Proceedings from the ECFIN Workshop "The budgetary implications of structural reforms" - Brussels, 2 December 2005

Graph 1: Frequency of reforms during years of consolidations and years where primary cyclically-adjusted
budget balances worsened (see table 1 for sample definition)

Source: Authors’ calculation on data described in table 1

Graph 2: Frequency of reforms before and after phase II of EMU (see table 1 for sample definition)

□ 1990-1993    □ after 1994

Source: Authors’ calculation on data described in table 1

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