Three percent deficit criteria

Passage – I

The European Union must launch its planned single currency on time or risk serious set-backs even though Germany- the driving force behind integration- might itself miss key entry targets, senior German central bank officials said on Monday night.
Three members of the Bundesbank’s ruling council, speaking at separate events in Germany, warned that nations struggling to meet the fiscal entry criteria while still recovering from severe recession should avoid any temptation to postpone the 1999 start of the monetary union.
Although this might seem like a less painful, and therefore, a desirable option, Mr. Guntram Palm, president of the state central bank in Beden Wuerttemberg, said all talk of delaying the start date was “totally misplaced”.
Such a decision would lend to an immediate, severe appreciation of the German mark, which would hurt German exports as well as stunt nation’s efforts to achieve a further consolidation of finances.
One reason that talk of a delay has reached new heights might be that so many nations, including Germany, risked missing the key criteria which call for an aspiring nation’s budget deficit to remain below three percent of gross domestic product (GDP) and that its debt should not exceed a reference value of 60 percent of the GDP.
Klaus-Dieter Kuehbacher, president of the state central bank in Berlin and Brandenburg, said that he doubted whether the German government would reach its goal of holding its budget deficit to 2.9 percent of GDP in 1997.
But the three also acknowledged that the deficit goal was only one of a number of entry criteria and that it might ultimately not be the most instrumental to sustaining a stable currency union.
The Maastricht Treaty also states that participating nations must present stable foreign exchange rates as well as low long-term interest and inflation rates and many more nations fulfill these goals.
“In my opinion, European currency union can start in January 1999, while conforming to those EMU convergence criteria that are most often discussed.” said Ernst Welteke, president of the state central bank in Hesse. Welteke said he wondered how a budget deficit of less than three percent would be good for stability, while a budget deficit of slightly more than three percent would be negative.
At the same time, he added, “Fiscal stability in currency union is naturally a very important asset as it ensures that fiscal solidity of the individual members can be closely monitored.”
Fearing strict entry criteria could give way to creative book-keeping, Mr. Palm said, “A trick-free deficit of just over three percent in 1997 that will be further reduced in following years due to savings efforts is preferable to 2.9 percent reached through creative accounting.”
Mr. Welteke added that the three percent deficit criteria should not be a knock-out criteria”, prohibiting any nation just over that level from entering. Both Mr. Palm and Mr. Welteke feel the currency union will go ahead as planned with Germany and France, noting that a currency union without them would make little sense. Officials, however, part ways on whether the union will be a small or a slightly larger one at the beginning. Mr. Palm noticing that most nations already meeting the other criteria, forecasts a bigger circle, but Mr. Kuehbacher saw fewer members.

The criterion that the budget deficit should remain below 3% of the GDP may not prove effective in the long run. This is the view of

Passage – I

The European Union must launch its planned single currency on time or risk serious set-backs even though Germany- the driving force behind integration- might itself miss key entry targets, senior German central bank officials said on Monday night.
Three members of the Bundesbank’s ruling council, speaking at separate events in Germany, warned that nations struggling to meet the fiscal entry criteria while still recovering from severe recession should avoid any temptation to postpone the 1999 start of the monetary union.
Although this might seem like a less painful, and therefore, a desirable option, Mr. Guntram Palm, president of the state central bank in Beden Wuerttemberg, said all talk of delaying the start date was “totally misplaced”.
Such a decision would lend to an immediate, severe appreciation of the German mark, which would hurt German exports as well as stunt nation’s efforts to achieve a further consolidation of finances.
One reason that talk of a delay has reached new heights might be that so many nations, including Germany, risked missing the key criteria which call for an aspiring nation’s budget deficit to remain below three percent of gross domestic product (GDP) and that its debt should not exceed a reference value of 60 percent of the GDP.
Klaus-Dieter Kuehbacher, president of the state central bank in Berlin and Brandenburg, said that he doubted whether the German government would reach its goal of holding its budget deficit to 2.9 percent of GDP in 1997.
But the three also acknowledged that the deficit goal was only one of a number of entry criteria and that it might ultimately not be the most instrumental to sustaining a stable currency union.
The Maastricht Treaty also states that participating nations must present stable foreign exchange rates as well as low long-term interest and inflation rates and many more nations fulfill these goals.
“In my opinion, European currency union can start in January 1999, while conforming to those EMU convergence criteria that are most often discussed.” said Ernst Welteke, president of the state central bank in Hesse. Welteke said he wondered how a budget deficit of less than three percent would be good for stability, while a budget deficit of slightly more than three percent would be negative.
At the same time, he added, “Fiscal stability in currency union is naturally a very important asset as it ensures that fiscal solidity of the individual members can be closely monitored.”
Fearing strict entry criteria could give way to creative book-keeping, Mr. Palm said, “A trick-free deficit of just over three percent in 1997 that will be further reduced in following years due to savings efforts is preferable to 2.9 percent reached through creative accounting.”
Mr. Welteke added that the three percent deficit criteria should not be a knock-out criteria”, prohibiting any nation just over that level from entering. Both Mr. Palm and Mr. Welteke feel the currency union will go ahead as planned with Germany and France, noting that a currency union without them would make little sense. Officials, however, part ways on whether the union will be a small or a slightly larger one at the beginning. Mr. Palm noticing that most nations already meeting the other criteria, forecasts a bigger circle, but Mr. Kuehbacher saw fewer members.

The passage is mainly about

Passage – I

The European Union must launch its planned single currency on time or risk serious set-backs even though Germany- the driving force behind integration- might itself miss key entry targets, senior German central bank officials said on Monday night.
Three members of the Bundesbank’s ruling council, speaking at separate events in Germany, warned that nations struggling to meet the fiscal entry criteria while still recovering from severe recession should avoid any temptation to postpone the 1999 start of the monetary union.
Although this might seem like a less painful, and therefore, a desirable option, Mr. Guntram Palm, president of the state central bank in Beden Wuerttemberg, said all talk of delaying the start date was “totally misplaced”.
Such a decision would lend to an immediate, severe appreciation of the German mark, which would hurt German exports as well as stunt nation’s efforts to achieve a further consolidation of finances.
One reason that talk of a delay has reached new heights might be that so many nations, including Germany, risked missing the key criteria which call for an aspiring nation’s budget deficit to remain below three percent of gross domestic product (GDP) and that its debt should not exceed a reference value of 60 percent of the GDP.
Klaus-Dieter Kuehbacher, president of the state central bank in Berlin and Brandenburg, said that he doubted whether the German government would reach its goal of holding its budget deficit to 2.9 percent of GDP in 1997.
But the three also acknowledged that the deficit goal was only one of a number of entry criteria and that it might ultimately not be the most instrumental to sustaining a stable currency union.
The Maastricht Treaty also states that participating nations must present stable foreign exchange rates as well as low long-term interest and inflation rates and many more nations fulfill these goals.
“In my opinion, European currency union can start in January 1999, while conforming to those EMU convergence criteria that are most often discussed.” said Ernst Welteke, president of the state central bank in Hesse. Welteke said he wondered how a budget deficit of less than three percent would be good for stability, while a budget deficit of slightly more than three percent would be negative.
At the same time, he added, “Fiscal stability in currency union is naturally a very important asset as it ensures that fiscal solidity of the individual members can be closely monitored.”
Fearing strict entry criteria could give way to creative book-keeping, Mr. Palm said, “A trick-free deficit of just over three percent in 1997 that will be further reduced in following years due to savings efforts is preferable to 2.9 percent reached through creative accounting.”
Mr. Welteke added that the three percent deficit criteria should not be a knock-out criteria”, prohibiting any nation just over that level from entering. Both Mr. Palm and Mr. Welteke feel the currency union will go ahead as planned with Germany and France, noting that a currency union without them would make little sense. Officials, however, part ways on whether the union will be a small or a slightly larger one at the beginning. Mr. Palm noticing that most nations already meeting the other criteria, forecasts a bigger circle, but Mr. Kuehbacher saw fewer members.

