This is intended to enable automatic stabilisers to work throughout the economic cycle, while simultaneously observing the limit of 3% on the public deficit/GDP ratio, as laid down in the Maastricht Treaty.
Benoît Cœuré: Harmonising cashless payments – the SEPA experience Dinner speech by Mr Benoît Cœuré, Member of the Executive Board of the European Central Bank, at the ECB Seminar “Sharing the European experience in retail payments integration and innovation”, Frankfurt am Main, 15 April 2013.