The EURO members "... CONSCIOUS of the need to ensure that their deficits do not exceed 3 % of their gross domestic product at market prices and that government debt does not exceed, or is sufficiently declining towards, 60 % of their gross domestic product at market prices ..." have agreed the "Treaty on Stability, Coordination and Governance in the Economic and Monetary Union". Also known as "TSCG" or "European Fiscal Compact", it came into force in 2013. 1)
The European Fiscal Compact defines the budgetary balance as follows:
Eurostat, the statistical office of the European Union, provides all these figures in its "Euro indicators /PEEIs" database (PEEI: Principal European Economic Indicators).
1) TREATY ON STABILITY, COORDINATION AND GOVERNANCE IN THE ECONOMIC AND MONETARY UNION
Six-pack? Two-pack? Fiscal compact? A short guide to the new EU fiscal governance