According to the passage, the talk of a delay in implementation of the EMU plan has acquired heat because

Passage – I

The European Union must launch its planned single currency on time or risk serious set-backs even though Germany- the driving force behind integration- might itself miss key entry targets, senior German central bank officials said on Monday night.
Three members of the Bundesbank’s ruling council, speaking at separate events in Germany, warned that nations struggling to meet the fiscal entry criteria while still recovering from severe recession should avoid any temptation to postpone the 1999 start of the monetary union.
Although this might seem like a less painful, and therefore, a desirable option, Mr. Guntram Palm, president of the state central bank in Beden Wuerttemberg, said all talk of delaying the start date was “totally misplaced”.
Such a decision would lend to an immediate, severe appreciation of the German mark, which would hurt German exports as well as stunt nation’s efforts to achieve a further consolidation of finances.
One reason that talk of a delay has reached new heights might be that so many nations, including Germany, risked missing the key criteria which call for an aspiring nation’s budget deficit to remain below three percent of gross domestic product (GDP) and that its debt should not exceed a reference value of 60 percent of the GDP.
Klaus-Dieter Kuehbacher, president of the state central bank in Berlin and Brandenburg, said that he doubted whether the German government would reach its goal of holding its budget deficit to 2.9 percent of GDP in 1997.
But the three also acknowledged that the deficit goal was only one of a number of entry criteria and that it might ultimately not be the most instrumental to sustaining a stable currency union.
The Maastricht Treaty also states that participating nations must present stable foreign exchange rates as well as low long-term interest and inflation rates and many more nations fulfill these goals.
“In my opinion, European currency union can start in January 1999, while conforming to those EMU convergence criteria that are most often discussed.” said Ernst Welteke, president of the state central bank in Hesse. Welteke said he wondered how a budget deficit of less than three percent would be good for stability, while a budget deficit of slightly more than three percent would be negative.
At the same time, he added, “Fiscal stability in currency union is naturally a very important asset as it ensures that fiscal solidity of the individual members can be closely monitored.”
Fearing strict entry criteria could give way to creative book-keeping, Mr. Palm said, “A trick-free deficit of just over three percent in 1997 that will be further reduced in following years due to savings efforts is preferable to 2.9 percent reached through creative accounting.”
Mr. Welteke added that the three percent deficit criteria should not be a knock-out criteria”, prohibiting any nation just over that level from entering. Both Mr. Palm and Mr. Welteke feel the currency union will go ahead as planned with Germany and France, noting that a currency union without them would make little sense. Officials, however, part ways on whether the union will be a small or a slightly larger one at the beginning. Mr. Palm noticing that most nations already meeting the other criteria, forecasts a bigger circle, but Mr. Kuehbacher saw fewer members.

'The Maastricht Treaty' describes

Passage – I

The European Union must launch its planned single currency on time or risk serious set-backs even though Germany- the driving force behind integration- might itself miss key entry targets, senior German central bank officials said on Monday night.
Three members of the Bundesbank’s ruling council, speaking at separate events in Germany, warned that nations struggling to meet the fiscal entry criteria while still recovering from severe recession should avoid any temptation to postpone the 1999 start of the monetary union.
Although this might seem like a less painful, and therefore, a desirable option, Mr. Guntram Palm, president of the state central bank in Beden Wuerttemberg, said all talk of delaying the start date was “totally misplaced”.
Such a decision would lend to an immediate, severe appreciation of the German mark, which would hurt German exports as well as stunt nation’s efforts to achieve a further consolidation of finances.
One reason that talk of a delay has reached new heights might be that so many nations, including Germany, risked missing the key criteria which call for an aspiring nation’s budget deficit to remain below three percent of gross domestic product (GDP) and that its debt should not exceed a reference value of 60 percent of the GDP.
Klaus-Dieter Kuehbacher, president of the state central bank in Berlin and Brandenburg, said that he doubted whether the German government would reach its goal of holding its budget deficit to 2.9 percent of GDP in 1997.
But the three also acknowledged that the deficit goal was only one of a number of entry criteria and that it might ultimately not be the most instrumental to sustaining a stable currency union.
The Maastricht Treaty also states that participating nations must present stable foreign exchange rates as well as low long-term interest and inflation rates and many more nations fulfill these goals.
“In my opinion, European currency union can start in January 1999, while conforming to those EMU convergence criteria that are most often discussed.” said Ernst Welteke, president of the state central bank in Hesse. Welteke said he wondered how a budget deficit of less than three percent would be good for stability, while a budget deficit of slightly more than three percent would be negative.
At the same time, he added, “Fiscal stability in currency union is naturally a very important asset as it ensures that fiscal solidity of the individual members can be closely monitored.”
Fearing strict entry criteria could give way to creative book-keeping, Mr. Palm said, “A trick-free deficit of just over three percent in 1997 that will be further reduced in following years due to savings efforts is preferable to 2.9 percent reached through creative accounting.”
Mr. Welteke added that the three percent deficit criteria should not be a knock-out criteria”, prohibiting any nation just over that level from entering. Both Mr. Palm and Mr. Welteke feel the currency union will go ahead as planned with Germany and France, noting that a currency union without them would make little sense. Officials, however, part ways on whether the union will be a small or a slightly larger one at the beginning. Mr. Palm noticing that most nations already meeting the other criteria, forecasts a bigger circle, but Mr. Kuehbacher saw fewer members.

What do you infer about the policy of the currency union?

Passage – I

The European Union must launch its planned single currency on time or risk serious set-backs even though Germany- the driving force behind integration- might itself miss key entry targets, senior German central bank officials said on Monday night.
Three members of the Bundesbank’s ruling council, speaking at separate events in Germany, warned that nations struggling to meet the fiscal entry criteria while still recovering from severe recession should avoid any temptation to postpone the 1999 start of the monetary union.
Although this might seem like a less painful, and therefore, a desirable option, Mr. Guntram Palm, president of the state central bank in Beden Wuerttemberg, said all talk of delaying the start date was “totally misplaced”.
Such a decision would lend to an immediate, severe appreciation of the German mark, which would hurt German exports as well as stunt nation’s efforts to achieve a further consolidation of finances.
One reason that talk of a delay has reached new heights might be that so many nations, including Germany, risked missing the key criteria which call for an aspiring nation’s budget deficit to remain below three percent of gross domestic product (GDP) and that its debt should not exceed a reference value of 60 percent of the GDP.
Klaus-Dieter Kuehbacher, president of the state central bank in Berlin and Brandenburg, said that he doubted whether the German government would reach its goal of holding its budget deficit to 2.9 percent of GDP in 1997.
But the three also acknowledged that the deficit goal was only one of a number of entry criteria and that it might ultimately not be the most instrumental to sustaining a stable currency union.
The Maastricht Treaty also states that participating nations must present stable foreign exchange rates as well as low long-term interest and inflation rates and many more nations fulfill these goals.
“In my opinion, European currency union can start in January 1999, while conforming to those EMU convergence criteria that are most often discussed.” said Ernst Welteke, president of the state central bank in Hesse. Welteke said he wondered how a budget deficit of less than three percent would be good for stability, while a budget deficit of slightly more than three percent would be negative.
At the same time, he added, “Fiscal stability in currency union is naturally a very important asset as it ensures that fiscal solidity of the individual members can be closely monitored.”
Fearing strict entry criteria could give way to creative book-keeping, Mr. Palm said, “A trick-free deficit of just over three percent in 1997 that will be further reduced in following years due to savings efforts is preferable to 2.9 percent reached through creative accounting.”
Mr. Welteke added that the three percent deficit criteria should not be a knock-out criteria”, prohibiting any nation just over that level from entering. Both Mr. Palm and Mr. Welteke feel the currency union will go ahead as planned with Germany and France, noting that a currency union without them would make little sense. Officials, however, part ways on whether the union will be a small or a slightly larger one at the beginning. Mr. Palm noticing that most nations already meeting the other criteria, forecasts a bigger circle, but Mr. Kuehbacher saw fewer members.

