During  BIS Review 68/2010  9  this period, lower-than-targeted tax revenues due to contraction in domestic demand as well as higher-than-targeted primary expenditures mainly due to increase in current transfers to Social Security Institution due to slowdown in employment growth have been the primary causes of the surge in the budget deficit. An analysis of developments in public finance in the first quarter of 2010 reveals that the central government budget balance had an improved year-on-year performance, this being mainly attributable to the increase in tax revenues with the revival in economic activity. Central Government Budget Deficit and EU-Defined Public Debt Stock Budget Deficit  Public Debt Stock  (Ratio to GDP)  (Ratio to GDP) 80  12  Pu blic Debt St ock  B udge t D efici t M aast rich t Cri teri a: 3%  Maastricht Crit eria: 60 %  60  9  49.0 48.8 47.8 6  40  4.9 4.0  * Medium Term Program (2010-2012) Targets. Source: Ministry of Finance, Medium Term Program (20102012). 2012*  2011*  2010*  2009  2008  2007  2006  2005  2004  2003  2001  2 012*  20 11*  201 0*  2 009  20 08  200 7  2 006  20 05  200 4  2 003  0 20 02  0 200 1  20  2002  3 .2 3  * Medium Term Program (2010-2012) Targets.
Jean-Pierre Roth: The role of the International Monetary Fund in promoting financial stability - a Swiss perspective Speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank, at a meeting with directors of the most important Swiss firms in Argentina, Buenos Aires, 16 November 2004. * 1. *  *  Introduction  I am delighted to be here in Buenos Aires to address such a distinguished audience, and I thank Ambassador von Muralt for organizing this event. For the next 20 minutes or so I would like to speak about the International Monetary Fund’s role in promoting international financial stability, and this from a Swiss perspective. I know that talking about IMF policy can be difficult here in Argentina. However, the Argentine case should not hamper our discussions. It should invite us to reflect on what the Fund has achieved so far in promoting international financial stability and what its present challenges are. Promoting and safeguarding international financial stability was part of the mandate of the IMF in 1944, when the institution was established. It is still, in my mind, the core mandate of the IMF today. There should be no doubt that a strong and resilient international financial system is crucial for global growth and prosperity. This is even more so the case after the structural changes of the last decade, in particular the worldwide information technology revolution that led to a strong increase in the size and sophistication of international capital markets.