Free Economic Weekly: Government’s 2013 Budget shows sharp fiscal tightening

The Budget points to a deficit decline 0.5% of GDP to 4.5% in 2013 after 5% in 2012. However, the change in the structural deficit, which measures the fiscal effort, will be close to 2.5% of GDP. In Europe, EU leaders agreed to a unified banking supervision but the timetable is still fuzzy.

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