Fiscal stability of the EMU is necessary because

Passage – I

The European Union must launch its planned single currency on time or risk serious set-backs even though Germany- the driving force behind integration- might itself miss key entry targets, senior German central bank officials said on Monday night.
Three members of the Bundesbank’s ruling council, speaking at separate events in Germany, warned that nations struggling to meet the fiscal entry criteria while still recovering from severe recession should avoid any temptation to postpone the 1999 start of the monetary union.
Although this might seem like a less painful, and therefore, a desirable option, Mr. Guntram Palm, president of the state central bank in Beden Wuerttemberg, said all talk of delaying the start date was “totally misplaced”.
Such a decision would lend to an immediate, severe appreciation of the German mark, which would hurt German exports as well as stunt nation’s efforts to achieve a further consolidation of finances.
One reason that talk of a delay has reached new heights might be that so many nations, including Germany, risked missing the key criteria which call for an aspiring nation’s budget deficit to remain below three percent of gross domestic product (GDP) and that its debt should not exceed a reference value of 60 percent of the GDP.
Klaus-Dieter Kuehbacher, president of the state central bank in Berlin and Brandenburg, said that he doubted whether the German government would reach its goal of holding its budget deficit to 2.9 percent of GDP in 1997.
But the three also acknowledged that the deficit goal was only one of a number of entry criteria and that it might ultimately not be the most instrumental to sustaining a stable currency union.
The Maastricht Treaty also states that participating nations must present stable foreign exchange rates as well as low long-term interest and inflation rates and many more nations fulfill these goals.
“In my opinion, European currency union can start in January 1999, while conforming to those EMU convergence criteria that are most often discussed.” said Ernst Welteke, president of the state central bank in Hesse. Welteke said he wondered how a budget deficit of less than three percent would be good for stability, while a budget deficit of slightly more than three percent would be negative.
At the same time, he added, “Fiscal stability in currency union is naturally a very important asset as it ensures that fiscal solidity of the individual members can be closely monitored.”
Fearing strict entry criteria could give way to creative book-keeping, Mr. Palm said, “A trick-free deficit of just over three percent in 1997 that will be further reduced in following years due to savings efforts is preferable to 2.9 percent reached through creative accounting.”
Mr. Welteke added that the three percent deficit criteria should not be a knock-out criteria”, prohibiting any nation just over that level from entering. Both Mr. Palm and Mr. Welteke feel the currency union will go ahead as planned with Germany and France, noting that a currency union without them would make little sense. Officials, however, part ways on whether the union will be a small or a slightly larger one at the beginning. Mr. Palm noticing that most nations already meeting the other criteria, forecasts a bigger circle, but Mr. Kuehbacher saw fewer members.

From the passage, it can be made out that

Passage – I

The European Union must launch its planned single currency on time or risk serious set-backs even though Germany- the driving force behind integration- might itself miss key entry targets, senior German central bank officials said on Monday night.
Three members of the Bundesbank’s ruling council, speaking at separate events in Germany, warned that nations struggling to meet the fiscal entry criteria while still recovering from severe recession should avoid any temptation to postpone the 1999 start of the monetary union.
Although this might seem like a less painful, and therefore, a desirable option, Mr. Guntram Palm, president of the state central bank in Beden Wuerttemberg, said all talk of delaying the start date was “totally misplaced”.
Such a decision would lend to an immediate, severe appreciation of the German mark, which would hurt German exports as well as stunt nation’s efforts to achieve a further consolidation of finances.
One reason that talk of a delay has reached new heights might be that so many nations, including Germany, risked missing the key criteria which call for an aspiring nation’s budget deficit to remain below three percent of gross domestic product (GDP) and that its debt should not exceed a reference value of 60 percent of the GDP.
Klaus-Dieter Kuehbacher, president of the state central bank in Berlin and Brandenburg, said that he doubted whether the German government would reach its goal of holding its budget deficit to 2.9 percent of GDP in 1997.
But the three also acknowledged that the deficit goal was only one of a number of entry criteria and that it might ultimately not be the most instrumental to sustaining a stable currency union.
The Maastricht Treaty also states that participating nations must present stable foreign exchange rates as well as low long-term interest and inflation rates and many more nations fulfill these goals.
“In my opinion, European currency union can start in January 1999, while conforming to those EMU convergence criteria that are most often discussed.” said Ernst Welteke, president of the state central bank in Hesse. Welteke said he wondered how a budget deficit of less than three percent would be good for stability, while a budget deficit of slightly more than three percent would be negative.
At the same time, he added, “Fiscal stability in currency union is naturally a very important asset as it ensures that fiscal solidity of the individual members can be closely monitored.”
Fearing strict entry criteria could give way to creative book-keeping, Mr. Palm said, “A trick-free deficit of just over three percent in 1997 that will be further reduced in following years due to savings efforts is preferable to 2.9 percent reached through creative accounting.”
Mr. Welteke added that the three percent deficit criteria should not be a knock-out criteria”, prohibiting any nation just over that level from entering. Both Mr. Palm and Mr. Welteke feel the currency union will go ahead as planned with Germany and France, noting that a currency union without them would make little sense. Officials, however, part ways on whether the union will be a small or a slightly larger one at the beginning. Mr. Palm noticing that most nations already meeting the other criteria, forecasts a bigger circle, but Mr. Kuehbacher saw fewer members.

The word recession in the passage is closest in meaning to

Passage – I

The European Union must launch its planned single currency on time or risk serious set-backs even though Germany- the driving force behind integration- might itself miss key entry targets, senior German central bank officials said on Monday night.
Three members of the Bundesbank’s ruling council, speaking at separate events in Germany, warned that nations struggling to meet the fiscal entry criteria while still recovering from severe recession should avoid any temptation to postpone the 1999 start of the monetary union.
Although this might seem like a less painful, and therefore, a desirable option, Mr. Guntram Palm, president of the state central bank in Beden Wuerttemberg, said all talk of delaying the start date was “totally misplaced”.
Such a decision would lend to an immediate, severe appreciation of the German mark, which would hurt German exports as well as stunt nation’s efforts to achieve a further consolidation of finances.
One reason that talk of a delay has reached new heights might be that so many nations, including Germany, risked missing the key criteria which call for an aspiring nation’s budget deficit to remain below three percent of gross domestic product (GDP) and that its debt should not exceed a reference value of 60 percent of the GDP.
Klaus-Dieter Kuehbacher, president of the state central bank in Berlin and Brandenburg, said that he doubted whether the German government would reach its goal of holding its budget deficit to 2.9 percent of GDP in 1997.
But the three also acknowledged that the deficit goal was only one of a number of entry criteria and that it might ultimately not be the most instrumental to sustaining a stable currency union.
The Maastricht Treaty also states that participating nations must present stable foreign exchange rates as well as low long-term interest and inflation rates and many more nations fulfill these goals.
“In my opinion, European currency union can start in January 1999, while conforming to those EMU convergence criteria that are most often discussed.” said Ernst Welteke, president of the state central bank in Hesse. Welteke said he wondered how a budget deficit of less than three percent would be good for stability, while a budget deficit of slightly more than three percent would be negative.
At the same time, he added, “Fiscal stability in currency union is naturally a very important asset as it ensures that fiscal solidity of the individual members can be closely monitored.”
Fearing strict entry criteria could give way to creative book-keeping, Mr. Palm said, “A trick-free deficit of just over three percent in 1997 that will be further reduced in following years due to savings efforts is preferable to 2.9 percent reached through creative accounting.”
Mr. Welteke added that the three percent deficit criteria should not be a knock-out criteria”, prohibiting any nation just over that level from entering. Both Mr. Palm and Mr. Welteke feel the currency union will go ahead as planned with Germany and France, noting that a currency union without them would make little sense. Officials, however, part ways on whether the union will be a small or a slightly larger one at the beginning. Mr. Palm noticing that most nations already meeting the other criteria, forecasts a bigger circle, but Mr. Kuehbacher saw fewer members.

The main thrust of the passage may be said to be the...

The tone of the passage may be said to be

According to the author, different arrangements are possible for what?

According to the passage the 'burden of labour' has been imposed on us by

On the basis of the passage it can be inferred that the writer is a

Which of the following is a solution given by the author for the betterment of labour

Which of the following has not been mentioned as a helpful entity?

