Translation of "déficit corrigé des influences cycliques " (French → English) :

cyclically adjusted [ cyclically adjusted basis ]

After an improvement of slightly less than 0,5 % between 2004 and 2005, the structural deficit (i.e. the deficit in cyclically-adjusted terms, net of one-off and temporary measures) is projected by Commission services to remain broadly unchanged as a percentage of GDP between 2005 and 2006 and to narrow by at least 1 % of GDP in 2007.

3. Taking into account that the monetary stimulus given in recent years is gradually being withdrawn; calls on the Commission to adhere to a strict interpretation of the renewed Stability and Growth Pact and on Member States to pursue an annual improvement in their cyclically adjusted budget deficits of 0,5% of GDP as a benchmark, which will help to dampen inflationary pressures and to keep interest rates down at levels that do not endanger the current economic recovery; recalls in this context the added value of better fiscal, especially budgetary, coordination amongst Member States towards a more coherent macro-economic policy balanc ...[+++]e, as compared to the well-developed monetary policy of the EMU;

3. Taking into account that the monetary stimulus given in recent years is gradually being withdrawn; calls on the Commission to adhere to a strict interpretation of the renewed Stability and Growth Pact and on Member States to pursue an annual improvement in their cyclically adjusted budget deficits of 0,5% of GDP as a benchmark, which will help to dampen inflationary pressures and keep interest rates down at levels that do not endanger the current economic recovery; recalls in this context the added value of better fiscal, especially budgetary, coordination among Member States towards a more coherent macro-economic policy balance, as ...[+++] compared to the well-developed monetary policy of the EMU;

9. Calls on the Commission to adhere to a strict interpretation of the renewed Stability and Growth Pact, not allowing the use of temporary measures or creative accounting; urges Member States to foster competitiveness and to pursue an annual improvement in their cyclically adjusted budget deficits and to ensure higher adjustment efforts in economically prosperous times; believes that wage increases should be consistent with the trend in productivity over the medium term; calls for a moderate and responsible pricing policy, in part ...[+++]icular in cases of monopolistic or oligopolistic markets, which dampens inflationary pressures and keeps interest rates down at levels that do not endanger the current economic recovery;