However, the unified budget deficit does not fully capture the fiscal situation and its effect on the economy, for at least two reasons. First, the budget deficit by itself does not measure the quantity of resources that the government is taking from the private sector.
8  See Annex 3 of the Report of the Macroeconomic Assessment Group, (2010), “Assessing the macroeconomic impact of the transition to stronger capital and liquidity requirements”, August Interim Report, BIS. BIS Review 125/2010  5  sheet exposures, including committed credit and liquidity facilities.