NFL-GDP near 60 percent remains high by international standards, and continues to be a concern of rating agencies, especially given our exposure to commodity exports that can be subject to large price swings.
In recent years, the EU member states have adopted a series of new rules aimed at addressing these weaknesses, including the Fiscal Compact, which tightens the requirements for fiscal discipline. In addition, the EU member states have adopted rules for surveillance of macroeconomic imbalances, under which the European Commission is to monitor whether a member state is building up excessive imbalances.