For national governments, however, they typically generated more budgetary gimmicks than real cutbacks because the limits have not adjusted to the sources of fiscal shock. In a political setting, inflexible deficit limits are likely to lead more to avoidance than to real changes. Controls on legislative action A third approach involves tighter controls on legislative action.
It is something that our central banks – representing our four countries – have achieved together: the first EU twinning project for Belarus and the first EU twinning project for the National Bank of the Republic of Belarus. It’s something that all the stakeholders can be proud of.