The word stunt in the passage is closest in meaning to

Passage – I

The European Union must launch its planned single currency on time or risk serious set-backs even though Germany- the driving force behind integration- might itself miss key entry targets, senior German central bank officials said on Monday night.
Three members of the Bundesbank’s ruling council, speaking at separate events in Germany, warned that nations struggling to meet the fiscal entry criteria while still recovering from severe recession should avoid any temptation to postpone the 1999 start of the monetary union.
Although this might seem like a less painful, and therefore, a desirable option, Mr. Guntram Palm, president of the state central bank in Beden Wuerttemberg, said all talk of delaying the start date was “totally misplaced”.
Such a decision would lend to an immediate, severe appreciation of the German mark, which would hurt German exports as well as stunt nation’s efforts to achieve a further consolidation of finances.
One reason that talk of a delay has reached new heights might be that so many nations, including Germany, risked missing the key criteria which call for an aspiring nation’s budget deficit to remain below three percent of gross domestic product (GDP) and that its debt should not exceed a reference value of 60 percent of the GDP.
Klaus-Dieter Kuehbacher, president of the state central bank in Berlin and Brandenburg, said that he doubted whether the German government would reach its goal of holding its budget deficit to 2.9 percent of GDP in 1997.
But the three also acknowledged that the deficit goal was only one of a number of entry criteria and that it might ultimately not be the most instrumental to sustaining a stable currency union.
The Maastricht Treaty also states that participating nations must present stable foreign exchange rates as well as low long-term interest and inflation rates and many more nations fulfill these goals.
“In my opinion, European currency union can start in January 1999, while conforming to those EMU convergence criteria that are most often discussed.” said Ernst Welteke, president of the state central bank in Hesse. Welteke said he wondered how a budget deficit of less than three percent would be good for stability, while a budget deficit of slightly more than three percent would be negative.
At the same time, he added, “Fiscal stability in currency union is naturally a very important asset as it ensures that fiscal solidity of the individual members can be closely monitored.”
Fearing strict entry criteria could give way to creative book-keeping, Mr. Palm said, “A trick-free deficit of just over three percent in 1997 that will be further reduced in following years due to savings efforts is preferable to 2.9 percent reached through creative accounting.”
Mr. Welteke added that the three percent deficit criteria should not be a knock-out criteria”, prohibiting any nation just over that level from entering. Both Mr. Palm and Mr. Welteke feel the currency union will go ahead as planned with Germany and France, noting that a currency union without them would make little sense. Officials, however, part ways on whether the union will be a small or a slightly larger one at the beginning. Mr. Palm noticing that most nations already meeting the other criteria, forecasts a bigger circle, but Mr. Kuehbacher saw fewer members.

The meaning of 'leisure' as used in the passage is

It may be inferred from the passage that Kennedy was...

Passage –III

With a phalanx of Dallas police motorcycle officers clearing the way ahead, the big limousine carrying the Kennedy family made a 90-degree turn from Main onto Houston in front of the Dallas County Sheriff's Office. Almost two dozen deputies and other lawmen stood on the sidewalk watching.

Atop the building was a large Hertz Rent-A-Car sign that had a digital time and temperature display. In front of the Depository, the limousine slowed to a crawl to make a 120-degree turn onto Elm Street, although turns of more than 90-degrees were prohibited by the Secret Service. The turn was so tight that Greer almost ran the limousine up onto the north curb near the Depository's front door, according to Depository Superintendent Roy Truly.
The car continued a slow glide down the incline of Elm into Dealey Plaza, maintaining its position in the center lane of the three-lane street. The crowds thinned out as the Triple Underpass approached and security men began to relax. About three car lengths ahead of the presidential limousine in the lead car, Agent Lawson, a former Army counterintelligence man now with the Secret Service White House detail was sitting in the right front seat. He looked at his watch. It was 12:30 p.m. Picking up the car's microphone; he radioed the Trade Mart saying: 'We'll be there in about five minutes.’
In the presidential limousine, Kennedy was waving to his right hand at a group of people standing near a sign reading STEMMONS FREEWAY. His right arm and hand was slightly over the side of the car. Mrs. Kennedy had been waving to her left, but her thoughts were on the Texas heat. Mrs. Kennedy later told the Warren Commission: 'And in the motorcade, I waved to the left side and Mr. Kennedy was waving mostly to the right and that explains why we were not looking at each other very often. The climate also was very inhospitable; it was extremely hot and the heat was blinding us.’ Sensing her discomfort, Mrs. Connally, an old acquaintance of Mrs. Kennedy’s, turned and said: 'We'll soon be there.'

Mrs. Kennedy recalled seeing the Triple Underpass ahead: We saw that we were approaching an underpass, which I thought at the time was a blessing for us as it would offer respite from the heat.’ Mrs. Connally had wanted to mention the warm and enthusiastic welcome for some time, but she had held back. Now she could contain herself no longer. Turning to Kennedy, she said: 'Mr. President, you can't say that Dallas doesn’t love you.' According to Mrs. Kennedy, the President smiled and replied: 'No, you certainly can’t.’

Soon after this remark Mrs. Connally heard a frightening noise off to her right. She looked in that direction and caught a peripheral glimpse of Kennedy raising both hands to his neck. She heard no sound from the President, but noticed a blank, ‘nothing' expression on his face. Kellerman, sitting directly in front of Connally and Kennedy, noticed they had just passed a highway sign when he heard a 'pop' to his right and immediately looked in that direction, surveying the easternmost slope of the Grassy Knoll. Kellerman told the Warren Commission: turning to the right to view whatever it was ...I heard someone saying that he had been hit and I was pretty sure that it was the president. Also I remember him putting his hands up here like this [indicating both hands up near the head] . . . [It] was enough for me to verify that the man was hit.

Immediately after this I grabbed the speaker and said to the driver, “Let’s get out of here we’re hit,” and agin I spoke into the microphone, ’Lawson, this is Kellerman………we are hit and need to go to the hospital immediately.’ And just as I talking , I heard a flurry of shells come into the car. 

Mrs. Connally testified she heard Kellerman say: 'Pull out of the motorcade. Take us to the nearest hospital.' The limousine indeed pulled out of the motorcade and raced to Parkland Hospital.
Driver Greer said he was busy looking ahead to the railroad overpass when he heard a noise he thought was a motorcade backfire. Then he heard the noise again and caught a glimpse of Connally starting to slump over. He then heard two more noises that seemed to come one on top of the other. Greer said after the second noise and a glance over his right shoulder at Connally, he stepped on the accelerator. However, a film taken that day shows the limousine brake lights remained on until after the fatal shot to Kennedy.

According to the passage, the Triple Underpass is most probably

Passage –III

With a phalanx of Dallas police motorcycle officers clearing the way ahead, the big limousine carrying the Kennedy family made a 90-degree turn from Main onto Houston in front of the Dallas County Sheriff's Office. Almost two dozen deputies and other lawmen stood on the sidewalk watching.

Atop the building was a large Hertz Rent-A-Car sign that had a digital time and temperature display. In front of the Depository, the limousine slowed to a crawl to make a 120-degree turn onto Elm Street, although turns of more than 90-degrees were prohibited by the Secret Service. The turn was so tight that Greer almost ran the limousine up onto the north curb near the Depository's front door, according to Depository Superintendent Roy Truly.
The car continued a slow glide down the incline of Elm into Dealey Plaza, maintaining its position in the center lane of the three-lane street. The crowds thinned out as the Triple Underpass approached and security men began to relax. About three car lengths ahead of the presidential limousine in the lead car, Agent Lawson, a former Army counterintelligence man now with the Secret Service White House detail was sitting in the right front seat. He looked at his watch. It was 12:30 p.m. Picking up the car's microphone; he radioed the Trade Mart saying: 'We'll be there in about five minutes.’
In the presidential limousine, Kennedy was waving to his right hand at a group of people standing near a sign reading STEMMONS FREEWAY. His right arm and hand was slightly over the side of the car. Mrs. Kennedy had been waving to her left, but her thoughts were on the Texas heat. Mrs. Kennedy later told the Warren Commission: 'And in the motorcade, I waved to the left side and Mr. Kennedy was waving mostly to the right and that explains why we were not looking at each other very often. The climate also was very inhospitable; it was extremely hot and the heat was blinding us.’ Sensing her discomfort, Mrs. Connally, an old acquaintance of Mrs. Kennedy’s, turned and said: 'We'll soon be there.'

Mrs. Kennedy recalled seeing the Triple Underpass ahead: We saw that we were approaching an underpass, which I thought at the time was a blessing for us as it would offer respite from the heat.’ Mrs. Connally had wanted to mention the warm and enthusiastic welcome for some time, but she had held back. Now she could contain herself no longer. Turning to Kennedy, she said: 'Mr. President, you can't say that Dallas doesn’t love you.' According to Mrs. Kennedy, the President smiled and replied: 'No, you certainly can’t.’

Soon after this remark Mrs. Connally heard a frightening noise off to her right. She looked in that direction and caught a peripheral glimpse of Kennedy raising both hands to his neck. She heard no sound from the President, but noticed a blank, ‘nothing' expression on his face. Kellerman, sitting directly in front of Connally and Kennedy, noticed they had just passed a highway sign when he heard a 'pop' to his right and immediately looked in that direction, surveying the easternmost slope of the Grassy Knoll. Kellerman told the Warren Commission: turning to the right to view whatever it was ...I heard someone saying that he had been hit and I was pretty sure that it was the president. Also I remember him putting his hands up here like this [indicating both hands up near the head] . . . [It] was enough for me to verify that the man was hit.

