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General government net lending (+) or net borrowing (-) and consolidated gross debt (% of GDP at market prices)
Source publication
The fiscal policy framework in the European Union was originally agreed upon in the Maastricht Treaty 30 years ago. In the following years it has been supplemented (Stability and Growth Pact) and modified, influenced by the experience of its application practice and external shocks, such as the financial crisis. However, the essence of this framewo...
Contexts in source publication
Context 1
... in Table 1 indicate that the Pact, as a mechanism for disciplining national fiscal policies, has not been effective -after a period of prosperity lasting since 2004, in 2007, 10 out of 19 of the current euro area countries had budget deficits. The total government budget balance in the euro area was also negative, accounting for 0.6% of the area's GDP. ...Context 2
... the financial crisis was overcome, growth continued until 2019, when the public debt-to-GDP ratio declined from its 2014 value to stand at 85.9%, still well above the reference value. The most difficult situation was in Greece, Italy, Portugal, France, Belgium, Spain, and Cyprus (Table 1). ...Similar publications
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