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Extremely interesting interview by @CarolineGruyter with Guy Abeille, the inventor of the 3% deficit rule. Many people think that the 3% deficit and 60% debt limits are grounded in German economic orthodoxy. It was in fact a French invention in 1981 (thread)
In 1981, François Mitterrand wanted a simple rule to present as limit to his (left-wing) ministers. The government was heading towards a 100 billion deficit, so Abeille thought of a feasible ratio of GDP. 1 or 2% were unachievable, so 3% was handy. latribune.fr/opinions/tribu…
The 3% rule then took a life of its own at the EU level, but it "had no other justification than the circumstances". A detailed account by Abeille himself here: latribune.fr/opinions/tribu…
You gotta love how the inventor of the 3% rule describes it, citing Michel Foucault. latribune.fr/opinions/tribu…
I also like the justification of 3%: "2 feels a bit flat, but 3 is nicer, it evokes the Holy Trinity".
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