15  Note that these scenarios are purely illustrative and do not represent the Bank’s base-case projection. They were generated using BoC-GEM-FIN, the Bank’s global general-equilibrium macro model. See K. Beaton, C. de Resende, R. Lalonde, and S. Snudden, “Prospects for Global Current Account Rebalancing,” Bank of Canada Discussion Paper, forthcoming in 2010.
16  Countries do not make the necessary fiscal adjustments to stabilize their debt dynamics. There is no stabilization in debt-to-GDP ratios by 2015. In the “framework” scenario, debt/GDP in the United States stabilizes around 75 per cent of GDP. In this “do nothing” scenario, U.S. debt/GDP would reach about 95 per cent of GDP by 2015.