Based on agreements laid down in the Growth and Stability Pact, the public deficit or EMU deficit for member states of the European Union is not allowed to exceed 3 percent of the Gross Domestic Product (GDP). In the Netherlands, the 3 percent norm has been converted to limits ay the various local government levels. The limit for the collective deficit in 2013 is set at 0.5 percent of the GDP or 3.1 billion euros.
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