DEBT RATIO

The subject of one of the fiscal criteria used to define the existence of an excessive deficit, as laid down in Article 104 (2) of the Treaty. It is defined as the ratio of government debt to gross domestic product at current market prices, while government debt is defined in Protocol No 20 (on the excessive deficit procedure) as the total gross debt at nominal value outstanding at the end of the year and consolidated between and within the sectors of general government.