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| Author: | Artis, Michael J. Buti, Marco |
| Title: | 'Close-to-balance or in surplus': A policy-maker's guide to the implementation of the Stability and Growth Pact |
| Journal: | Journal of Common Market Studies
2000 : NOV, VOL. 38:4, p. 563-591 |
| Index terms: | EUROPEAN MONETARY SYSTEM EUROPEAN UNION CONTRACTS BUDGETARY CONTROL |
| Freeterms: | EMU |
| Language: | eng |
| Abstract: | The implementation of the Stability and Growth Pact includes countries' commitment to achieve medium-term budget positions of "close-to-balance or in surplus". This paper aims to demonstrate how quantifications of the medium-term (structural) requirement can accommodate the desired aim and suggests how fiscal measurement and forecasting errors as well as the budgetary effects of ageing may be allowed for. |
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