Traduction de «taux d'intérêt à moyen terme » (Français → Anglais) :

5. Stresses its concern regarding the continuous fall in the inflation rate in the euro area since 2011, with inflation differentials between Member States; stresses the significant gap currently observed between the ECB’s explicit target of keeping inflation rates below but close to 2 % in the medium term, and the current inflation rates, which are close to zero or even below zero in several euro area Member States; is worried that, as acknowledged by the ECB President, current deflationary trends could lead to the disanchoring of medium- to longer-term inflation expectations;

3. Notes that widening sovereign interest rate spreads have significantly reduced the room for manoeuvre as regards fiscal policy in a number of Member States; notes, also, that the monetary policy approach taken by the European Central Bank (ECB) has helped to reduce sovereign interest rate spreads; notes that the ECB, through forward guidance, will maintain this policy in the short and medium term, and will thereby contribute to stronger growth;

Requirement of a close to balance or in surplus position || Country specific MTO in structural terms: - Provide a safety margin with respect to the 3% deficit limit - Ensure rapid progress towards sustainability - Allow room for budgetary manoeuvre For euro area and ERMII MS: limits of -1% of GDP Expenditure benchmark: expenditure net of discretionary measures should grow ≤ medium-term potential GDP || 0.5% GDP as a benchmark: - More in good times - Less in bad times >0.5% if debt above 60% or if pronounced sustainability risks Temporary deviation from the adjustment path allowed if: - Implementation of major structural reforms with a ve ...[+++]rifiable impact on the long-term sustainability of public finances – emphasis on pension reform - Unusual event outside the control of the MS concerned with a major impact on its financial position - Severe economic downturn for the euro area or the EU as a whole provided this does not endanger medium term fiscal sustainability || Procedure for correcting significant deviation (0.5% in one year or cumulatively over 2 years from the MTO or the adjustment path it) For euro area: financial sanctions in case of repeated non-compliance (interest-bearing deposit of 0.2% of GDP)

9. Notes that governments' massive recourse to borrowing is beginning to show strains on the capital markets, as these are being dried up, crowding-out is coming into effect, and medium- and long-term interest rates are creeping upwards, which is likely to annul the central banks' efforts to bring down interest rates; urges all Member States to return to a sound level of government deficit as soon as possible;

4. Interest-rate convergence means that the long-term interest rate, over a year, may not have exceeded the average of the long-term interest rates in the three EU States with the lowest interest rates, plus a maximum of 2%.

(v) The long-term interest rate criterion is based on the observance, over a period of one year before the examination, of an average nominal interest rate that does not exceed by more than 2 percentage points that of, at most, the three best-performing Member States in terms of price stability.