November 2016

November 30 marks Credit Day across the European Union. Credit Day is the day when member states’ central administrations exhaust their annual tax revenues and have to begin borrowing in order to meet their spending commitments for the rest of the year.

Besides two EU countries – Sweden and Germany – all central governments are running budget deficits. However, in most countries the situation is improving, with the average Credit Day running six days later than the year before.