The GERS figures show Scotland running a deficit which is much greater than the EU's excessive deficit threshold
The GERS figures show Scotland's deficit under current constitutional arrangements and after allocating a share of UK-wide costs such as defence, UK debt interest, foreign aid, Treasury, HMRC, Cabinet Office etc.
The EU Excessive Deficit Threshold is shown on the chart below for reference. EU member states whose deficit exceeds 3% of GDP trigger the EU’s excessive deficit procedure, a mechanism designed to ensure member states “maintain discipline in their government’s budgets”.
In the context of debates about Scotland potentially separating from the UK or becoming fiscally autonomous within the UK, the GERS figures are best considered as pro-forma accounts: they show Scotland's fiscal standing today against which assumptions about alternative future scenarios can be applied.