If so, the idea that this could possibly be about cutting the public deficit simply doesn't stand up at all.

Both of them have public deficits that are well beyond the limits agreed under the criteria.

The second comment that I should like to make relates to the particular subject of public deficits.

In my speech tonight, I should like to focus on the relationship between public deficit and economic growth.

Like other countries, my country is going to have, and in fact it does have, a large public deficit.

The first is that, in order to move forward to the single currency, we have to reduce our public deficits.

If public deficits created jobs, then given their level in Europe, we would have surplus employment.

Firstly I would like to make the point that public deficits have never created jobs.

I personally think that a 3 % public deficit is very high.

The financing structure of the public deficits had changed since the mid-1980s due to two factors.