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With monetary policy centralised, fiscal policy in the euro area has been tightly co-ordinated at the central EU level since the advent of the single currency. The co-ordination framework is anchored in the 3 per cent of GDP upper limit for fiscal deficits and the requirement to reduce public debt to below 60 per cent of GDP at a satisfactory pace enshrined in the Treaty and a requirement to move towards and maintain fiscal positions in balance or in surplus over a medium-term horizon....
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The previous Survey concluded that the Eurosystem’s record to date had been satisfactory overall, and developments since then broadly confirm this assessment. The Eurosystem readily weathered the financial stress in the immediate aftermath of the 11 September terrorist attacks in 2001 and managed the introduction of cash euros on 1 January 2002 very smoothly…
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