The Stability and Growth Pact, revised by the European Council last spring, is already enduring its first test. Excessive deficit procedures have been implemented for Italy and Portugal and the budgetary conditions in Germany and French are likely to be re-assessed this autumn.

"Public finances in the euro zone" is a quarterly publication issued by the BNP Paribas' OECD Country Research team. The public finances trends in the EMU are being analyzed within a global overview and then country by country. "Public finances in the euro zone" is meant to be a reference publication for the key audiences.

Read "Public finances in the euro zone" - July, 2005(Acrobat document - 1 Mo)

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