Traduction de «Orientation budgétaire favorable à la demande » (Français → Anglais) :

demand-supportive fiscal stance

Landing Kit for Claimants - positive decision

However, fiscal performance in 2002 and 2003 slipped again and consolidation was effectively abandoned as deficits increased to 4.6 per cent and 6.3 per cent of GDP respectively. The expansionary fiscal stance contributed to an increase in domestic demand and a current account deficit projected at 4.4 per cent of GDP for 2003.

The expansionary fiscal stance contributed to an increase of domestic demand and to a continued relatively high current account deficit projected at 4.4 per cent of GDP for 2003.

While the macro-economic policy mix continued to be supportive to growth - with a growth supportive monetary stance accompanied by a broadly neutral fiscal stance - the need for further and comprehensive economic reforms is illustrated by a sluggish and belated recovery in comparison to other industrialised economies.

To deliver such a fiscal stance, the euro area must adopt a more collective approach which takes account of the differences in situations across countries: (i) for Member States which are over-achieving their fiscal objectives, use their fiscal space to support domestic demand and quality investments, including cross-border ones, as part of the Investment Plan for Europe; (ii) for Member States that need further fiscal adjustments under the preventive arm of the Pact, make sure to be broadly compliant with the requirements of the Stability and Growth Pact; (iii) for Member States under the corrective arm, ensure a timely ...[+++]correction of their excessive deficits, including by providing fiscal buffers against unforeseen circumstances.