The topic of budgetary polices in the economic and monetary union (EMU) is one where the European Commission has an important role to play. Its role is not only to act as "guardian of the treaty", but also to drive forward the debate on some of the most pressing public policy challenges facing the European Union. In this context, allow me to draw your attention to a recent commission report entitled "Public Finances in EMU - 2002" where many of the issues I will mention today are analysed in det
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