The fluctuation reserves of the statutory pension insurance scheme, which had already been lowered considerably in recent years, will fall even further. The statutory health insurance funds have resorted to borrowing, which is actually prohibited by law. Last year the general government deficit ratio came to 3.5%, which was well over the 3% limit set by the Maastricht Treaty.
It will further increase this year and could even exceed 4%. While it is true that unfavourable cyclical developments and other temporary influences are playing a part in this, this should not blind us to the fact that the bulk of the deficit - which we estimate at approximately 3% of GDP - is structural.