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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