Figure 7.3 France - Budget Deficit Cyclical Adjustment - Real Time
FRGBR outturn -----FRGBR-Cyclically adjusted —I— FRGBR-adjusted upper bound
■ FRGBR-adjusted lower bound ......FRGBR-adjusted full sample
The Italian budget position improved markedly between 1990 and 1996, and by 1997 the
target of zero appears to be temporarily at least within the bounds of probability. Special
measures between 1997 and 2001 gave a plausible looking outturn, but the central
estimates and the bounds have recently moved away from zero.
Figure 7.4 Italy - Budget Deficit Cyclical Adjustment - Real Time
....... ITGBR outturn -----ITGBR-Cyclically adjusted —I— ITGBR-adjusted upper bound
■ ITGBR-adjusted lower bound ......ITGBR-adjusted full sample
195
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