Furthermore, the target that was established in 2006 is for total government net debt on a national accounts basis (excluding government employee unfunded pension liabilities to conform with the Organisation for Economic Co-operation and Development measure of net debt), which includes not only the federal net debt, but also the net debt of provincial-territorial and local governments, as well as the assets of the Canada pension plan and Quebec pension plan.

‘1a. When it exceeds the reference value, the ratio of the government debt to gross domestic product (GDP) shall be considered sufficiently diminishing and approaching the reference value at a satisfactory pace in accordance with point (b) of Article 126(2) TFEU if the differential with respect to the reference value has decreased over the previous three years at an average rate of one twentieth per year as a benchmark, based on changes over the last three years for which the data is available.

Those principles are: first, accountability through clarity in roles and responsibilities of both orders of government, including accountability of how governments raise and spend funds; second, fiscal responsibility and budget transparency by planning on annual debt reduction of $3 billion, and fiscal planning based on accurate, timely and complete information and analysis; third, predictable long term fiscal arrangements that adequately support shared priorities, based on transparent principles and formulas; fourth, competitiveness and efficiency of the Canadian economic union to ensure rising living standards and enable governments ...[+++] to deliver the quality of services Canadians expect; and finally, effective collaborative management of the federation that results in practical intergovernmental mechanisms to facilitate provincial involvement in areas of federal jurisdiction and more efficient service delivery.

165. As to the decision of the Labour Court of San Sebastián, on which the applicant relies as proof of his debt of EUR 50 865.43 to his assistants, it must be pointed out that the decision is not a measure emanating from a judicial authority but an administrative decision reached by the conciliator of the Department of Justice of the Basque Government and based on an agreement between the applicant and his assistants.

In his response the minister stated: ``The government will undertake only the minimum, if any, debt reduction necessary to facilitate an investment grade rating of CN's debt'' (1220 ) My concerns about the minister's real debt reduction plans were well founded.

The new dimension in the debt strategy should be consistent with the principles already agreed on the need for a market-based and case-by-case approach.