Public finances

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The State is an essential player in the smooth running of a capitalist type economy. The burden of compulsory deductions (taxes and social security contributions) has thus not really reduced in most countries of the European Union during the last twenty years, despite the pressure of liberalism in the worldwide economy. Public finances, through taxation, are used to finance the functioning of the State, in particular making collective services such as defence or the transport network available, and also governmental priorities, social aid, sickness benefit or education.

With the setting up of the Economic and Monetary Union and the creation of the Euro, public finances are examined critically and monitored within the context of the stability pact and compliance with convergence criteria which are a public deficit below 3% of GDP and public debt below 60% of GDP.

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