Table 5  General government borrowing requirement (billions of euros)  Year  First 7 months  2015  2016  2017  2016  2017  2018  Borrowing requirement net of privatization receipts (a)  56.9  44.1  58.8  22.5  46.5  24.1  Privatization receipts (b)  6.6  0.9  0.1  0.8  0.1  0.0  Borrowing requirement (c=a-b=d+e+f+g+h+i)  50.4  43.2  58.8  21.7  46.4  24.1  Currency and deposits (1) (d)  5.1  -4.9  0.0  -5.4  8.7  7.6  of which: Post office funds  -1.5  0.1  -1.9  -0.6  -1.1  -0.7  Short-term securities (e)  -9.5  -8.0  -0.5  2.3  8.9  6.7  Medium- and long-term securities (f)  43.4  62.7  40.8  90.3  65.8  66.0  Loans from MFIs (g)  1.7  1.1  3.7  0.7  4.0  -4.9  Other liabilities (2) (h) of which: loans via the EFSF Change in the Treasury’s liquidity balance (3) (i)  -1.0 -2.1 10.7  -0.3 0.0 -7.4  1.0 0.0 13.8  -1.0 0.0 -65.3  1.4 0.0 -42.5  -0.6 0.0 -50.6  FINANCING  (1) Includes coins in circulation, Post office funds and deposits held with the Treasury by entities not included in general government.
http://www.rba.gov.au/speeches/2017/sp-dg-2017-10-26.html  14/16  27/10/2017  Uncertainty | Speeches | RBA  Whatever the circumstances, though, it is important that there is a good understanding of what the monetary policy reaction is likely to be. That is, it is important that people have a good understanding of what the reaction function is.