1 Annals of the University of Petroşani, Economics, 14(2), 2014, ASPECTS REGARDING PUBLIC DEBT SHARE IN GDP AT THE LEVEL OF EUROPEAN UNION COUNTRIES ANA-PETRINA PĂUN, PETRE BREZEANU ABSTRACT: The way in which the state manages the public debt has always represented and it will continue to represent a subject of real importance, and the discussions regarding the level of budget deficit, the dregree of indebtedness and its implications on the social wellness are very present at national level as also at the European Union level. In this paper it is presented the share of public debt in the Gross Domestic Product in the member countries of European Union, and, respectively, the degree of indeptedness of each member country of the European Union, at the level year of KEY WORDS: budget deficit, public debt, GDP, degree of indebtedness JEL CLASSIFICATION: H62, H63 The European Union as a free exchange zone represented in the World Trade Organization (WTO) as a stand-alone organism, has the largest economy in the world, providing a GDP expressed in tens of thousands of trillion euros. GDP level is reached with the contribution of all the 28 member states, also counting Romania, from 2007, with performances that vary from a member state to another. There is an Economical Growth and Stability Pact which regulates the fiscal politicy of the European Union, both at the level of economical free exchange (EU-28), and especially on the euro monetary zone (EU-17) which forecasts explicitely the fact that the level of public debt in GDP, afferent to each Union state, EU-28, to not exceed 60% from the backed up GDP with a maximum budget deficit of 3% from GDP. Even if they are specified, black on white, the maximum approved limit of the public debt and of the budget deficit, the foresights have been infringed by many member states which have constantly announced budget deficits bigger than 3%, and Ph.D. Student, Bucharest University of Economic Studies, Romania, Prof., Ph.D., Bucharest University of Economic Studies, Romania,
2 196 Păun, A.P.; Brezeanu, P. attained a level of 60% of the GDP in public debt, those have been only utopian stories for some member states, figure 1 and figure 2 pointing out this case. Figure 1. Graphic representation of public debt level as a percentage from GDP, for the E.U. member states, E.U.-28, in Figure 2. Graphic reprezentation of the public debt level as percentage from GDP, of E.U member states, E.U.-28, in At a glance, the graphic above portrays easily the fact that the European Union average share, in what regards the public debt is, in 2013, over 80% from GDP, more exactly 87,4 % approximately equal with England s level, which had registered in 2013 a public debt level of 87,2%, this level being registered as an average share of the public debt afferent to members states.
3 Aspects Regarding Public Debt Share in GDP at the Level of Because of the fact that the public debt average level at a Union level is so high, it has been dealt with by positioning the majority of member states under the average level per Union. In what regards the eminent states for the public debt chapter, these are presented in Chart 1: Chart 1. Public debt level % from GDP, of E.U. member states, E.U.-28, in 2013 No Country Public debt % from GDP 1. Greece 174,9 2. Portugal 128,0 3. Italia 127,9 4. Ireland 123,3 5. Belgium 104,5 6. Cyprus 102,2 7. France 92,2 8. Spain 92,1 EU-28 87,4 1. England 87,2 From the above chart it can be observed that the first 6 positions are occupied by countries that have a public debt percentage, reported to the GDP, of over 100%, the most aggravated situation being the case of Greece, which had arrived at a debt level of 174,9% from GDP. On the same page of public debt is Portugal, second place, with 128,0% debt and Italy, third place, with a level of 127,9%, being followed at close distance by Ireland with a level debt of 123,3%. If we can report to the imposed level through Common Community Politics in what regards the public debt level at Union level, that of 60%, it can be noted the fact that it is respected only by 12 Union states (Chart 2). Between all these, 3 states are close to exceeding the 60% limit, from GDP afferent to public debt, respectively Finland with a 56,0% public debt, Poland with a 55,7% debt level and Slovakia with a percentage of 54,6%. Relating to the classification laggards, in what regards the public debt level reported to GDP, the best performant of all is Estonia with a debt level of only 10,1% from GDP, followed at a distance of 8 percentage points by Bulgaria which had registered in 2013 a public debt of 18,3percentage points from GDP and at a distance of over 10 percentage from Luxemburg which has reported in for 2013 a public debt of 23,6% from GDP.
