reference value for the fiscal position

What is reference value for the fiscal position?

reference value for the fiscal position definition and meaning on Finance terms:
TFEU Protocol No 12 on the excessive deficit procedure sets explicit reference values for the general government deficit ratio (3% of GDP) and the debt ratio (60% of GDP). See also
Stability and Growth Pact (SGP)<

 

reference: https://www.ecb.europa.eu/home/glossary/html/index.en.html

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