Immediately after this I grabbed the speaker and said to the driver, “Let’s get out of here we’re hit,” and agin I spoke into the microphone, ’Lawson, this is Kellerman………we are hit and need to go to the hospital immediately.’ And just as I talking , I heard a flurry of shells come into the car. 

Mrs. Connally testified she heard Kellerman say: 'Pull out of the motorcade. Take us to the nearest hospital.' The limousine indeed pulled out of the motorcade and raced to Parkland Hospital.
Driver Greer said he was busy looking ahead to the railroad overpass when he heard a noise he thought was a motorcade backfire. Then he heard the noise again and caught a glimpse of Connally starting to slump over. He then heard two more noises that seemed to come one on top of the other. Greer said after the second noise and a glance over his right shoulder at Connally, he stepped on the accelerator. However, a film taken that day shows the limousine brake lights remained on until after the fatal shot to Kennedy.

In paragraph 3 of the passage, what does the author mean by the expression 'the crowds thinned out'?

Passage –III

With a phalanx of Dallas police motorcycle officers clearing the way ahead, the big limousine carrying the Kennedy family made a 90-degree turn from Main onto Houston in front of the Dallas County Sheriff's Office. Almost two dozen deputies and other lawmen stood on the sidewalk watching.

Atop the building was a large Hertz Rent-A-Car sign that had a digital time and temperature display. In front of the Depository, the limousine slowed to a crawl to make a 120-degree turn onto Elm Street, although turns of more than 90-degrees were prohibited by the Secret Service. The turn was so tight that Greer almost ran the limousine up onto the north curb near the Depository's front door, according to Depository Superintendent Roy Truly.
The car continued a slow glide down the incline of Elm into Dealey Plaza, maintaining its position in the center lane of the three-lane street. The crowds thinned out as the Triple Underpass approached and security men began to relax. About three car lengths ahead of the presidential limousine in the lead car, Agent Lawson, a former Army counterintelligence man now with the Secret Service White House detail was sitting in the right front seat. He looked at his watch. It was 12:30 p.m. Picking up the car's microphone; he radioed the Trade Mart saying: 'We'll be there in about five minutes.’
In the presidential limousine, Kennedy was waving to his right hand at a group of people standing near a sign reading STEMMONS FREEWAY. His right arm and hand was slightly over the side of the car. Mrs. Kennedy had been waving to her left, but her thoughts were on the Texas heat. Mrs. Kennedy later told the Warren Commission: 'And in the motorcade, I waved to the left side and Mr. Kennedy was waving mostly to the right and that explains why we were not looking at each other very often. The climate also was very inhospitable; it was extremely hot and the heat was blinding us.’ Sensing her discomfort, Mrs. Connally, an old acquaintance of Mrs. Kennedy’s, turned and said: 'We'll soon be there.'

Mrs. Kennedy recalled seeing the Triple Underpass ahead: We saw that we were approaching an underpass, which I thought at the time was a blessing for us as it would offer respite from the heat.’ Mrs. Connally had wanted to mention the warm and enthusiastic welcome for some time, but she had held back. Now she could contain herself no longer. Turning to Kennedy, she said: 'Mr. President, you can't say that Dallas doesn’t love you.' According to Mrs. Kennedy, the President smiled and replied: 'No, you certainly can’t.’

Soon after this remark Mrs. Connally heard a frightening noise off to her right. She looked in that direction and caught a peripheral glimpse of Kennedy raising both hands to his neck. She heard no sound from the President, but noticed a blank, ‘nothing' expression on his face. Kellerman, sitting directly in front of Connally and Kennedy, noticed they had just passed a highway sign when he heard a 'pop' to his right and immediately looked in that direction, surveying the easternmost slope of the Grassy Knoll. Kellerman told the Warren Commission: turning to the right to view whatever it was ...I heard someone saying that he had been hit and I was pretty sure that it was the president. Also I remember him putting his hands up here like this [indicating both hands up near the head] . . . [It] was enough for me to verify that the man was hit.

Immediately after this I grabbed the speaker and said to the driver, “Let’s get out of here we’re hit,” and agin I spoke into the microphone, ’Lawson, this is Kellerman………we are hit and need to go to the hospital immediately.’ And just as I talking , I heard a flurry of shells come into the car. 

Mrs. Connally testified she heard Kellerman say: 'Pull out of the motorcade. Take us to the nearest hospital.' The limousine indeed pulled out of the motorcade and raced to Parkland Hospital.
Driver Greer said he was busy looking ahead to the railroad overpass when he heard a noise he thought was a motorcade backfire. Then he heard the noise again and caught a glimpse of Connally starting to slump over. He then heard two more noises that seemed to come one on top of the other. Greer said after the second noise and a glance over his right shoulder at Connally, he stepped on the accelerator. However, a film taken that day shows the limousine brake lights remained on until after the fatal shot to Kennedy.

The word phalanx as used in the passage means

Passage –III

With a phalanx of Dallas police motorcycle officers clearing the way ahead, the big limousine carrying the Kennedy family made a 90-degree turn from Main onto Houston in front of the Dallas County Sheriff's Office. Almost two dozen deputies and other lawmen stood on the sidewalk watching.

Atop the building was a large Hertz Rent-A-Car sign that had a digital time and temperature display. In front of the Depository, the limousine slowed to a crawl to make a 120-degree turn onto Elm Street, although turns of more than 90-degrees were prohibited by the Secret Service. The turn was so tight that Greer almost ran the limousine up onto the north curb near the Depository's front door, according to Depository Superintendent Roy Truly.
The car continued a slow glide down the incline of Elm into Dealey Plaza, maintaining its position in the center lane of the three-lane street. The crowds thinned out as the Triple Underpass approached and security men began to relax. About three car lengths ahead of the presidential limousine in the lead car, Agent Lawson, a former Army counterintelligence man now with the Secret Service White House detail was sitting in the right front seat. He looked at his watch. It was 12:30 p.m. Picking up the car's microphone; he radioed the Trade Mart saying: 'We'll be there in about five minutes.’
In the presidential limousine, Kennedy was waving to his right hand at a group of people standing near a sign reading STEMMONS FREEWAY. His right arm and hand was slightly over the side of the car. Mrs. Kennedy had been waving to her left, but her thoughts were on the Texas heat. Mrs. Kennedy later told the Warren Commission: 'And in the motorcade, I waved to the left side and Mr. Kennedy was waving mostly to the right and that explains why we were not looking at each other very often. The climate also was very inhospitable; it was extremely hot and the heat was blinding us.’ Sensing her discomfort, Mrs. Connally, an old acquaintance of Mrs. Kennedy’s, turned and said: 'We'll soon be there.'

Mrs. Kennedy recalled seeing the Triple Underpass ahead: We saw that we were approaching an underpass, which I thought at the time was a blessing for us as it would offer respite from the heat.’ Mrs. Connally had wanted to mention the warm and enthusiastic welcome for some time, but she had held back. Now she could contain herself no longer. Turning to Kennedy, she said: 'Mr. President, you can't say that Dallas doesn’t love you.' According to Mrs. Kennedy, the President smiled and replied: 'No, you certainly can’t.’

Soon after this remark Mrs. Connally heard a frightening noise off to her right. She looked in that direction and caught a peripheral glimpse of Kennedy raising both hands to his neck. She heard no sound from the President, but noticed a blank, ‘nothing' expression on his face. Kellerman, sitting directly in front of Connally and Kennedy, noticed they had just passed a highway sign when he heard a 'pop' to his right and immediately looked in that direction, surveying the easternmost slope of the Grassy Knoll. Kellerman told the Warren Commission: turning to the right to view whatever it was ...I heard someone saying that he had been hit and I was pretty sure that it was the president. Also I remember him putting his hands up here like this [indicating both hands up near the head] . . . [It] was enough for me to verify that the man was hit.

Immediately after this I grabbed the speaker and said to the driver, “Let’s get out of here we’re hit,” and agin I spoke into the microphone, ’Lawson, this is Kellerman………we are hit and need to go to the hospital immediately.’ And just as I talking , I heard a flurry of shells come into the car. 