4 198 Păun, A.P.; Brezeanu, P. Chart 2. Degree of indebtedness % from GDP, of E.U. member states, Legislative regulation EU-28, in 2013 No Country Degree of indebtedness % from GDP 1. Netherlands 68,6 Legislative regulation EU-28 60,0 1. Finland 56,0 2. Poland 55,7 3. Slovakia 54,6 4. Czech Republic 45,7 5. Denmark 45,0 6. Lithuania 39,0 7. Sweden 38,6 8. Latvia 38,2 9. Romania 37,9 10. Luxemburg 23,6 11. Bulgaria 18,3 12. Estonia 10,1 In what concerns Romania, as regards the public debt reported to the entire Union it occupies an honorable fourth place in the laggards classification for public debt, with 37,9% debt, followed at small distance by Latvia 38,2% and Sweden 38,6%. In what concerns the public debt level at the European Union member states level the conclusion is clear: even if there is a legislation which limits the level of public debt at 60% of the GDP, it is respected only by 12 member states, from a total of 28, which allows us to declare the fact that this limit, of 60%, is more for guidance, recommended more than mandatory. If we report this to the average level of public debt at the European Union level, it can be observed that from the total of 28 member states, 8 had exceeded the average level registered at the Union level, 19 states are under Union average level and one state, England, had registered almost the same public debt level, 87,2% as the average level of the European Union of 87,4% (figure 3). If we make an overlay of the public debt level regulated at 60% and of the average level of public debt reached in the Union, EU-28, of 87,4%, it results that in the E.U. we have 3 zones, depending on the public debt level, namely: The red zone, where there are the states that have exceeded the regulated level of 60% as well as the one registered as average of 87,4% at the E.U. level, in this situation being 8 states. The grey zone, where are the states that have exceeded the regulated level of 60% of the public debt but are under the registered average level of public debt as 87,4% at the E.U. level, in this situation being also 8 states; The green zone, it is represented by the states of whose national public debt is under the 60% limit, limit regulated by the legislation.
5 Aspects Regarding Public Debt Share in GDP at the Level of Figure 3. Graphic representation of the public debt average level, of E.U. members states, E.U.-28, in 2013 In Chart 3 are presented these zones, the red one, grey and green. Chart 3. The degree of indebtedness and the budget deficit of the E.U. members states between for the three zones No Country Degree of indebtedness % from GDP 1. Greece 174,9 2. Portugal 128,0 3. Italy 127,9 4. Ireland 123,3 5. Belgium 104,5 6. Cyprus 102,2 7. France 92,2 8. Spain 92,1 Average public debt EU-28 87,4 9. England 87,2 10. Austria 81,2 11. Hungary 77,3 12. Germany 76,9 13. Croatia 75,7 14. Slovenia 70,4 15. Malta 69,8 16. Netherlands 68,6 Legislative regulation 60, Finland 56,0 18. Poland 55,7 19. Slovakia 54,6 20. Czech Republic 45,7
6 200 Păun, A.P.; Brezeanu, P. No Country Degree of indebtedness % from GDP 21. Denmark 45,0 22. Lithuania 39,0 23. Sweden 38,6 24. Latvia 38,2 25. Romania 37,9 26. Luxemburg 23,6 27. Bulgaria 18,3 28. Estonia 10,1 CONCLUSIONS Based on the facts presented above we can conclude that, at the level of 2013, 8 E.U. members states have registered a public debt level, as a percentage of the GDP, both over the E.U. average public debt level (87,4%), and over the agreed level in the Maastricht Treaty (60%). In the top of this classification are situated Greece, Portugal, Italy, followed by Ireland, Belgium, Cyprus, France and Spain. A number of 8 member countries have registered a public debt level, in percentage of the GDP, under the E.U.public debt average level (87,4%), but over the agreed level at Maastricht Treaty (60%). In the top of this classification are situated England, Austria, Hungary, followed by Germany, Croatia, Slovenia, Malta and The Netherlands. A number of 12 members countries have registered a level of public debt, in percentage of the GDP, both