The compliance tracker of the secretariat of the European Fiscal Board documents the fiscal performance of EU Member States against the main numerical constraints implied by the rules of the Stability and Growth Pact (SGP). It takes into account successive SGP reforms including the one of 2024. The results of the compliance tracker are summarised and presented below. Relevant concepts can be found in a dedicated note published in Intereconomics, which also discusses key facts and trends. The correct way to quote it is:Larch, M., J. Malzubris, S. Santacroce. 2023. “Numerical compliance with EU fiscal rules: Facts and figures from a new database.” Intereconomics, 58(1): 32-42.The database underpinning the compliance tracker can be downloaded here; it includes all relevant definitions.Overall compliance scores(Overall compliance scores are calculated as averages over 1998-2025 and the four fiscal rules of the SGP) The database assesses numerical as opposed to legal compliance with the rules of the SGP. Abstracting from legal interpretations or margins of discretion allowed by the letter or spirit of the law, it assesses whether in pure quantitative terms the relevant fiscal aggregates – the budget balance, the debt-to-GDP ratio or government expenditure – evolved within or outside the perimeters defined by the fiscal rules.The database encompasses the four main fiscal rules of the SGP:Deficit rule: a country is considered compliant if (i) the budget balance of general government is equal or larger than -3% of GDP or, (ii) in case the -3% of GDP threshold is breached, the deviation remains small (max 0.5% of GDP) and limited to one year.Debt rule:Until 2024: a country is considered compliant if the general government debt-to-GDP ratio is below 60% or if the excess above 60% has been declining by 1/20 on average over the past three years.From 2025: a country is considered compliant if: (i) its general government debt-to-GDP ratio exceeds 90% and declines by at least 1 percentage point in the given year or (ii) its debt ratio is between 60% and 90% and declines by at least 0.5 percentage points, or (iii) its debt ratio is at or below 60%.Structural balance rule:Until 2024: a country is considered compliant if (i) the structural budget balance of general government is at or above the medium-term objective (MTO) or (ii) the annual improvement of the structural balance is equal or higher than 0.5% of GDP.From 2025: a country is considered compliant if (i) the structural budget balance is at least -1.5% of GDP. If this target is not met, a country is considered compliant if (ii) the annual improvement of the structural primary budget balance is at least 0.4 percentage points of GDP for countries with regular fiscal adjustment period of 4 years or (iii) the annual improvement is at least 0.25 percentage points of GDP for countries with an extended adjustment period granted due to commitments to implement reforms and investments.Expenditure rule:Until 2024: a country is considered complaint if the annual rate of growth of primary government expenditure, net of discretionary revenue measures and one-offs, is at or below the 10-year average of the nominal rate of potential output growth minus the convergence margin necessary to ensure an adjustment of the structural budget deficit in line with the structural balance rule.From 2025: a country is considered compliant if the annual growth rate of net expenditure is equal or below the limit set by the Council.
