Traduction de «marge de manœuvre budgétaire » (Français → Anglais) :

fiscal space

room-to-maneuver | room-to-manœuvre | budget leeway | leeway

flex complement

Member States are in very different situations in terms of fiscal space or consolidation needs across the euro area, and delivering an appropriate fiscal stance for the euro area as a whole is a matter for the collective responsibility of the euro area Member States.

Fiscal policies should reflect the economic conditions and sustainability risks at Member State level, while ensuring a good co-ordination of economic policies and a coherent fiscal stance across the Union and the euro area, making use of fiscal space where available to support growth and investment.

This should allow those EU countries which do not have fiscal space (i.e. room for manœuvre with their public finances) to regain it, and those which do have it to use the opportunity to encourage domestic demand, with a particular emphasis on investment.

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.