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commodity futures contract [ commodity futures ]

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future market | forward market

long-term sustainability of public finances

sustainability of government finances

Requirement of a close to balance or in surplus position || Country specific MTO in structural terms: - Provide a safety margin with respect to the 3% deficit limit - Ensure rapid progress towards sustainability - Allow room for budgetary manoeuvre For euro area and ERMII MS: limits of -1% of GDP Expenditure benchmark: expenditure net of discretionary measures should grow ≤ medium-term potential GDP || 0.5% GDP as a benchmark: - More in good times - Less in bad times >0.5% if debt above 60% or if pronounced sustainability risks Temporary deviation from the adjustment path allowed if: - Implementation of major structural reforms with a ve ...[+++]rifiable impact on the long-term sustainability of public finances – emphasis on pension reform - Unusual event outside the control of the MS concerned with a major impact on its financial position - Severe economic downturn for the euro area or the EU as a whole provided this does not endanger medium term fiscal sustainability || Procedure for correcting significant deviation (0.5% in one year or cumulatively over 2 years from the MTO or the adjustment path it) For euro area: financial sanctions in case of repeated non-compliance (interest-bearing deposit of 0.2% of GDP)

In response to comments questioning the long term viability of RMG after the aid is granted, the United Kingdom rejects the concerns of the interested parties and submits that on the basis of the independent advice from its economic advisers, it firmly believed that RMG will return to viability and prosper in the long- term.

The fact that the aid measures will have effect only from 2016 but will permit the long-term viability of the company to be assured only from 2019, would not comply with point 35 of the Guidelines, according to which the duration of the restructuring plan must be ‘as short as possible’ and ‘must restore the long-term viability of the firm within a reasonable timescale’.

29. Takes the view that managing public finances on the basis of a series of specific short-term decisions will establish the long-term sustainability of public finances, and that it is within the scope of this series of short-term decisions, through the provision of a structure for the short term, that the issue of the sustainability of public debt must be addressed;