt sustainability."
"As a rule, the balanced budget fiscal rule is made law as part of Member States’ constitutions or by legislation of an equivalent level in order to ensure the rule’s stability and superiority over annual budgets. The fiscal rule should implement the objectives of the Stability and Growth Pact and ensure that every Member State of the euro area achieves a balanced budget as soon as possible. Therefore, it would ensure a sustained reduction of the debt ratios in the case they exceed the reference value (60% of GDP). In line with the revised Stability and Growth Pact, by end-2011, all Member States of the euro area whose debt level exceeds the reference value must present an adjustment path for reducing their debt below the reference value and expose how to address the impact of ageing population on the long term debt sustainability."

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Categories:Business/Law, Finance
Published by: econotwist on Aug 18, 2011
Copyright:Attribution Non-commercial

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12/02/2011

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