Fiscal Policy Stance in the Euro Area

Theoretical and Applied Economics

关键词: euro area;    Growth and Stability Pact;    output-gap;    structural budgetary balance;    budgetary elasticity.;   

DOI  :  

来源: DOAJ

【 摘 要 】

The budgetary position in the euro area and the EU improved significantly in 2007 compared to the previous year. The headline deficit declined to 1.6 % of GDP in 2006 and 1.1 % of GDP in 2007, down from 2.5% of GDP in 2005. The structural budget deficit diminished from 2% of GDP in 2005 to 0.8% in 2007, reflecting a restrictive fiscal policy in euro area. The fiscal policy became pro-cyclically because the economy of euro area is characterized by a slightly negative output-gap (estimated at 0.2% of potential GDP in 2007).

【 授权许可】

Unknown