Mrs. Connally testified she heard Kellerman say: 'Pull out of the motorcade. Take us to the nearest hospital.' The limousine indeed pulled out of the motorcade and raced to Parkland Hospital.
Driver Greer said he was busy looking ahead to the railroad overpass when he heard a noise he thought was a motorcade backfire. Then he heard the noise again and caught a glimpse of Connally starting to slump over. He then heard two more noises that seemed to come one on top of the other. Greer said after the second noise and a glance over his right shoulder at Connally, he stepped on the accelerator. However, a film taken that day shows the limousine brake lights remained on until after the fatal shot to Kennedy.

It may be inferred that the described attempt of murder took place in...

Passage –III

With a phalanx of Dallas police motorcycle officers clearing the way ahead, the big limousine carrying the Kennedy family made a 90-degree turn from Main onto Houston in front of the Dallas County Sheriff's Office. Almost two dozen deputies and other lawmen stood on the sidewalk watching.

Atop the building was a large Hertz Rent-A-Car sign that had a digital time and temperature display. In front of the Depository, the limousine slowed to a crawl to make a 120-degree turn onto Elm Street, although turns of more than 90-degrees were prohibited by the Secret Service. The turn was so tight that Greer almost ran the limousine up onto the north curb near the Depository's front door, according to Depository Superintendent Roy Truly.
The car continued a slow glide down the incline of Elm into Dealey Plaza, maintaining its position in the center lane of the three-lane street. The crowds thinned out as the Triple Underpass approached and security men began to relax. About three car lengths ahead of the presidential limousine in the lead car, Agent Lawson, a former Army counterintelligence man now with the Secret Service White House detail was sitting in the right front seat. He looked at his watch. It was 12:30 p.m. Picking up the car's microphone; he radioed the Trade Mart saying: 'We'll be there in about five minutes.’
In the presidential limousine, Kennedy was waving to his right hand at a group of people standing near a sign reading STEMMONS FREEWAY. His right arm and hand was slightly over the side of the car. Mrs. Kennedy had been waving to her left, but her thoughts were on the Texas heat. Mrs. Kennedy later told the Warren Commission: 'And in the motorcade, I waved to the left side and Mr. Kennedy was waving mostly to the right and that explains why we were not looking at each other very often. The climate also was very inhospitable; it was extremely hot and the heat was blinding us.’ Sensing her discomfort, Mrs. Connally, an old acquaintance of Mrs. Kennedy’s, turned and said: 'We'll soon be there.'

Mrs. Kennedy recalled seeing the Triple Underpass ahead: We saw that we were approaching an underpass, which I thought at the time was a blessing for us as it would offer respite from the heat.’ Mrs. Connally had wanted to mention the warm and enthusiastic welcome for some time, but she had held back. Now she could contain herself no longer. Turning to Kennedy, she said: 'Mr. President, you can't say that Dallas doesn’t love you.' According to Mrs. Kennedy, the President smiled and replied: 'No, you certainly can’t.’

Soon after this remark Mrs. Connally heard a frightening noise off to her right. She looked in that direction and caught a peripheral glimpse of Kennedy raising both hands to his neck. She heard no sound from the President, but noticed a blank, ‘nothing' expression on his face. Kellerman, sitting directly in front of Connally and Kennedy, noticed they had just passed a highway sign when he heard a 'pop' to his right and immediately looked in that direction, surveying the easternmost slope of the Grassy Knoll. Kellerman told the Warren Commission: turning to the right to view whatever it was ...I heard someone saying that he had been hit and I was pretty sure that it was the president. Also I remember him putting his hands up here like this [indicating both hands up near the head] . . . [It] was enough for me to verify that the man was hit.

Immediately after this I grabbed the speaker and said to the driver, “Let’s get out of here we’re hit,” and agin I spoke into the microphone, ’Lawson, this is Kellerman………we are hit and need to go to the hospital immediately.’ And just as I talking , I heard a flurry of shells come into the car. 

Mrs. Connally testified she heard Kellerman say: 'Pull out of the motorcade. Take us to the nearest hospital.' The limousine indeed pulled out of the motorcade and raced to Parkland Hospital.
Driver Greer said he was busy looking ahead to the railroad overpass when he heard a noise he thought was a motorcade backfire. Then he heard the noise again and caught a glimpse of Connally starting to slump over. He then heard two more noises that seemed to come one on top of the other. Greer said after the second noise and a glance over his right shoulder at Connally, he stepped on the accelerator. However, a film taken that day shows the limousine brake lights remained on until after the fatal shot to Kennedy.

The tunnel that came on the way brought a smile on the face of Mrs. Kennedy because

Passage –III

With a phalanx of Dallas police motorcycle officers clearing the way ahead, the big limousine carrying the Kennedy family made a 90-degree turn from Main onto Houston in front of the Dallas County Sheriff's Office. Almost two dozen deputies and other lawmen stood on the sidewalk watching.

Atop the building was a large Hertz Rent-A-Car sign that had a digital time and temperature display. In front of the Depository, the limousine slowed to a crawl to make a 120-degree turn onto Elm Street, although turns of more than 90-degrees were prohibited by the Secret Service. The turn was so tight that Greer almost ran the limousine up onto the north curb near the Depository's front door, according to Depository Superintendent Roy Truly.
The car continued a slow glide down the incline of Elm into Dealey Plaza, maintaining its position in the center lane of the three-lane street. The crowds thinned out as the Triple Underpass approached and security men began to relax. About three car lengths ahead of the presidential limousine in the lead car, Agent Lawson, a former Army counterintelligence man now with the Secret Service White House detail was sitting in the right front seat. He looked at his watch. It was 12:30 p.m. Picking up the car's microphone; he radioed the Trade Mart saying: 'We'll be there in about five minutes.’
In the presidential limousine, Kennedy was waving to his right hand at a group of people standing near a sign reading STEMMONS FREEWAY. His right arm and hand was slightly over the side of the car. Mrs. Kennedy had been waving to her left, but her thoughts were on the Texas heat. Mrs. Kennedy later told the Warren Commission: 'And in the motorcade, I waved to the left side and Mr. Kennedy was waving mostly to the right and that explains why we were not looking at each other very often. The climate also was very inhospitable; it was extremely hot and the heat was blinding us.’ Sensing her discomfort, Mrs. Connally, an old acquaintance of Mrs. Kennedy’s, turned and said: 'We'll soon be there.'

Mrs. Kennedy recalled seeing the Triple Underpass ahead: We saw that we were approaching an underpass, which I thought at the time was a blessing for us as it would offer respite from the heat.’ Mrs. Connally had wanted to mention the warm and enthusiastic welcome for some time, but she had held back. Now she could contain herself no longer. Turning to Kennedy, she said: 'Mr. President, you can't say that Dallas doesn’t love you.' According to Mrs. Kennedy, the President smiled and replied: 'No, you certainly can’t.’

Soon after this remark Mrs. Connally heard a frightening noise off to her right. She looked in that direction and caught a peripheral glimpse of Kennedy raising both hands to his neck. She heard no sound from the President, but noticed a blank, ‘nothing' expression on his face. Kellerman, sitting directly in front of Connally and Kennedy, noticed they had just passed a highway sign when he heard a 'pop' to his right and immediately looked in that direction, surveying the easternmost slope of the Grassy Knoll. Kellerman told the Warren Commission: turning to the right to view whatever it was ...I heard someone saying that he had been hit and I was pretty sure that it was the president. Also I remember him putting his hands up here like this [indicating both hands up near the head] . . . [It] was enough for me to verify that the man was hit.

Immediately after this I grabbed the speaker and said to the driver, “Let’s get out of here we’re hit,” and agin I spoke into the microphone, ’Lawson, this is Kellerman………we are hit and need to go to the hospital immediately.’ And just as I talking , I heard a flurry of shells come into the car. 

Mrs. Connally testified she heard Kellerman say: 'Pull out of the motorcade. Take us to the nearest hospital.' The limousine indeed pulled out of the motorcade and raced to Parkland Hospital.
Driver Greer said he was busy looking ahead to the railroad overpass when he heard a noise he thought was a motorcade backfire. Then he heard the noise again and caught a glimpse of Connally starting to slump over. He then heard two more noises that seemed to come one on top of the other. Greer said after the second noise and a glance over his right shoulder at Connally, he stepped on the accelerator. However, a film taken that day shows the limousine brake lights remained on until after the fatal shot to Kennedy.

It can be inferred from the passage that

Passage –III

With a phalanx of Dallas police motorcycle officers clearing the way ahead, the big limousine carrying the Kennedy family made a 90-degree turn from Main onto Houston in front of the Dallas County Sheriff's Office. Almost two dozen deputies and other lawmen stood on the sidewalk watching.

