primary deficit created, stockflow adjustment, the real growth of the GDP and real interest rates. On the basis of results of … the European Communities (2009) a statistical estimate is given of the trends in the primary deficit for EU-12, after … the primary deficit, due to the relatively strong negative correlation between those two variables in the past, whilst the …

initial lower debt-to-GDP ratio. Consolidations were larger when sustained over time and the initial deficit was high. Fiscal …