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Broadly speaking, governments have to keep budget deficits at 3% of GDP or less, save in "exceptional circumstances"—meaning an annual fall in GDP of 2% or more.
What's left is a serviceable and frugal — if sleepy — sedan and coupe, intended to keep budget buyers coming and rental counters humming.
The Maastricht treaty and its subsequent clarifications decreed a highly independent central bank with a mission to achieve inflation of less than 2%, together with a fiscal "stability pact" (of uncertain status) to keep budget deficits small.
The European Union already has a strict rule book, called the Stability and Growth Pact, which lays down a process to keep budget deficits within strict limits and even has penalties for not doing so.
The union's fiscal restraints are set out in its Stability and Growth Pact, which requires its 12 members to keep budget deficits to less than 3percentt of total output.
ReprintsDespite this week's burst of apparent fiscal austerity, Mr Hausner has proved as willing as, say, any French finance minister, to flout the fiscal rules that Poland and other countries due to join the European Union next May are supposed to obey notably to keep budget deficits under 3% of GDP if they are to join the euro.
Similar(45)
The economic downturn is making its presence felt in the movie business, not least in the pressure to keep budgets low.
Final budget proposals have yet to be completed, but layoffs of hundreds of teachers and employees have been proposed on the Island and in Westchester in an effort to keep budgets low, administrators said.
He worked together with the finance and marketing departments to keep budgets and deadlines on target.
I firmly believe in the need to keep budgets close to balance, with only minor deviations to compensate for changes in the business cycle.
As a result, Eastwood is renowned for his efficient film directing and ability to reduce filming time and to keep budgets under control.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com