BUDGET · STRESS TEST · ACCOUNTABILITY
What must balance? Central government, local government, social security and public bodies
Preventing deficit-shifting by defining a consolidated general-government perimeter.
The perimeter must not be gameable
A rule covering only the central State budget could be circumvented by shifting expenditure to public operators, local government or social-security bodies. The primary certificate should therefore cover consolidated general government, with sub-certificates identifying each subsector.