Under Article 2a of the new Regulation, the medium-term budgetary objectives are to be set – taking into account the debt level and potential growth rates of the member states concerned – within a range of up to -1% of GDP.21  19  Based on inflation of up to 2% in line with ECB’s stability objective, 3% real growth is assumed overall.
20  European Commission (2005), Public Finances in EMU  21  Targets are set only for euro countries as well as for ERM II participating countries.