Atop the building was a large Hertz Rent-A-Car sign that had a digital time and temperature display. In front of the Depository, the limousine slowed to a crawl to make a 120-degree turn onto Elm Street, although turns of more than 90-degrees were prohibited by the Secret Service. The turn was so tight that Greer almost ran the limousine up onto the north curb near the Depository's front door, according to Depository Superintendent Roy Truly.
The car continued a slow glide down the incline of Elm into Dealey Plaza, maintaining its position in the center lane of the three-lane street. The crowds thinned out as the Triple Underpass approached and security men began to relax. About three car lengths ahead of the presidential limousine in the lead car, Agent Lawson, a former Army counterintelligence man now with the Secret Service White House detail was sitting in the right front seat. He looked at his watch. It was 12:30 p.m. Picking up the car's microphone; he radioed the Trade Mart saying: 'We'll be there in about five minutes.’
In the presidential limousine, Kennedy was waving to his right hand at a group of people standing near a sign reading STEMMONS FREEWAY. His right arm and hand was slightly over the side of the car. Mrs. Kennedy had been waving to her left, but her thoughts were on the Texas heat. Mrs. Kennedy later told the Warren Commission: 'And in the motorcade, I waved to the left side and Mr. Kennedy was waving mostly to the right and that explains why we were not looking at each other very often. The climate also was very inhospitable; it was extremely hot and the heat was blinding us.’ Sensing her discomfort, Mrs. Connally, an old acquaintance of Mrs. Kennedy’s, turned and said: 'We'll soon be there.'

Mrs. Kennedy recalled seeing the Triple Underpass ahead: We saw that we were approaching an underpass, which I thought at the time was a blessing for us as it would offer respite from the heat.’ Mrs. Connally had wanted to mention the warm and enthusiastic welcome for some time, but she had held back. Now she could contain herself no longer. Turning to Kennedy, she said: 'Mr. President, you can't say that Dallas doesn’t love you.' According to Mrs. Kennedy, the President smiled and replied: 'No, you certainly can’t.’

Soon after this remark Mrs. Connally heard a frightening noise off to her right. She looked in that direction and caught a peripheral glimpse of Kennedy raising both hands to his neck. She heard no sound from the President, but noticed a blank, ‘nothing' expression on his face. Kellerman, sitting directly in front of Connally and Kennedy, noticed they had just passed a highway sign when he heard a 'pop' to his right and immediately looked in that direction, surveying the easternmost slope of the Grassy Knoll. Kellerman told the Warren Commission: turning to the right to view whatever it was ...I heard someone saying that he had been hit and I was pretty sure that it was the president. Also I remember him putting his hands up here like this [indicating both hands up near the head] . . . [It] was enough for me to verify that the man was hit.

Immediately after this I grabbed the speaker and said to the driver, “Let’s get out of here we’re hit,” and agin I spoke into the microphone, ’Lawson, this is Kellerman………we are hit and need to go to the hospital immediately.’ And just as I talking , I heard a flurry of shells come into the car. 

Mrs. Connally testified she heard Kellerman say: 'Pull out of the motorcade. Take us to the nearest hospital.' The limousine indeed pulled out of the motorcade and raced to Parkland Hospital.
Driver Greer said he was busy looking ahead to the railroad overpass when he heard a noise he thought was a motorcade backfire. Then he heard the noise again and caught a glimpse of Connally starting to slump over. He then heard two more noises that seemed to come one on top of the other. Greer said after the second noise and a glance over his right shoulder at Connally, he stepped on the accelerator. However, a film taken that day shows the limousine brake lights remained on until after the fatal shot to Kennedy.

According to the passage how many people were in Kennedys car when he was shot?

Passage –III

With a phalanx of Dallas police motorcycle officers clearing the way ahead, the big limousine carrying the Kennedy family made a 90-degree turn from Main onto Houston in front of the Dallas County Sheriff's Office. Almost two dozen deputies and other lawmen stood on the sidewalk watching.

Atop the building was a large Hertz Rent-A-Car sign that had a digital time and temperature display. In front of the Depository, the limousine slowed to a crawl to make a 120-degree turn onto Elm Street, although turns of more than 90-degrees were prohibited by the Secret Service. The turn was so tight that Greer almost ran the limousine up onto the north curb near the Depository's front door, according to Depository Superintendent Roy Truly.
The car continued a slow glide down the incline of Elm into Dealey Plaza, maintaining its position in the center lane of the three-lane street. The crowds thinned out as the Triple Underpass approached and security men began to relax. About three car lengths ahead of the presidential limousine in the lead car, Agent Lawson, a former Army counterintelligence man now with the Secret Service White House detail was sitting in the right front seat. He looked at his watch. It was 12:30 p.m. Picking up the car's microphone; he radioed the Trade Mart saying: 'We'll be there in about five minutes.’
In the presidential limousine, Kennedy was waving to his right hand at a group of people standing near a sign reading STEMMONS FREEWAY. His right arm and hand was slightly over the side of the car. Mrs. Kennedy had been waving to her left, but her thoughts were on the Texas heat. Mrs. Kennedy later told the Warren Commission: 'And in the motorcade, I waved to the left side and Mr. Kennedy was waving mostly to the right and that explains why we were not looking at each other very often. The climate also was very inhospitable; it was extremely hot and the heat was blinding us.’ Sensing her discomfort, Mrs. Connally, an old acquaintance of Mrs. Kennedy’s, turned and said: 'We'll soon be there.'

Mrs. Kennedy recalled seeing the Triple Underpass ahead: We saw that we were approaching an underpass, which I thought at the time was a blessing for us as it would offer respite from the heat.’ Mrs. Connally had wanted to mention the warm and enthusiastic welcome for some time, but she had held back. Now she could contain herself no longer. Turning to Kennedy, she said: 'Mr. President, you can't say that Dallas doesn’t love you.' According to Mrs. Kennedy, the President smiled and replied: 'No, you certainly can’t.’

Soon after this remark Mrs. Connally heard a frightening noise off to her right. She looked in that direction and caught a peripheral glimpse of Kennedy raising both hands to his neck. She heard no sound from the President, but noticed a blank, ‘nothing' expression on his face. Kellerman, sitting directly in front of Connally and Kennedy, noticed they had just passed a highway sign when he heard a 'pop' to his right and immediately looked in that direction, surveying the easternmost slope of the Grassy Knoll. Kellerman told the Warren Commission: turning to the right to view whatever it was ...I heard someone saying that he had been hit and I was pretty sure that it was the president. Also I remember him putting his hands up here like this [indicating both hands up near the head] . . . [It] was enough for me to verify that the man was hit.

Immediately after this I grabbed the speaker and said to the driver, “Let’s get out of here we’re hit,” and agin I spoke into the microphone, ’Lawson, this is Kellerman………we are hit and need to go to the hospital immediately.’ And just as I talking , I heard a flurry of shells come into the car. 

Mrs. Connally testified she heard Kellerman say: 'Pull out of the motorcade. Take us to the nearest hospital.' The limousine indeed pulled out of the motorcade and raced to Parkland Hospital.
Driver Greer said he was busy looking ahead to the railroad overpass when he heard a noise he thought was a motorcade backfire. Then he heard the noise again and caught a glimpse of Connally starting to slump over. He then heard two more noises that seemed to come one on top of the other. Greer said after the second noise and a glance over his right shoulder at Connally, he stepped on the accelerator. However, a film taken that day shows the limousine brake lights remained on until after the fatal shot to Kennedy.

The writer develops the idea in the passage by

What do we come to know about the condition of Germany from the passage?

