Translation of "Fiscal policy stance" in German

The fiscal policy stance in 2003 has been broadly neutral.

Regardless of the government’s fiscal-policy stance, this interest rate cannot move below zero.

A pro-cyclical fiscal policy stance could entail some risks as additional spending pressures are intensifying.

There is a risk that the fiscal policy stance for 2007 may turn out to be pro-cyclical.

However, the substantial widening in the current account deficit underlined the need for a more prudent fiscal policy stance.

Similarly, in Bulgaria and Estonia, the fiscal policy stance is appropriately geared towards diminishing macro-economic imbalances.

By 2020 the fiscal balance will melt down to 41 billion euros due to the government’s ex pansionary fiscal policy stance.

According to the economists public finances are developing very favourably under the current fiscal policy stance.

By 2020 the fiscal balance will melt down to 41 billion euros due to the government's ex­pansionary fiscal policy stance.

Nevertheless, given that the external account deficit has most likely not narrowed significantly (if at all) in 2004, a rapid run-down of the budget surplus may provide insufficient support from the fiscal policy stance to the correction of the external imbalance.

German Chancellor Angela Merkel, after congratulating Macron, made clear that she will consider no fiscal-policy changes – a stance that precludes a common eurozone treasury.

However, the EESC notes, without prejudice for the independence of the ECB, the remarkable absence of an analysis of the developments in the monetary policy developments in the euro area in assessing the appropriateness of a neutral fiscal policy stance.

As the government has indicated that further expansionary fiscal measures envisaged in the 2011 Budget Bill (including a fifth step in the in-work tax credit for wage-earners, a further rise in the threshold for paying state income tax, lower VAT on restaurant services, and lower taxes on pensions) could be implemented as from 2012, if there is sufficient fiscal space, there is a risk of a pro-cyclical fiscal policy stance.

The combination of severe restrictive fiscal policy in many Member States with a neutral fiscal policy stance in a few Member States will still have an outspoken negative impact for the euro zone as a whole and, in particular on those Member States who are already going through a deep, austerity induced recession.

The combination of severe restrictive fiscal policy in many Member States with a neutral fiscal policy stance in a few Member States will still have an outspoken negative impact for the euro area as an average and, in particular in those Member States who are already going through a deep, austerity induced recession.

Over and above statistical revisions, the fiscal policy stance further worsened in a situation of buoyant economic activity and a large, positive output gap.

For the EU as a whole, the fiscal policy stance was broadly neutral if not slightly expansionary.

In this context, the Council notes that the fiscal policy stance followed since 1999 could become too expansionary in the current high-growth environment.

Fiscal retrenchment plans, also responding to the requirements under the excessive deficit procedure2 and the new constitutional budgetary rule3, imply that economic activity over the next few years will take place against the backdrop of a restrictive fiscal policy stance.

A more thorough analysis indicates that sustainability concerns, associated with developments in government debt are a key determinant of the fiscal policy stance.

To ensure that the adoption of the euro is a success, Estonia must pursue its efforts to maintain a prudent fiscal policy stance.