It would not require a headline deficit of below 3% of GDP in each and every year, in each and every country. But it would require a more sophisticated analytical framework than the current one, which merely distinguishes between countries on the basis of whether they meet the EU’s 60%-of-GDP ceiling on public debt.
在充分一体化的市场中，政府赤字的年度融资不应该成为问题，如果债务存量可持续的话。因此，欧盟应该致力于建立一个财政框架，其唯一目标是确保成员国债务可持续。顾名思义，这一目标应该具体到国家。它不要求每一年每一国标题赤字（headline deficit）都低于GDP的3%。但它要求比现在更成熟的分析框架，只根据是否符合公债不超过GDP的60%的欧盟标准区分各国。