The ratio of public debt to GDP is projected to fall from 106.8 to 105.1 per cent. The fiscal burden rises further, by half a percentage point, to 42.8 per cent of GDP. Excluding the severance pay referred to above, the increase comes to 0.1 percentage points.
(ii) The need to complete the European architecture The crisis revealed several gaps in the European architecture which have been addressed to a certain extent during the past decade but still require further decisive work. The setting up of the ESM, the Single Rule Book and the two pillars – the supervision and the resolution – of the Banking Union were major achievements.