Because of its long track record of delivering low inflation, occasional overshoots have not undermined the German central bank's credibility.

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Despite a low starting-point for public debt, deficit overshoots have revealed insufficient central control over the 17 regions that are responsible for a big chunk of spending.

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Or to put it another way, if borrowing overshoots purely due to slow growth, he doesn't have to find any new spending cuts or tax rises to compensate.

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Not only will a university that overshoots its target numbers lose out on this government funding, but it may also be fined enough to recover the extra students' fees and maintenance grants.

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Supporters like this aspect because they say it would force the Bank of England to do more, right now, to make up the economic ground lost since 2007, even if inflation overshoots.

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