Fiscal policy convergence indicator under Art 104, para. 2 TEC, defined there as “the ratio between the planned or actual government deficit and gross domestic product at market prices.” The “Protocol on the excessive deficit procedure” annexed to the TEC (Protocol № 20) defines the individual terms in more detail. – See peer pressure, budget deficit, budget gimmicks, sustainability, nonaffectation principle, parafiscal, policy delay, primary surplus, debt ratio, Semester, European, sensitivity analysis, budgetary, government debt pressure, Stability and Growth Pact, tax ratio. – See the “Public finances” section in the “Euro area statistics” part of the respective ECB Monthly Bulletin and, for the flash estimate of gross domestic product, the ECB Monthly Bulletin of June 2003, pp. 51 et seq, Deutsche Bundesbank’s Monthly Report of April 2005, pp. 23 et seq. (detailed, comparative presentation), ECB’s Monthly Report of August 2005, pp. 63 et seq. (increase in euro area deficit ratio follows due to “reform” of the Stability and Growth Pact), Deutsche Bundesbank’s Monthly Report of May 2008, pp. 22 et seq. (Deficit ratio of individual euro area member countries; assessment; overviews), Annual Report 2008 of the Deutsche Bundesbank, p. 52 ff. (Deficit ratio Germany 1996-2008; overviews), Monthly Report of the ECB of March 2010, p. 95 (Fiscal policy considerations: four serious consequences of high budget deficits), Monthly Report of the Deutsche Bundesbank of May 2013, p. 62 ff. (Debt ratio in EMU rising; overview).
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