General government budget deficit percent of GDP  General government budget balance, cash (national methodology) General government budget balance (ESA 2010) General government primary balance** General government structural balance***  2010  2011  2012  2013  2014  2015  2016  2017* 2018*  -6.3  -4.2  -2.5  -2.5  -1.7  -1.4  -2.4  -3.0  -3.0  -6.9  -5.4  -3.7  -2.1  -1.4  -0.8  -3.0  -3.0  -3.9  -5.4  -3.8  -1.9  -0.4  0.3  0.9  -1.5  -1.6  -2.3  -5.6  -2.9  -2.4  -0.9  -0.4  -0.3  -2.2  -3.3  -4.3  *) projections for 2017 and 2018 were produced by the Ministry of Public Finance (cash deficit) and the European Commission (AMECO) **) the primary balance is the general government balance (ESA 2010) excluding interest payable ***) the structural balance is the general government balance adjusted for the cyclical component (estimated based on potential output) Source: MPF, European Commission  17  Figure 24. Current account deficit and non-debt-creating capital flows 0  5  -1  0  -2  -5  -3  -10  -4 -5  Source: NBR, NIS  -7 -8 -9 2017f  2016  2015  2014  2012  2011  -10 2010  *) mostly EU structural and investment funds **) direct investment, equity (incl.
that background, the NBR Board decided to successively cut the monetary policy rate, to narrow the symmetrical corridor defined by interest rates on standing facilities around the policy rate, to provide liquidity to credit institutions via repo transactions (repurchase transactions in government securities) for ensuring the smooth functioning of money market and of other financial market segments, to lower the minimum reserve requirement ratio on foreign currencydenominated liabilities of credit institutions, as well as to purchase leu-denominated government securities on the secondary market with a view to consolidating structural liquidity in the banking system that should contribute to the smooth financing of real economy and the public sector. As regards the purchase of leu-denominated government securities on the secondary market, a measure widely resorted to by central banks in the current context, I would like to stress that the NBR decided to launch secondary market purchases only after its position on the market shifted from net debtor to net creditor in relation to commercial banks. From this perspective, in full compliance with the NBR Statute, the measure was carried out with a view to ensuring an adequate level of financial system liquidity and I do not think it qualifies as a quantitative easing measure per se. Finally, the NBR took operational measures to ensure the continuity and smooth functioning of payment and settlement systems underlying payments in domestic currency, as well as to ensure the necessary cash flows for banks to conduct all operations.