3  Third, the financing gap is now much lower than it was when the crisis emerged: after jumping in 2009 to 16.4% of GDP, it gradually decreased year after year, it went below the 10% benchmark in 2014, then to 7.5% in 2017 and it stagnated now in 2018. (Figure 5). Fourth, the refinancing risk has been significantly diminished as it is negatively correlated with the average maturity. As of June 2018, the average maturity of Romania’s Eurobonds is 9.7 years (Figure 6), and the investors base is much more diversified than in 2011. Average maturity for local bonds doubled from 1.6 to 3.2 years, and the average maturity of our debt is 6.4 years, compared to 3.8 years in 2011. Moreover, the share of public debt with fixed interest rate is 90%, which reduces the interest rate risk on the stock of debt. Regaining and consolidating our access to the international markets after the crisis has been a major success of all governments and it is a sign of trust in our economy. Another factor pointing towards lower contagion risk from external shocks refers to net external debt. The net external debt is now lower than in 2008: 20.2% of GDP in 2017, against 27% in 2008 (Figure 7). The reduced contagion risk is also visible in the banking sector, through at least 5 key indicators.
Gold  Source: NBR  Foreign currency reserves  40.0  30.0  20.0  10.0  Figure 5. Financing gap  percent of GDP 18.0  16.4%  16.0  14.8%  14.0  13.0% 11.5%  12.0  11.6%  10.0  9.0%  8.0 6.0  8.8%  9.1% 7.5%  7.6%  2017  2018f  6.4% 4.3%  4.0 2.0 0.0 2007 Source: MPF  2008  2009  2010  2011  2012  2013  2014  2015  2016  Figure 6. Average maturity of Romania’s public debt 12  percent  9.7  10 8  7.2 5.8  6  3.8  5.3 4.1  2 1.7  2011  2012  8.1  5.7  5.8  5.9  3.5  3.3  3.2  2016  2017  Jun-18  6.4  4.4 2.4  1.6  8  6.2  4 4  7.8  3  3  2014  2015  0 2013  average maturity total debt Source: MPF  average maturity eurobonds  average maturity local bonds  Figure 7. Net external debt percent of GDP 45 40 36.0 35 30  37.7  38.4 35.8  32.0 29.8 27.2  27.0  25  22.4 20.2  20 15 10 5 0 2008  Source: Eurostat  2009  2010  2011  2012  2013  2014  2015  2016  2017  Figure 8.