Passage – I

The European Union must launch its planned single currency on time or risk serious set-backs even though Germany- the driving force behind integration- might itself miss key entry targets, senior German central bank officials said on Monday night.
Three members of the Bundesbank’s ruling council, speaking at separate events in Germany, warned that nations struggling to meet the fiscal entry criteria while still recovering from severe recession should avoid any temptation to postpone the 1999 start of the monetary union.
Although this might seem like a less painful, and therefore, a desirable option, Mr. Guntram Palm, president of the state central bank in Beden Wuerttemberg, said all talk of delaying the start date was “totally misplaced”.
Such a decision would lend to an immediate, severe appreciation of the German mark, which would hurt German exports as well as stunt nation’s efforts to achieve a further consolidation of finances.
One reason that talk of a delay has reached new heights might be that so many nations, including Germany, risked missing the key criteria which call for an aspiring nation’s budget deficit to remain below three percent of gross domestic product (GDP) and that its debt should not exceed a reference value of 60 percent of the GDP.
Klaus-Dieter Kuehbacher, president of the state central bank in Berlin and Brandenburg, said that he doubted whether the German government would reach its goal of holding its budget deficit to 2.9 percent of GDP in 1997.
But the three also acknowledged that the deficit goal was only one of a number of entry criteria and that it might ultimately not be the most instrumental to sustaining a stable currency union.
The Maastricht Treaty also states that participating nations must present stable foreign exchange rates as well as low long-term interest and inflation rates and many more nations fulfill these goals.
“In my opinion, European currency union can start in January 1999, while conforming to those EMU convergence criteria that are most often discussed.” said Ernst Welteke, president of the state central bank in Hesse. Welteke said he wondered how a budget deficit of less than three percent would be good for stability, while a budget deficit of slightly more than three percent would be negative.
At the same time, he added, “Fiscal stability in currency union is naturally a very important asset as it ensures that fiscal solidity of the individual members can be closely monitored.”
Fearing strict entry criteria could give way to creative book-keeping, Mr. Palm said, “A trick-free deficit of just over three percent in 1997 that will be further reduced in following years due to savings efforts is preferable to 2.9 percent reached through creative accounting.”
Mr. Welteke added that the three percent deficit criteria should not be a knock-out criteria”, prohibiting any nation just over that level from entering. Both Mr. Palm and Mr. Welteke feel the currency union will go ahead as planned with Germany and France, noting that a currency union without them would make little sense. Officials, however, part ways on whether the union will be a small or a slightly larger one at the beginning. Mr. Palm noticing that most nations already meeting the other criteria, forecasts a bigger circle, but Mr. Kuehbacher saw fewer members.

By giving the example of the island and the cocoa-nuts in the passage, the author wants

Creative accounting in the passage refers to

Passage – I

The European Union must launch its planned single currency on time or risk serious set-backs even though Germany- the driving force behind integration- might itself miss key entry targets, senior German central bank officials said on Monday night.
Three members of the Bundesbank’s ruling council, speaking at separate events in Germany, warned that nations struggling to meet the fiscal entry criteria while still recovering from severe recession should avoid any temptation to postpone the 1999 start of the monetary union.
Although this might seem like a less painful, and therefore, a desirable option, Mr. Guntram Palm, president of the state central bank in Beden Wuerttemberg, said all talk of delaying the start date was “totally misplaced”.
Such a decision would lend to an immediate, severe appreciation of the German mark, which would hurt German exports as well as stunt nation’s efforts to achieve a further consolidation of finances.
One reason that talk of a delay has reached new heights might be that so many nations, including Germany, risked missing the key criteria which call for an aspiring nation’s budget deficit to remain below three percent of gross domestic product (GDP) and that its debt should not exceed a reference value of 60 percent of the GDP.
Klaus-Dieter Kuehbacher, president of the state central bank in Berlin and Brandenburg, said that he doubted whether the German government would reach its goal of holding its budget deficit to 2.9 percent of GDP in 1997.
But the three also acknowledged that the deficit goal was only one of a number of entry criteria and that it might ultimately not be the most instrumental to sustaining a stable currency union.
The Maastricht Treaty also states that participating nations must present stable foreign exchange rates as well as low long-term interest and inflation rates and many more nations fulfill these goals.
“In my opinion, European currency union can start in January 1999, while conforming to those EMU convergence criteria that are most often discussed.” said Ernst Welteke, president of the state central bank in Hesse. Welteke said he wondered how a budget deficit of less than three percent would be good for stability, while a budget deficit of slightly more than three percent would be negative.
At the same time, he added, “Fiscal stability in currency union is naturally a very important asset as it ensures that fiscal solidity of the individual members can be closely monitored.”
Fearing strict entry criteria could give way to creative book-keeping, Mr. Palm said, “A trick-free deficit of just over three percent in 1997 that will be further reduced in following years due to savings efforts is preferable to 2.9 percent reached through creative accounting.”
Mr. Welteke added that the three percent deficit criteria should not be a knock-out criteria”, prohibiting any nation just over that level from entering. Both Mr. Palm and Mr. Welteke feel the currency union will go ahead as planned with Germany and France, noting that a currency union without them would make little sense. Officials, however, part ways on whether the union will be a small or a slightly larger one at the beginning. Mr. Palm noticing that most nations already meeting the other criteria, forecasts a bigger circle, but Mr. Kuehbacher saw fewer members.

According to the passage, Mrs. Connally was

Passage –III

With a phalanx of Dallas police motorcycle officers clearing the way ahead, the big limousine carrying the Kennedy family made a 90-degree turn from Main onto Houston in front of the Dallas County Sheriff's Office. Almost two dozen deputies and other lawmen stood on the sidewalk watching.

Atop the building was a large Hertz Rent-A-Car sign that had a digital time and temperature display. In front of the Depository, the limousine slowed to a crawl to make a 120-degree turn onto Elm Street, although turns of more than 90-degrees were prohibited by the Secret Service. The turn was so tight that Greer almost ran the limousine up onto the north curb near the Depository's front door, according to Depository Superintendent Roy Truly.
The car continued a slow glide down the incline of Elm into Dealey Plaza, maintaining its position in the center lane of the three-lane street. The crowds thinned out as the Triple Underpass approached and security men began to relax. About three car lengths ahead of the presidential limousine in the lead car, Agent Lawson, a former Army counterintelligence man now with the Secret Service White House detail was sitting in the right front seat. He looked at his watch. It was 12:30 p.m. Picking up the car's microphone; he radioed the Trade Mart saying: 'We'll be there in about five minutes.’
In the presidential limousine, Kennedy was waving to his right hand at a group of people standing near a sign reading STEMMONS FREEWAY. His right arm and hand was slightly over the side of the car. Mrs. Kennedy had been waving to her left, but her thoughts were on the Texas heat. Mrs. Kennedy later told the Warren Commission: 'And in the motorcade, I waved to the left side and Mr. Kennedy was waving mostly to the right and that explains why we were not looking at each other very often. The climate also was very inhospitable; it was extremely hot and the heat was blinding us.’ Sensing her discomfort, Mrs. Connally, an old acquaintance of Mrs. Kennedy’s, turned and said: 'We'll soon be there.'

Mrs. Kennedy recalled seeing the Triple Underpass ahead: We saw that we were approaching an underpass, which I thought at the time was a blessing for us as it would offer respite from the heat.’ Mrs. Connally had wanted to mention the warm and enthusiastic welcome for some time, but she had held back. Now she could contain herself no longer. Turning to Kennedy, she said: 'Mr. President, you can't say that Dallas doesn’t love you.' According to Mrs. Kennedy, the President smiled and replied: 'No, you certainly can’t.’

Soon after this remark Mrs. Connally heard a frightening noise off to her right. She looked in that direction and caught a peripheral glimpse of Kennedy raising both hands to his neck. She heard no sound from the President, but noticed a blank, ‘nothing' expression on his face. Kellerman, sitting directly in front of Connally and Kennedy, noticed they had just passed a highway sign when he heard a 'pop' to his right and immediately looked in that direction, surveying the easternmost slope of the Grassy Knoll. Kellerman told the Warren Commission: turning to the right to view whatever it was ...I heard someone saying that he had been hit and I was pretty sure that it was the president. Also I remember him putting his hands up here like this [indicating both hands up near the head] . . . [It] was enough for me to verify that the man was hit.

Immediately after this I grabbed the speaker and said to the driver, “Let’s get out of here we’re hit,” and agin I spoke into the microphone, ’Lawson, this is Kellerman………we are hit and need to go to the hospital immediately.’ And just as I talking , I heard a flurry of shells come into the car. 

Mrs. Connally testified she heard Kellerman say: 'Pull out of the motorcade. Take us to the nearest hospital.' The limousine indeed pulled out of the motorcade and raced to Parkland Hospital.
Driver Greer said he was busy looking ahead to the railroad overpass when he heard a noise he thought was a motorcade backfire. Then he heard the noise again and caught a glimpse of Connally starting to slump over. He then heard two more noises that seemed to come one on top of the other. Greer said after the second noise and a glance over his right shoulder at Connally, he stepped on the accelerator. However, a film taken that day shows the limousine brake lights remained on until after the fatal shot to Kennedy.