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Fiscal Policy Stance in the Euro Area

Author

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  • Marius-Corneliu Marinas

    (Academia de Studii Economice, Bucuresti)

Abstract

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).

Suggested Citation

  • Marius-Corneliu Marinas, 2008. "Fiscal Policy Stance in the Euro Area," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 2(2(519)), pages 19-24, February.
    • Handle: RePEc:agr:journl:v:2(519):y:2008:i:2(519):p:19-24
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