高盛：2024年欧洲经济分析报告：欧元区财政政策：持续整顿与债务脱钩（英文版）

n Fiscal consolidation in the EMU4 will continue for the next three years. In Germany, the constitutional Debt Brake is unlikely to be relaxed until at least the German election in September 2025. In France, the government led by PM Barnier promised a primary balance adjustment of a magnitude unseen outside of post-crisis normalisation in 2011 and 2021-22. The Italian Ministry of Finance has promised a faster fiscal consolidation than expectations, taking the country out of the Excessive Defi