ECB’s González-Páramo cautions on fiscal burden
Fiscal adjustment needs to start with and not later than the economic recovery, said José Manuel González-Páramo, a member of the European Central Bank's executive board, adding that when more normal economic conditions return, consolidation efforts will need to be substantial
González-Páramo said the EC Treaty and the Stability and Growth Pact, which limits member states to an annual budget deficit no higher than 3% of GDP and a national debt lower than 60% of GDP, provided for a degree of
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