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In the euro area, there is mixed evidence that the GDP per capita of lower-income economies has been catching up with that of higher-income economies since the start of monetary union. The significant real convergence performance of some of the most recent members contrasts with that of the...
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, including a concrete course to cutting non-cyclical government expenditure, and second to implement an automatic tax increase … government debt that is in line with the specified path. These guarantees are, fourth, paid for by a percentage fee. Fifth, non …-compliance with the automatic tax increase law or voluntary exit from the consolidation pact leaves future government bond issues …
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