constant primary balance

Balance of primary income , net 11 . Social benefits other than social benefits in kind 12 .

Primary fiscal balance 1999 5.8 2000 5.8

on the contribution of fiscal consolidation efforts as reflected in the primary balance

Among other factors , the revaluation of foreign currency denominated debt contributed to this effect .

Germany Potential future debt ratios under alternative assumptions for fiscal balance ratios ( as a percentage of GDP ) Constant overall balance Constant primary balance Balanced budget

Spain Potential future debt ratios under alternative assumptions for fiscal balance ratios ( as a percentage of GDP ) Constant overall balance 70 Constant primary balance Balanced budget

Austria Potential future debt ratios under alternative assumptions for fiscal balance ratios ( as a percentage of GDP ) Constant overall balance 65 Constant primary balance Balanced budget

Deficit debt adjustments , reflecting among other things financial transactions which leave the deficit unaffected but have an impact on debt , exerted an upward effect of 0.3 percentage point on the euro area average debt ratio in 2000 .

Both a marginal decline in interest expenditure and a moderate improvement of the primary balance should contribute to this development .

With interest expenditure virtually unchanged , the deterioration of the primary balance was the main factor behind this outcome .

Intervention at the limits compulsory intervention carried out by central banks , the currencies of which are respectively at the floor and ceiling of their ERM fluctuation margins .

However , since 1994 the primary balance has recorded a surplus which , since 1997 , has outweighed debt increasing effects .

Standing facility a central bank facility available to counterparties on their own initiative .

Option a financial instrument that gives the owner the right , but not the obligation , to buy or sell specific assets ( e.g. a bond or a stock ) at a predetermined price ( the strike or exercise price ) at or up to a certain future date ( the exercise or maturity date ) .

They form part of the economic analysis pillar of the monetary policy strategy of the ECB and are thus one of several inputs into the Governing Council 's assessment of the risks to price stability .

Only in 1997 did the primary balance again show a small surplus , thereby marginally curbing the growth of the debt ratio .

The swing in Greece s fiscal position from a large primary deficit to a surplus was almost unprecedented, but the demand that the country achieve a primary surplus of 4.5 of GDP was unconscionable.

Sweden Potential future debt ratios under alternative assumptions for fiscal balance ratios ( as a percentage of GDP ) Constant overall balance 75 70 65 60 55 1998 1999 2000 2001 Constant primary balance Balanced budget

Moreover, the US will begin running primary budget surpluses the fiscal balance minus interest payments on existing debt by 2015.

Netherlands Potential future debt ratios under alternative assumptions for fiscal balance ratios ( as a percentage of GDP ) Constant overall balance 70 65 60 55 1998 1999 2000 2001 2002 Constant primary balance Balanced budget

Non cyclical factors influences on a government budget balance that are not due to cyclical fluctuations ( see the cyclical component of the budget balance ) .

Net

Net

Net I.

European Commission estimates suggest only a marginal improvement in the cyclically adjusted primary balance to GDP ratio ( i.e. the budget balance excluding government debt interest payments and corrected for cyclical influences ) for the euro area as a whole in 1999 .

Belgium Potential future debt ratios under alternative assumptions for fiscal balance ratios ( as a percentage of GDP ) Constant overall balance 125 100 75 50 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Constant primary balance Balanced budget

Greece Potential future debt ratios under alternative assumptions for fiscal balance ratios ( as a percentage of GDP ) Constant overall balance 120 100 80 60 40 20 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Constant primary balance Balanced budget

Fiscal law

This means , respectively , a difference in the overall balance ratio projected for 1998 of 5.0 and to the primary surplus projected for 1998 of 2.3 percentage points .

RTGS ( real time gross settlement ) system a settlement system in which processing and settlement take place on an order by order basis ( without netting ) in real time ( continuously ) . See also TARGET system .

While stronger nominal GDP growth and lower interest rates may help to improve the debt ratio , the need for greater efforts to redress the primary balance will be unavoidable .

Primary deficit ( ) or surplus ( ) 1A .

Primary deficit ( ) or surplus ( ) 1A .

( d ) Primary and secondary market .

improved only marginally . As this improvement was less than the effect of economic growth on tax revenues and unemployment expenditures would have suggested , the cyclically adjusted primary budget surplus declined slightly .

extra extra extra Net

extra extra extra Net II .

The structural primary budget balance, the International Monetary Fund s preferred measure of fiscal thrust, tightened by an additional 1 1.5 of GDP each year from 2010 to 2012, after which it remained broadly stable.

Is French taught in elementary schools?

Non cyclical changes in the government budget balance have , on average , had a broadly neutral impact on the balance .

provisions primarily of a fiscal nature

Don't forget the receipt.

Monaco is a tax haven.

a ) Primary income receivable from the rest of the world b ) Primary income payable to the rest of the world 17 .