European standard of fault and deficit procedure

Under the Stability and Growth Pact (SGP), all euro area countries must adhere to a public deficit that is no more than 3 percent of their GDP and a public debt no higher than 60 percent of their GDP.
These standards form the basis of European budget rules for member states. However, in 2020, the European Commission decided not to apply the European budgetary rules temporarily due to the coronavirus crisis. Following the outbreak of the war in Ukraine and the energy crisis, the suspension of budget rules were applied through 2023.

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