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%.
These deficit ratios are comparable to that of Spain, which is one euro area countries where the public finances have been particularly severely affected by the crisis.