摘要：Over the last decade and in light of the past great fi nan- cial crisis, the EU’s fi scal framework has been modifi ed in many respects. One major modifi cation with mate- rial consequences for the euro area’s aggregate fi scal stance pertains to the introduction in 2015 of a so-called matrix of fi scal adjustment requirements under the pre- ventive arm of the Stability and Growth Pact (SGP). 1 For countries that have not achieved their medium-term budgetary objectives, these fi scal adjustment require- ments need to feed into their budgetary planning for the next year. Importantly, the matrix has also become the guiding post for adjustment requirements in countries with high government debt ratios, de facto replacing the application of the SGP’s debt rule, which had been in- troduced with the six-pack and two-pack regulations in 2011.
