"There is no doubt that we are facing very large fiscal deficits over the next two to three years," he added.

"Getting rid of the fiscal deficit is not a major factor for the economy."

But the fiscal deficit remains at nearly 7 percent of the economy.

However, spending in other areas, primarily defense, contributed to a significant fiscal deficit.

We will have to increase social expenditures without increasing the fiscal deficit.

We currently have a fiscal deficit which is simply not sustainable over the longer term.

It also calls for the reduction of public debt and fiscal deficits.

The average fiscal deficit in the euro area increased from 2.4% to 2.7%.

The fiscal deficit is growing, and the value of the Zimbabwe dollar has fallen by half in the last year.

The fiscal deficit of Indian government had gone up to 6.1% in March 2009.