debt above 60 percent or deficits above 3 percent of GDP. We find that the proposed framework would require ambitious … fiscal adjustment: on average, more than 2 percent of GDP over the medium term, in addition to the adjustment that is already … framework. We also find that for most countries with debt above 60 percent of GDP, these adjustment requirements are driven by …

only to finance public investment. Our estimates suggest that the euro area should target debt levels of around 50% of GDP …-maximizing debt ratio in our OECD sample and comfortably within the Stability and Growth Pact's debt ceiling of 60% of GDP. We also …

percentage point rise in the cost of borrowing leads to a cumulative improvement of the primary balance-to-GDP ratio of … primary expenditure. The size of the total fiscal adjustment, however, is insufficient to avoid the gross government debt-to-GDP …

modelling of government's interest payments for predicting the evolution of debt-to-GDP ratios …