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OECD Economic Surveys: Euro Area 2003

image of OECD Economic Surveys: Euro Area 2003

This 2003 edition of OECD's Economic Survey of the Euro Area examines recent economic developments, policies and prospects and  includes  special features on fiscal policy challenges, monetary management, and product market competition.

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Fiscal Policy Challenges

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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