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International Monetary Fund. European Dept.

percent relative to 1990) consistent with the EU commitment to the Paris Agreement (COP21) under the Clean Energy for All Europeans ( EC, 2019 ) package using the PRIMES model ( E3MLab/ICCS, 2013 ). 2 The 2030 target implies raising the share of renewable energy in the EU energy mix to at least 32.0 percent and an improvement in energy efficiency of at least 32.5 percent at EU level. We then updated the results for a more ambitious emission reduction target of 55 percent (according to the EU Green Deal) and a reduction of national emissions outside ETS coverage

International Monetary Fund. European Dept.

(in the latter case) through expenditure cuts . Given the cyclical position of the economy, EU commitments would require a positive structural adjustment of at least 0.1 percent of GDP this year. However, achieving the EU MTO in 2017 would call for much larger consolidation efforts in the following years. Slovakia’s domestic FRA is more restrictive and emphasizes spending reductions now. Breaching the 55 percent of GDP debt threshold in 2013 mandates a 3 percentage point cut in general government expenditure in 2014 (excluding debt service payments, EU funds and

Marek Belka

world. Needless to say, this will not be easy. What is needed is a joint effort and the close cooperation of the countries wanting to join, current euro area members, the European Union, and the European Central Bank. More fundamentally, there are trade-offs between eastern European countries’ aspirations and EU rules. If it hadn’t been for existing EU commitments and objectives, eastern European countries might have chosen different policies in response to the crisis. For example, some countries might have decided to regulate financial subsidiaries and bank