Traduction de «riduzione del debito » (Italien → Anglais) :

Correct gross policy errors || Sets limits: - Deficit of 3% of GDP - Debt of 60% of GDP or sufficiently diminishing Definition of sufficiently diminishing = respect of debt reduction benchmark Debt reduction benchmark = reduction of 5% per year on average over 3 years of the gap to 60% taking the cycle into account or respect in the next two years (Transition period for MS in EDP at entry into force (Dec 2011) for three years after the correction of the excessive deficit.) ...[+++] || Minimum annual improvement of at least 0.5% of GDP as a benchmark in structural terms Possible extension of deadline: - If effective action has been taken and unexpected adverse economic events with major unfavourable consequences for government finances - In case of severe economic downturn in the euro area or in the Union as a whole provided that this does not endanger fiscal sustainability in the medium-term || For the euro area: Early and gradual sanction system to be activated at each stage of the EDP procedure

In addition, Article 2(1a) of Regulation (EC) No 1467/97 provides that, in implementing the debt ratio adjustment benchmark, account shall be taken of the influence of the cycle on the pace of debt reduction.

On one of the resolution tools, the so called bail-in or debt write down tool, targeted discussions were organised with experts from Member States, banking industry, academic world and legal firms in April 2012. The discussions concerned the key parameters of the debt write-down tool, including in particular the resolution triggers, the scope of bail-in, its potential minimum level, resolution of groups as well as grandfathering.

In implementing the debt ratio adjustment benchmark, account shall be taken of the influence of the cycle on the pace of debt reduction’.

In comparison to the initial notification of debt reduction measures of GBP 1 700 million and an additional GBP 200 million revolving credit facility, the restructuring aid in the form of a debt reduction of maximum GBP 1 089 million is now limited to 50 % of the necessary restructuring cost for the period from March 2010 to March 2015.

It is true that a reduction of the tax liability could theoretically occur due to differences in the tax base according to the different Member States' rules and sometimes also due to quicker compensation of start-up losses. However, reducing the tax liability of SMEs in a lasting way is not the objective of the scheme and given the characteristics of the approach, notably the apportionment mechanism, this effect should not occur systematically. Based on the statistical figures of SMEs which are internationally active and bearing in mind the very small proportion of corporate taxes paid by SMEs domestically, the amount of tax 'at stake' ...[+++]for Member States can safely be expected to be very low.