under the E.U. public debt average level (87,4%), and under the agreed level at Maastricht Treaty (60%). In the top of this classification are situated Finland, Poland and Slovakia. As for Romania, regarding the public debt reported at the entire Union, it occupies an honorable fourth place in the laggards classification for public debt, with a debt of 37,9%, followed at a small distance by Latvia 38,2% and Sweden 38,6%. REFERENCES: . Brezeanu, P. (1998) Introducere în finanțe publice și fiscalitate. ASE, București . Duran, V. (2006) Finanțe publice. Editura Eurostampa, Timişoara . Matei, G.; Marcel, D. (2008) Finanțe publice - teorie, grile, aplicaţii, Editura Sitech, Ediţia a III-a, Craiova . Moisica Preda, L.E. (2009) Finanţe publice, Editura Bibliotheca, Târgovişte . Moșteanu, T. (coord.) (2008) Finanțe publice. Note de curs și aplicații pentru seminar. Ediția a III-a, Editura Universitară, București . Moșteanu, N.R. (2011) Finanțe publice. Editura Universitară, București . Ristea, L.; Trandafir, A. (2005) Finanțe publice - între teorie şi practică, Editura Fundaţiei România de Mâine, Bucureşti . Văcărel, I. (coord.) (2007) Finanțe publice. Ediția a VI-a, Editura Didactică și Pedagogică, București . Eurostat
Hungary s labour market indicators continue to improve Employment rate higher again in Hungary According to the latest data, the positive trend regarding growth in the number of people in employment has
EUROPEAN COMMISSION Brussels, 17.9.2014 C(2014) 6767 final COMMUNICATION FROM THE COMMISSION Updating of data used to calculate lump sum and penalty payments to be proposed by the Commission to the Court
187/2014-5 December 2014 This News Release has been revised following an error in the data for Gross Fixed Capital Formation. This affects both the growth of GFCF and its contribution to GDP growth. All
. ESTIMATES OF EU TURNOVER VOLUMES. Turnover volumes by product, allocation and notification (Estimates of EU s, Millions of ) Estimate of the EU % on Turnover Significance of the sample on total turnover
75/2015-27 April 2015 Labour Force Survey 2014 Almost 10 million part-time workers in the EU would have preferred to work more Two-thirds were women Among the 44.1 million persons in the European Union
NEW PASSENGER CAR REGISTRATIONS BY ALTERNATIVE FUEL TYPE IN THE Quarter 4 2015 Alternative fuel vehicle (AFV) registrations: +20.0% in 2015; +21.1% in Q4 In the fourth quarter of 2015, total alternative
92/2015-27 May 2015 Energy prices in the EU Household electricity prices in the EU rose by 2.9% in 2014 Gas prices up by 2.0% in the EU In the European Union (EU), household electricity prices 1 rose by
Bankruptcy Systems and In-court Reorganisation of Firms, 2010 Content: 1. Perception of the Bancruptcy System... 2 2. Perception of In-court Reorganisation... 4 3. Perception of Creditor Committees, Fast
ERASMUS+ MASTER LOANS Erasmus+ Master Loan: opening up access to more affordable lending for cross-border studies The Erasmus+ programme makes it possible for students who want to take a full Masters level
NOTE: IMMIGRATION TO CANADA 1928-1971 RANK COUNTRY OF ORIGIN TOTALS 1 United Kingdom * 1152415 2 United States of America 527346 3 Italy 471940 4 Germany 370641 5 Netherlands 185664 6 Poland 117244 7 Greece
72/2015-21 April 2015 Provision of deficit and debt data for 2014 - first notification Euro area and EU28 government deficit at 2.4% and 2.9% of GDP respectively Government debt at 91.9% and 86.8% In 2014,
EBA Report High Earners 2010 and 2011 data High Earners 2010 and 2011 data Contents 1 Introduction 3 2 Template 4 3 2010 data 5 4 2011 data 15 2 Introduction Directive 2010/76/EC (CRDIII) introduced the
Facts: Population Facts: Population 6 big nations: > 35 million (Germany, the UK, France, Italy, Spain and Poland). Netherlands: 16 million people. 8 small nations (size of a big city): 8 to 11 million:
EU Lesson Plan Name of Teacher: School: Oakland Schools Title of Lesson Plan: The European Union: United in Diversity Grades: 6th or 7 th Description: This lesson introduces the students to the countries
