The over-performance against the primary surplus target set in the Economic Adjustment Programme by 1.2% of GDP in 2013 was a milestone achievement that provides a solid base for the attainment of the fiscal target in 2014 for a third consecutive year.
4 Later, I will explain why this supply curve intersects the demand curve, as shown in figure 2. The demand curve for reserves in figure 2 has three segments. The top portion of the demand curve is capped by the discount rate that the Fed sets. The middle of the curve is downward sloping, like most demand curves.