Fiscal Policy Stance in the Euro Area

The budgetary position in the euro area and the EU improved significantly in 2007 compared to the previous year.The headline deficit Vacuum Extension Pipe 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

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