HIGHLIGHTS
SUMMARY
The COVID-19 pandemic and the pressure it has created on member states` public finances have led European authorities to suspend the EU`s fiscal rules. This system quickly showed its limits, despite changes brought about between 2005 and 2015 (Regling, 2022), by adding a medium-term objective for the structural deficit (1% or 0.5% of GDP depending on the level of public debt) and requiring an annual reduction of one-twentieth of the part of public debt exceeding 60% of GDP. Structural balances remained in most countries above the medium-term objective . . .
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