Euro area governments are required to reach a budgetary position that is at least close to balance in the medium term - in other words structurally. This requirement, together with the 3% deficit ceiling, is intended to ensure that sound public finances are achieved or maintained.
In particular, while advanced economies are able to generate relatively safe assets which appeal to international investors, emerging market economies are less able to do so. 5 In this context, fostering the international role of the currencies of some emerging economies could help the creation of safe, liquid and internationally accepted transaction instruments.