Greater and more systematic efforts are, however, necessary to reduce fiscal deficits, which on average were 5.3% of GDP in 2003, well above the reference value of 3%, and in some countries substantially higher.
I have been reminded that economic predictions should always be taken with a grain of salt. It is no exaggeration to say that things have developed somewhat contrary to the predictions. The economic forecasts for the USA and Europe have gradually been adjusted downwards over the last year or so.