Esimerkkejä Primary surpluses käytöstä Englanti ja niiden käännökset Suomi
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This can be managed provided that large primary surpluses can be sustained for a long time to come as foreseen in the Stability Programme.
Although public pension expenditure is expected to rise significantly due to ageing populations,it may be manageable provided that large primary surpluses can be sustained for several decades.
High primary surpluses will continue to be central elements of the strategy for budgetary adjustment and debt reduction in the period to 2003.
The Council welcomes Italy's goal of keeping high primary surpluses throughout the programme period, while allowing for some easing in the tax burden.
Primary surpluses were sufficiently large in 1997 for the debt ratio to come down in most Member States, the stock-flow adjustment not being taken into account see Table 4.8.
Sweden would need to address this by ensuring sufficient primary surpluses and further containing age-related expenditure growth to ensure long-term fiscal sustainability.
As in the initial stability programme, a central element of the fiscal consolidation strategy of the updated programme, are high primary surpluses, somewhat above 6% of GDP per year.
For many Member States, the primary surpluses that would be required to reduce debt and ensure a full pre-funding of ageing-related cost are unrealistically large.
The strategy followed by Belgium, in particular, the policy of maintaining high primary surpluses, is expected to provide leeway to cover age-related budgetary costs.
Substantial primary surpluses and persistent, sizable overall fiscal surpluses will be needed to be able to reduce the debt ratio to 60% within an appropriate period of time.
As is shown in greaterdetail in Chart 2b, the typical pattern is that primary surpluses partly compensated for the debtincreasing effects resulting from the stockflow adjustment item.
Indeed, different results would be obtained if underlying assumptions for real GDP growth rates, interest rates, inflation rates and deficit-debt adjustments,as well as assumptions for overall or primary surpluses, were to be amended.
As is shown in greater detail in Chart 2b, primary surpluses were generally small and thus not sufficient to outweigh the debt-increasing effects of a negative growth/ interest rate differential.
In 1996 and 1997 the macroeconomic environment became more favourable: GDP growth strengthened,average interest rates declined marginally, and primary surpluses increased, thereby contributing to a falling debt ratio.
It is therefore appropriate for Finland to maintain sufficient primary surpluses and to further contain age-related expenditure12 growth to contribute to the sustainability of public finances in the medium and long term.
The budgetary strategy planned in the 2000 update for the period to 2005 relies on the achievement of large government primary surpluses, reaching more than 6 per cent of GDP per year.
The Council considers it is appropriate to keep high primary surpluses above 6 percent of GDP and to pursue, if necessary, further budgetary adjustment effort, taking into account the high level of debt.
However, significant deficit-debt adjustments continue to have an adverse effect on debt developments, with the result that Greece 's publicdebt is falling only slowly, despite high primary surpluses and privatisation receipts.
As is shown in greater detail in Chart 2b,the main forces underlying this reduction were sizable primary surpluses, combined with a very favourable growth and interest rate environment since 1994.
It also notes that achieving government primary surpluses above 6% of GDP per year has been particularly appropriate in the case of Belgium, bearing in mind that the government debt is still at a very high level.
The prevailing low-growth, low-inflation environment still does not support a robust decline in government debt ratios in spite of Member Statesʼefforts to cut budget deficits(which declined in structural terms in 21 countries in 2015) and generate primary surpluses which were achieved in 19 countries.
However, such an effort has to be sustained over the long run anda failure to maintain the primary surpluses at a sufficiently high level might mean that the risk of unsustainable public finances could not be avoided.
Substantial primary surpluses and persistent, sizeable overall fiscal surpluses outperforming the targets of the Updated Greece Convergence Programme, together with greatly reduced deficit-debt adjustments, will be needed to reduce the debt ratio to 60% within an appropriate period of time.
As is shown in greaterdetail in Chart 2b, the declining primary surpluses during the early 1990s were not sufficient to outweigh the sizable debt-increasing effects of a negative growth/ interest rate differential.
Ensuring sufficient primary surpluses over the medium-term and further reforming the Belgian social security system, in particular the pension system, to curb the projected substantial increase in age-related expenditure, should improve the long-term sustainability of public finances.
Fiscal adjustment in recent years was based on large and increasing primary surpluses while the interest burden declined progressively under the combined effect of lower interest rates and the reduction in the government debt to GDP ratio.
The Council notes that, according to the updated programme, in order toachieve high primary surpluses, expenditure control is expected to result from applying a limit of 1.5% to the increase in real terms in primary expenditure in Entity I federal government and social security.
Primary surplus no change in policy.
This primary surplus is essential to maintaining the debt ratio on its sustainable downward path.
In particular, in the absence of corrective measures, the primary surplus might be significantly lower than the 5.5% target.