3 For details, see the Prudential Authority’s ‘Press release on regulatory relief measures and guidance to the banking sector in response to COVID-19, published on 6 April 2020, available at https://www.resbank.co.za/Lists/News%20and%20Publications/Attachments/9842/Prudential%20Auth ority%20Media%20Release%20%20Regulatory%20relief%20and%20guidance%20to%20the%20banking%20sector.pdf. 4 The Bank for International Settlements (BIS) gives data for bond purchases by seven emerging markets.
Regarding Ireland, the budget deficit was reduced from 10.1% of GDP in 1986 to 1.7% in 1989, while the debt ratio declined from 113% of GDP to 100.4% of GDP; over the same period GDP growth accelerated from 0.3% to 6.2%; the overall consolidation effort, as measured through the structural fiscal balance, amounted to 5.1% of GDP over these three years.