In other words, the PAYGO restraint didn’t require the Congress to climb out of the deficit hole by any particular date, but it did prohibit the Congress from digging the hole any deeper. The largest difference between the BEA and GRH was that the BEA attempted to restrain legislative action alone.
Both reports were prepared by the Banking Supervision Committee of the European System of Central Banks (ESCB), which comprises high-ranking representatives of the central banks and banking supervisory authorities of the 15 EU Member States and the ECB.