The “3% of GDP by 2014” target for the national finances has become a “universal truth” with little or no debate.
(1) Why is it 3%? Why not 0%, 2% or 4%?
(2) Why is it 2014? Why not 2013 or 2015?
(3) Exactly who proposed “3% by 2014” in the first place? My bet is the European Commission…
(4) If it was the Commission, were these geniuses anywhere to be seen when we spiralled out of control; specifically:
- What happened to the Stability & Growth Pact?
- How many times was it broken and by whom?
- Where were the efforts to rein us in?