The Stability and Growth Pact sets a medium-term target for fiscal policy of a budgetary position "close to balance of in surplus". This addition to the deficit rule defined by the Maastricht Treaty has been interpreted as an attempt to reconcile the objective of sound public finances with the...

This paper applies generational accounting to assess the impact of current fiscal policies on the growth-adjusted net tax burdens of different age cohorts in Norway. Using the most recent estimate of the government's petroleum wealth, our results indicate generational balance.