For instance, both the UK and the US experienced larger deteriorations in their fiscal positions from 2007 to 2009 than the average in the euro area. Over this period, the budget deficit of the UK increased from 2.7% to 11.4% of GDP while that of the US increased from 2.8% to 11.2%.
The public will also be better able to judge the extent to which the Committee's rationale is reasonable and persuasive. The projections also function as a plan for policy – albeit as a rough and highly provisional one. As I mentioned earlier, FOMC participants will continue to base their projections on the assumption of "appropriate" monetary policy.