The 2018 Stability & Convergence Programmes – An Overview and Implications for the Euro Area Fiscal Stance published by European Commission (9/2018).
“This note provides an overview of the 2018 Stability and Convergence Programmes submitted by Member States. It takes a glance at budgetary developments in 2017 and sets out the fiscal plans over 2018-2021, both at country level and the euro area and European Union (EU) as a whole. It also presents an analysis of the recent and prospective fiscal stance in the euro area.
The situation of public finances in the EU and the euro area appears favourable. In aggregated terms, public deficits decreased by around half a percentage point of GDP in 2017, to 1.0% of GDP (0.9% in the euro area), compared to a peak of 6.6% of GDP in 2009. The euro area and EU thus posted much lower deficits than the US (at 4.9% of GDP) or Japan (at 3.8% of GDP). The 2017 outcome is significantly better than expected in the 2017 programmes…”