CLASSIFICATION OF EUROPEAN UNION COUNTRIES FROM DATA MINING POINT OF VIEW, USING SAS ENTERPRISE GUIDE Abstract Ana Maria Mihaela Iordache 1 Ionela Catalina Tudorache 2 Mihai Tiberiu Iordache 3 With the
Analysis of statistics 215 January 216 ECHR Analysis of Statistics 215 Table of Contents Overview of the Court s statistics in 215... 4 A. Number of new applications... 4 B. Applications disposed of judicially
193/2014-15 December 2014 Labour Cost Survey 2012 in the EU28 Labour costs highest in the financial and insurance sector Three times higher than in the accommodation and food sector In 2012, average hourly
SEPA Changes in the Payment System Implementation of the European SEPA Regulations for Kuna and Euro Payments SEPA The Single Euro Payments Area (SEPA) stands for a European Union (EU) payments integration
30/2015-16 February 2015 First estimate for 2014 Euro area international trade in goods surplus 194.8 bn 24.2 bn surplus for EU28 The first estimate for the euro area 1 (EA18) trade in goods balance with
168/2014-4 November 2014 At risk of poverty or social exclusion in the EU28 More than 120 million persons at risk of poverty or social exclusion in 2013 Almost 1 out of every 4 persons in the EU in this
EU JAPAN SUMMIT A EU27 EXTERNAL TRADE DEFICIT OF 32 BILLION EURO WITH JAPAN IN 2006 * SURPLUS OF 8 BN EURO FOR TRADE IN SERVICES Between 2000 and 2006, EU27 exports of goods to Japan fell slightly in value,
Waste Copenhagen, 3 rd September 2014 Almut Reichel Project Manager Sustainable consumption and production & waste, European Environment Agency Waste and material resources MAWP Strategic Area 1.9 Objective
Fourth Project Workshop Monitoring of energy efficiency in the EU ODYSSEE-MURE 21-22 May 2015, Den Haag, The Netherlands Energy Efficiency Directive Article 8 Energy audits and energy management systems
The Guardianship Service How can they help you? When you arrive in Belgium Are you under the age of 18 and have you arrived in Belgium without your father or mother? You are searching for support and accommodation
Brochure More information from http://www.researchandmarkets.com/reports/2876228/ Electricity, Gas and Water: The European Market Report 2014 Description: The combined European annual demand for electricity,
What is the European Union? A unique economic and political partnership between 27 democratic European countries. What are its aims? Peace, prosperity and freedom for its 495 million citizens in a fairer,
EUROPE 2020 TARGETS: RESEARCH AND DEVELOPMENT Research, development and innovation are key policy components of the EU strategy for economic growth: Europe 2020. By fostering market take-up of new, innovative
Definition of Public Interest Entities (PIEs) in Europe FEE Survey October 2014 This document has been prepared by FEE to the best of its knowledge and ability to ensure that it is accurate and complete.
Cash machine withdrawal in the EU (+Norway and Iceland) Country Is it free of charge to go to a cash machine from a different bank than consumers own to withdraw money? If withdrawal is not free of charge,
DG TAXUD 95/2010-28 June 2010 Taxation trends in the European Union EU27 tax ratio fell to 39.3% of GDP in 2008 Steady decline in top corporate income tax rate since 2000 The overall tax-to-gdp ratio 1
Analysis from the CPMR Secretariat July 2015 What do the recent regional GDP statistics tell us about Cohesion? Headline messages - Recent regional GDP statistics reveal that regional disparities are on
INTERNATIONAL TRACKED POSTAGE SERVICE Index Expanding Internationally...03 The Post NL Service...04 How it works... 05 Post NL Rates...06 Transit times...07 Customer Service...08 Expanding Internationally
Mail to Udbetaling Danmark Kongens Vænge 8 3400 Hillerød Family benefits Information about health insurance country A. Personal data Name Danish civil registration (CPR) number Address Telephone number
The Legal Status of Wild Animals in European Circuses Seeking a common legislative approach Liz Tyson LLB (Hons) AFOCAE PhD Candidate University of Essex (School of Law) Overview of current situation Use
