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The objective assigned to the monetary and budgetary policy in Morocco is to ensure stability by means of fixed rules to control inflation and to limit public deficit. This policy mix guarantees stability but at a high cost. The financial rationing, disinflation costs and the biases of the budgetary contractions resulting from it have a restrictive impact on growth. It leads to an impossible trilogy between the control of inflation and public deficit on the one hand and growth on the other hand.