In order for EMU to function smoothly, Member States must avoid excessive budgetary deficits. Under the provisions of the Stability and Growth Pact, they agree to respect two criteria: a deficit-to-GDP ratio of 3% and a debt-to-GDP ratio of 60%.
CITATION STYLE
Miranda Sarmento, J. (2018). Excessive Deficit Procedure (pp. 91–102). https://doi.org/10.1007/978-3-030-05174-7_7
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