31.   Countries would only get their money back if they cut their deficit under the Maastricht limit within two years.

32.   Cutting the deficit to reduce borrowing and debt is crucial if Italy is to enter the single currency system.

33.   Cutting deficits during recessions is much harder.

34.   Economists say the money is better spent deregulating the economy and cutting the deficit.

35.   European countries are struggling to meet the targets on economic performance, such as cutting budget deficits and reducing debt, outlined in the Maastricht Treaty on monetary union.

36.   France is trying to cut its deficits in time for European monetary union.

37.   French bonds have gained because, between them, President Chirac and Prime Minister Juppe have succeeded in convincing investors that France is serious about cutting its deficits.

38.   French officials said privately that the impact of government measures to boost the economy can only be limited as both France and Germany need to cut public deficits.

39.   Further declines in interest rates will be delayed until inflation rates fall further and progress is made in cutting the deficit, she said.

40.   Given the pressure to cut the deficit, relief is more likely to come from the Bundesbank in the form of interest-rate cuts, economists said.