﻿ How euro-area government deficits have changed Euro-area
government deficits – the difference between spending and
revenues – were high before the introduction of the euro. By
1998, after several years of preparations for the euro, these
deficits had been substantially reduced and indeed some
countries had surpluses. After the launch of the euro in 1999,
deficits were generally kept under control and within the 3%
limit set by the SGP. However, the 2008 financial crisis has led
to increasing deficits in some countries and falling surpluses
in others – as governments support jobs and growth. Source:
European Commission