New debt reduction rule (Regulation 1177/2011): gr
Okumaya devam et...
← Previous revision | Revision as of 12:36, 2 May 2024 |
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| :* The year referred to as ''t'' in the backward-looking and forward-looking formula listed above, is always the latest completed fiscal year with available outturn data. For example, a backward-check conducted in 2024 will always check whether outturn data from the completed 2023 fiscal year (t) featured a debt-to-GDP ratio (b<sub>t</sub>) at a level respecting the "2023 debt reduction benchmark" (bb<sub>t</sub>) calculated on basis of outturn data for the debt-to-GDP ratio from 2020+2021+2022, while the forward-looking check conducted in 2024 will be all about whether the forecast 2025-data (b<sub>t+2</sub>) will respect the "2025 debt reduction benchmark" (bb<sub>t+2</sub>) calculated on basis of debt-to-GDP ratio data for 2022+2023+2024. It shall be noted, that whenever a ''b'' input-value (debt-to-GDP ratio) is recorded/forecast below 60%, its data-input shall be replaced by a fictive 60% value in the formula. | :* The year referred to as ''t'' in the backward-looking and forward-looking formula listed above, is always the latest completed fiscal year with available outturn data. For example, a backward-check conducted in 2024 will always check whether outturn data from the completed 2023 fiscal year (t) featured a debt-to-GDP ratio (b<sub>t</sub>) at a level respecting the "2023 debt reduction benchmark" (bb<sub>t</sub>) calculated on basis of outturn data for the debt-to-GDP ratio from 2020+2021+2022, while the forward-looking check conducted in 2024 will be all about whether the forecast 2025-data (b<sub>t+2</sub>) will respect the "2025 debt reduction benchmark" (bb<sub>t+2</sub>) calculated on basis of debt-to-GDP ratio data for 2022+2023+2024. It shall be noted, that whenever a ''b'' input-value (debt-to-GDP ratio) is recorded/forecast below 60%, its data-input shall be replaced by a fictive 60% value in the formula. |
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| :* Beside of the backward-looking compliance check (b<sub>t</sub> <math>\scriptscriptstyle\leq</math> bb<sub>t</sub>) and forward-looking debt-brake compliance check (b<sub>t+2</sub> <math>\scriptscriptstyle\leq</math> bb<sub>t+2</sub>), a third ''cyclically adjusted backward-looking debt-brake check (b*<sub>t</sub> <math>\scriptscriptstyle\leq</math> bb<sub>t</sub>)'' also form part of the assessment whether or not a member state is in abeyance with the debt-criterion. This check applies the same backwards-checking formula for the debt reduction bechmark (bb<sub>t</sub>), but now checks if the ''cyclically adjusted debt-to-GDP ratio'' (b*<sub>t</sub>) respects this calculated benchmark-limit (bb<sub>t</sub>). The exact formula used to calculate the ''cyclically adjusted debt-to-GDP ratio for the latest completed year t with outturn data (b*<sub>t</sub>)'', is displayed by the formula box below. | :* Besides of the backward-looking debt-brak compliance check (b<sub>t</sub> <math>\scriptscriptstyle\leq</math> bb<sub>t</sub>) and forward-looking debt-brake compliance check (b<sub>t+2</sub> <math>\scriptscriptstyle\leq</math> bb<sub>t+2</sub>), a third ''cyclically adjusted backward-looking debt-brake check (b*<sub>t</sub> <math>\scriptscriptstyle\leq</math> bb<sub>t</sub>)'' also form part of the assessment whether or not a member state is in abeyance with the debt-criterion. This check applies the same backwards-checking formula for the debt reduction bechmark (bb<sub>t</sub>), but now checks if the ''cyclically adjusted debt-to-GDP ratio'' (b*<sub>t</sub>) respects this calculated benchmark-limit (bb<sub>t</sub>). The exact formula used to calculate the ''cyclically adjusted debt-to-GDP ratio for the latest completed year t with outturn data (b*<sub>t</sub>)'', is displayed by the formula box below. |
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Okumaya devam et...