Keeping European Consumers safe Rapid Alert System for dangerous non-food products 2014 COMPLETE STATISTICS Justice and Consumers Directorate-General for Justice and Consumers Directorate Consumers Unit
The Tax Burden of Typical Workers in the EU 28 2016 James Rogers Cécile Philippe Institut Économique Molinari, Paris Bruxelles TABLE OF CONTENTS Abstract 2 Background 2 Main Results 3 On average, a respite
Planned Healthcare in Europe for Lothian residents Introduction This leaflet explains what funding you may be entitled to if you normally live in Lothian (Edinburgh, West Lothian, Midlothian and East Lothian
EXCISE DUTY RATES FOR BEER IN EUROPE Rates as at: 1 October 2012 The Brewers of Europe, 2012 Reproduction is authorised, provided the source is mentioned. While The Brewers of Europe endeavours to ensure
DUO-Korea: 1. General Description CAUTION: If any application falls under the following 3 cases, the application is disqualified and will not be considered for selection. If such case is found after the
- Assessment of the application by Member States of European Union VAT provisions with particular relevance to the Mini One Stop Shop (MOSS) - BACKGROUND The information available on this website relates
Computing our Future Computer programming and coding in schools in Europe Anja Balanskat, Senior Manager European Schoolnet ABOUT THE SURVEY What do Ministries currently think about the topic? Curricula
Climate change is a global challenge that can only be addressed effectively through a global effort. The UN Climate Change Conference in Bali in December 2007 should decide to launch a process for achieving
The Tax Burden of Typical Workers in the EU 28 2015 James Rogers Cécile Philippe Institut Économique Molinari, Paris Bruxelles TABLE OF CONTENTS Abstract 2 Background 2 Main Results 3 On average, a respite
Delia Velculescu, IMF April 1, 2011 Several CEE countries have reduced pre-funding of future liabilities since 2009: Lithuania, Latvia, Romania, and Estonia: temporary measures and fiscal consolidation
Implementing the cooperation mechanisms of the RES directive current status and open questions Corinna Klessmann, Ecofys Germany RE-SHAPING Workshop, Vilnius, 16.05.2011 Supported by Intelligent Energy
64/2014-23 April 2014 Provision of deficit and debt data for 2013 - first notification Euro area and EU28 government deficit at 3.0% and 3.3% of GDP respectively Government debt at 92.6% and 87.1% In 2013,
4 Distribution of Income and Wealth 53 54 Indicator 4.1 Income per capita in the EU Indicator defined National income (GDP) in per capita (per head of population) terms expressed in Euro and adjusted for
PART TWO ICIES FOR ADJUSTMENT AND GROWTH Economic Survey of Europe, 22 No. 1 CHAPTER 4 TECHNOLOGICAL ACTIVITY IN THE ECE REGION DURING THE 199s While the task of estimating the contribution of technical
EBA REPORT ON THE BENCHMARKING OF DIVERSITY PRACTICES EBA-Op-2016-10 08 July 2016 BENCHMARKING OF DIVERSITY PRACTICES AT THE EU LEVEL Benchmarking of diversity practices at the European Union level List
13 th Economic Trends Survey 13 th Economic Trends Survey of the Architects Council of Europe 13 th Economic Trends Survey Breakdown of responses COUNTRY ANSWERS France 1464 Belgium 399 Spain 365 Italy
1 Joint Research Centre (JRC) Economic Analysis of Electronic Identification (EID) of Small Ruminants in Member States IPSC - Institute for the Protection and Security of the Citizen Ispra - Italy http://ipsc.jrc.ec.europa.eu/
Report EEA prospectus activity in 2015 28 July 2016 2016/ESMA/1170 Table of Contents Acronyms... 3 1 Introduction... 5 2 General approval activity... 6 2.1 Number of prospectuses approved per EEA country...
Exercise 39 The Euro At the end of this exercise you will: Know how the Euro was named Know the countries using the Euro Be able to name all the Euro notes Be able to name all the Euro coins Be able to
Reifner Clerc-Renaud Perez-Carillo Tiffe Knobloch Equity Release Schemes in the European Union institut fur finanzdienstleistungen e.v. Contents PREFACE I EXECUTIVE SUMMARY V TABLES XXIX FIGURES XXX 1.
