Noticeable declines were steadily recorded in our monthly food import bill from $ million in January 2015 to $ million as at October 2018; a cumulative fall of 75.9 percent and an implied savings of over $ billion on food imports alone over that period.
At the same time, the Governing Council warns against changes to the Pact and, in particular, the excessive deficit procedure. It considers the credibility of the 3% deficit limit essential to anchoring expectations of fiscal discipline. Moreover, strict surveillance and effective peer pressure on national budget policies are indispensable to preserving sound fiscal policies.