Examples of using Structural terms in English and their translations into Slovak
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Programming
Country specific MTO in structural terms.
The correction in structural terms is slightly greater, amounting to €8.2 billion or 0.45% of GDP, leading to an improvement in the structural balance of around 0.2% of GDP(compared to a deterioration of 0.2% in the Commission 2019 spring forecast).
Minimum annual improvement ofat least 0.5% of GDP as a benchmark in structural terms.
After a considerable andfrontloaded budgetary adjustment of more than 2 percentage points in structural terms in 2010, the fiscal effort in 2011 is well below the recommended adjustment of at least 0.75% of GDP.
Thereafter, it plans to reach the medium-term objective-a balanced budget in structural terms- by 2019.
As the budget is expected to remain balanced in headline and structural terms in 2016-2017, there continues to be sufficient fiscal space for higher public investment, without breaching the rules of the Stability and Growth Pact and the national debt brake.
The government plans to reach its medium-term budgetary objective-a deficit of 0.5% of GDP in structural terms- by 2019.
The medium-term budgetary objective,set at a balanced budgetary position in structural terms, is planned to be reached by 2020 and maintained in 2021, whereas the recalculated(6) structural balance points to a small structural deficit(0,2% of GDP) in both years.
The medium-term budgetary objective,set at a balanced budgetary position in structural terms, is planned to be reached by 2020.
It confirms that Member States' contributions to the EFSI will not be counted when defining the fiscal adjustment under either the preventive or corrective arm of the Pact, because such contributions can be considered as"one-off measures" thatare deducted for the assessment of the fiscal effort in structural terms.
The medium-term budgetary objective- a deficit of 0.5% of GDP in structural terms- is projected to be achieved in 2016.
In its assessment of the necessary fiscal adjustment under the preventive and corrective arms,the Council specifies targets in structural terms.
The programme confirms themedium-term objective of a balanced budgetary position in structural terms, which reflects the requirements of the Stability and Growth Pact.
In its 2015 Stability Programme, the government plans to reach the medium-term objective-a balanced budgetary position in structural terms- by 2017.
The planned adjustment path towards the medium-term budgetary objective-a deficit of 1% of GDP in structural terms- takes into account the requested deviations related to the systemic pension reform in 2017 and 2018 and for the major structural reform in the healthcare sector in the period 2017-2019.
The revised medium-term budgetary objective,set at a balanced budgetary position in structural terms, is expected to be reached by 2018.
The MTO is defined as a balanced position in structural terms, unchanged from the previous programme, but cannot be regarded as appropriate under the provisions of the Stability and Growth Pact because, based on current policies and projections, it does not ensure sufficiently rapid progress towards long-term sustainability.
Fiscal adjustment:improvement in the general government fiscal balance measured in structural terms(i.e. cyclically adjusted and without one-off measures).
The fiscal effort is likely to be below the 0.75% of GDP average annual effort recommended by the Council, in particular in 2011 and 2012 when it would only amount to 0.4 and0.3% of GDP in structural terms respectively.
The importance of the underlying budgetary position: The Stability andGrowth Pact focuses more on improving public finances in structural terms(taking into account the effects of an economic downturn or one-off measures on the deficit).
The draft act foresees the introduction of a balanced-budget rule in structural terms, a debt rule, a three-year rolling budgetary framework and a gradual set up of the fiscal council which would be charged with endorsing of the government's official macroeconomic and fiscal forecasts as well as ex-ante and ex-post monitoring of the respect of fiscal rules.
The planned annual progress towards the MTO in the years following the correction of the excessive deficitis slightly higher than 0.5% of GDP in structural terms, that is, the benchmark of the Stability and Growth Pact.
Accordingly, Member States are required to present stability and convergence programmes outlining their plans to achieve medium-term budgetary objectives(MTOs),which are defined as a percentage of GDP in structural terms(i.e. adjusting for the effect of the cycle and excluding one-off and temporary measures) and are differentiated across countries around a close-to-balance position to reflect the level of public debt and liabilities related to ageing.
In its 2015 Stability Programme, the government plans to correct the excessive deficit by 2015, in line with the deadline set by the Council, and to reach the medium-term objective-a balanced budgetary position in structural terms- by 2020, i.e. one year after the programme period.
Accordingly, Member States are required to present stability and convergence programmes outlining their plans to achieve medium-term budgetary objectives(MTOs),which are defined as a percentage of GDP in structural terms(i.e. adjusting for the effect of the cycle and excluding one-off and temporary measures) and are differentiated across countries around a close-to-balance position to reflect the level of public debt and liabilities related to ageing.
(9) The objective of the budgetary strategy outlined in the 2014 Stability Programme is to correct the excessive deficit in a sustainable manner by 2014 andto gradually progress toward the medium-term objective of a balanced budgetary position in structural terms, which is more stringent than what the Stability and Growth Pact requires.
Accordingly, Member States are required to present stability and convergence programmes outlining their plans to achieve medium-term budgetary objectives(MTOs),which are defined as a percentage of GDP in structural terms(i.e. adjusting for the effect of the cycle and excluding one-off and temporary measures) and are differentiated across countries around a close-to-balance position to reflect the level of public debt and liabilities related to ageing.
Member States affected by significant and potentially rising risk premia should limit deviations from the nominal balance targets even against worse-than-expected macroeconomic conditions; other Member States should let the automaticstabilizers play along the adjustment path assessed in structural terms and stand ready to review the pace of consolidation should macroeconomic conditions deteriorate further.
To remedy this weakness, since 2011 EDP recommendations have included annualfiscal targets for these multiannual EDPs in both nominal and structural terms, thus restoring the annual benchmark for assessing corrective action as was the case before 2009.
(9) The objective of the budgetary strategy outlined in the stability programme is the achievement of themedium-term objective of a balanced budgetary position in structural terms by 2016, while complying with the debt rule in the 2013-2015 transition period.