Efforts to coordinate national budget policies and curb excessive budget deficits have largely proved effective. There has been a marked improvement in the position of public finance of the Euro zone countries, which are currently implementing long-term stabilisation programmes. These aim at achieving a balanced budget, and, in the longer run, a budget surplus. It is expected that by the end of 2004, virtually all Euro zone countries will have eliminated budget deficits. Whether they succeed at this will depend to a great extent on economic conditions and the impact of the public finance reform, particularly with respect to budget expenditure.