Press Release: European Commission calls for stronger budgetary policy coordination

The European Commission adopted, on 27 November 2002, proposals to reinforce the coordination of budgetary policies. The core budget requirements remain unchanged. Member States must avoid excessive deficit positions and keep the general government debt level below 60% of GDP or diminishing at a satisfactory pace towards this reference value. Equally, the Member States should achieve budget positions that are 'close to balance or in surplus' as set out in the Stability and Growth Pact (SGP). But at the same time, the Commission proposes to put more emphasis on the interrelation between budgetary policy and the need for structural reforms in the Union.

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