There are many possible methods of calculating budgetary balances.

Allocation of expenditure by country is necessary in order to calculate budgetary balances.

At the same time, overall fiscal balances should be allowed to absorb cyclical fluctuations in activity.

Switzerland: The projections assume that fiscal policy is adjusted as necessary to keep fiscal balances in line with the requirements of the country’s fiscal rules.

Switzerland: The projections assume that fiscal policy is adjusted as necessary to keep fiscal balances in line with the requirements of Switzerland’s fiscal rules.

Fiscal balances have deteriorated, particularly in middle-income countries and oil exporters.

Fiscal balances have deteriorated, particularly in the region’s middle-income and oil exporting countries.

State and local government fiscal balances are assumed to remain constant as a percent of GDP.

However the sharp decline in oil prices would weigh on growth performances and fiscal balances in 2015.

However the sharp decline in oil prices will weigh on growth performances and fiscal balances in 2015.

The economy is in recession, fiscal balances have deteriorated, and the financial sector is under significant stress.

The effects of subsidies on growth go beyond their adverse impact on fiscal balances and public debt (Kumar and Woo, 2010).

The dialogue will focus mostly on targets and budget balances, but these topics were not discussed during the working dinner.

2The unadjusted budget positions are not shown separately for Denmark (1996), Finland (1998–99), the Netherlands (1998–99), and Sweden (1998–99) because the bars for the unadjusted balances lie completely within those for the structural balances.

A partial recovery in oil prices over the past year has eased pressure on fiscal balances somewhat.