UEFA Futsal EURO 2013/14 Preliminary & Main Rounds Draw Procedure UEFA Futsal EURO 2013/14 Preliminary & Main Round Draw Procedure Date: Tuesday, 4 December 2012 Time: Location: 14.00 hours CET UEFA Headquarters,
Annals of the University of Petroşani, Economics, 11(4), 2011, 151-158 151 ABOUT DIRECT SALES IN THE WORLD, EUROPE AND ROMANIA CLAUDIA ISAC, ALIN ISAC * ABSTRACT: Direct sale represents a modern product
SURVEY ON THE TRAINING OF GENERAL CARE NURSES IN THE EUROPEAN UNION This survey serves as a background document for the discussion of the Commission's legislative proposal to modernize the minimum requirements
COUNCIL OF THE EUROPEAN UNION 11078/07 (Presse 148) PROVISIONAL VERSION PRESS RELEASE 2810th Council meeting HEADS OF STATE AND GOVERNMT Brussels, 21 June 2007 President Angela MERKEL German Federal Chancellor
FEDERATION EUROPEENNE DES MEDECINS SALARIES EUROPEAN FEDERATION OF SALARIED DOCTORS Registered Office/Siège Social : 39, rue Victor Massé F-75009 Paris/France http://www.fems.net Presidency: Dr. Claude
AMADEUS http://amadeus.bvdep.com/ip AMADEUS: Analyse MAjor Databases from EUropean Sources - A financial database of 4 million European companies, including Eastern Europe MODULE. General AMADEUS contains
DOCTORAL (Ph.D) THESIS UNIVERSITY OF KAPOSVÁR FACULTY OF ECONOMIC SCIENCE Department of Finance and Economics Head of Doctors School: DR. GÁBOR UDOVECZ Doctor of the Hungarian Academy of Sciences Supervisor:
CO2 BASED MOTOR VEHICLE TAXES IN THE EU IN 2015 COUNTRY AT (AUSTRIA) BE (BELGIUM) BG (BULGARIA) CO2/FUEL CONSUMPTION TAXES A fuel consumption tax (Normverbrauchsabgabe or NoVA) is levied upon the first
(Cover page) The Tax Burden of Typical Workers in the EU 28 2014 Edition NEW DIRECTION Page 1 of 17 James Rogers & Cécile Philippe May 2014 New Direction aims to help shift the EU onto a different course
UK Press contacts: Sam Burrough Tony Smith / Toby Walsh Cisco Systems Brands2Life +44 (0)20 8824 1000 +44 20 7592 1200 firstname.lastname@example.org email@example.com UK PRODUCTIVITY GROWTH THREATENED BY PROJECTED
Public Sector and it s Functions The framework What is the public sector? Roles of the public sector, and its main functions Distribution of functions Why we need public sector? The market mechanism cannot
Annals of the University of Petroşani, Economics, 11(3), 2011, 15-22 15 THE EVOLUTION AND THE FUTURE ROLE OF THE BRANCH IN DISTRIBUTION OF THE BANKING PRODUCTS AND SERVICES CĂTĂLIN NICOLAE BULGĂREA * ABSTRACT:
BSR Innovation Express: Cluster- to- Cluster Conference Funding and network opportunities for cluster internationalization Jens Peter Vittrup Special Adviser Email: firstname.lastname@example.org Why international R&I cooperation?
INTERNATIONAL TRACKED POSTAGE SERVICE INDEX Expanding Internationally...03 The Post NL Service...04 How it works... 05 Post NL Rates...06 Transit times...07 Customer Service...08 EXPANDING INTERNATIONALLY
FEDERATION EUROPEENNE DE LA MANUTENTION Product Group Industrial Trucks FEM A brief guide for identification of noncompliant industrial trucks 11.2010 (E) - Exhaust Emission - I n d e x 1 Introduction...
Purpose The purpose of this paper is to facilitate the discussions for a harmonised implementation of the EU Falsified Medicines Directive using global standards and moving away from national coding systems.
POST- CRISIS BUSINESS MODEL OF BANKS IN THE REGION Dr. György Surányi Resident Regional Head 16-17, November, 29 BEFORE THE CRISIS: A MACROECONOMIC OVERVIEW 2 GDP GROWTH RATES WELL ABOVE THE EMU AVERAGE...
EUROPEAN COMMISSION CONSUMERS, HEALTH AND FOOD EXECUTIVE AGENCY Consumers and Food Safety Unit RULES FOR THE REIMBURSEMENT OF TRAVEL AND SUBSISTENCE EXPENSES FOR EXCHANGE OF OFFICIALS CONSUMER PROGRAMME
Employee eligibility to work in the UK This document details legal requirements that apply to ALL new members of staff All employers in the UK are legally bound to comply with the Asylum and Immigration
Limit for cash payments in EU Country France Germany Malta Hungary Cyprus Finland Portugal 3000 for fiscal residents in France (15 000 for the non residents acting as a consumer 3000 if they act as a trader).
ERASMUS+ MASTER LOANS Erasmus+ Master Loan: opening up access to more affordable lending for cross-border studies The Erasmus+ programme makes it possible for students who want to take a full Master's-level
PRESS EMBARGO: 8.00 AM (6.00 AM GMT), 16 June 2016 NEW PASSENGER CAR REGISTRATIONS EUROPEAN UNION * Passenger car registrations: +9.9% over five months; +16.0% in In 2016, the European passenger car market