Predicting the future requires more luck than skill – this applies as much to economists as it does to tabloid astrologers. But when the strength and reputation of an entire political union rest on the consequences of getting it wrong, there is cause for concern.
During the past year there has been a frenzied look at budget deficits across the eurozone, and an assessment of countries in danger of breaching the 3%-of-GDP limit stipulated by the Stability and Growth Pact.
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