Fiscal Sustainability Across Government Tiers

XREAP2007-14

Figure 4. Germany, 1970-2005: fiscal series for government tiers.

(a) surplus to GDP ratio

(b) debt to GDP ratio

∕∖5^               Λ            ʌʌ* A?* oζ⁴ θ(V о£Ь Q^^c о$Э Q-P Q^ о$Ь Qv> C^ O^ cθ^z θɔɔ O^^ς θ^ɔ ѻРθ∖ C^ æ' с$ Cs⁴ f∖V сФ cΨ^ς e^ɔ

_hO)^κ _hO)^κ _hO)^κ _hO)^κ _hO)^κ hɑʌ hɑʌ hɑr hɑʌ _hθ)^κ hɑr hɑr hɑr hɑr hɑr hɑr _κ⅛^b _h0r _κ⅛^b _h<⅛^b _h<⅛^d _h<⅛^d N⅛^δ ><⅛^d κ⅛^δ ><⅛^d ><⅛^d ><⅛^d ><⅛^d _h<⅛^d

----general government.....federal level —■—regional level

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