Rubric Growth

of public and private debt ratios to GDP Public Sector Debt Ratio Private Sector Debt (% of GDP) Ratio (Variation in %)

1999 Euro Area Greece Italy Spain

Portugal

2007 66.4

-07 In % -7.4 13.0 -8.6 -41.8 33.0 -46.8

1

-07 In % 26.8% 217.5% 71.2% 75.2% 48.9% 101.0%

71.7

94.9 107.2 113.0 103.3 62.4 51.4 47.0 36.3 68.4 25.0

Ireland

Rubric

Cumulative growth of total exposure of banks from non-stressed to stressed countries (1999=100)
600 500 400 300 200 100 0 99 00 01 02 03 04 05 06 07 08 09 10 12
Total 1999=100

Total exposure of banks from nonstressed to stressed countries in % of respective GDP levels
60.0 50.0 40.0 30.0 20.0 10.0 99 00 01 02 03 04 05 06 07 08 09 10 12
% GDP S % GDP DC Countries GDP non-S %% GDP non-DC Countries

Rubric

Total exposure of banks from non-stressed to stressed countries in % of their GDP

200 180 160 140 120 100 80 60 40 20 0
99 00 01 02 03 04 05
3

CY IT

ES&PT

GR
06 07 08 09 10 12

Rubric

Cumulative growth of bank credit to the private sector in stressed countries 900
800 700 600 500 400 300 200 100 0 98 99 00 01 02 03 04 05 06
4

IE GR ES IT PT

07

08

09

10

12

12

Rubric

Rebalancing in the euro area Adjustment in the periphery: public finance

Total Primary government Change in Change in government nominal nominal structural nominal budget primary primary balance 2012 balance 2012 balance balance (as a % of (as a % of 2009-2012 (%) 2009-2012 (%) GDP) GDP) Greece Spain Ireland Portugal Italy Euro area -10.0 -10.6 -7.6 -6.4 -3.0 -3.7 -5.0 -7.7 -3.9 -2.0 2.6 -0.6 5.5 1.7 7.9 5.3 3.3 2.9 10.6 2.0 6.6 5.7 3.1 2.2

Source: European Economic Forecast, Spring 2013, European Commission

5

Rubric

Projected 2010 to 2060 changes in age-related expenditure (as a % of GDP)

Projected total changes 20102060 (pensions, health care, education, unemployment): Small < 2% IT, EE, PT 2< Medium < 6% GR, FR, ES, AT, DE, IE, NL Large > 6% FI, SK, MT, CY, BE, SI, LU
Source: Fiscal Sustainability Report 2012, European Commission
6

Rubric

Rebalancing in the euro area ULC deflated real effective exchange rates across countries
Percentage changes 1999Q4 to 2012Q3 Percentage changes 2008Q4 to 2012Q3

Source: ECB harmonised competitiveness indicators Increases (decreases) in the real effective exchange rate signal a worsening (improvement) in competitiveness
7

Rubric

Rebalancing in the euro area Evolution of external borrowing (-) / lending (+) since 1999
(in % of GDP)

Source: European Commission (February 2013)

Rubric

Rebalancing in the euro area

External borrowing / lending requirements in selected euro area countries
Exports of goods and External borrowing External borrowing Change from 2009 services (vol) (-) /lending (+) in (-) /lending (+) in to 2012 (% of GDP) cumulative growth 2013 (% of GDP) 2012 (% of GDP) 2009-2012 (in %) (forecast)

Country

Italy Spain Greece Ireland Portugal Slovenia Euro area

-0.6 -1.5 -5.5 2.1 -1.2 2.0 1.5

1.4 2.8 7.7 5.2 8.4 2.4 1.4

20.6 23.5 3.0 15.0 22.0 18.2 21.4

1.1 2.2 -1.1 1.8 1.8 4.8 2.6

Source: European Economic Forecast, Spring 2013, European Commission

9

Rubric

Rebalancing costs in the euro area Youth unemployment rates across countries
Euro area youth unemployment stressed vs non-stressed countries
(% of labour force of the relevant age group)

Youth unemployment rates across countries

(% of labour force of the relevant age group)

Feb. 2008 2009 2010 2011 2012 2013* Greece Portugal Ireland Spain Italy Cyprus Slovenia 22.1 20.2 13.3 24.6 21.3 9.0 10.4 25.8 24.8 24.0 37.8 25.4 13.8 13.6 11.2 20.3 32.9 27.7 27.6 41.6 27.8 16.6 14.7 9.9 20.9 44.4 30.1 29.1 46.4 29.1 22.4 15.7 8.6 20.8 55.4 37.7 30.4 53.2 35.3 27.8 20.6 8.1 23.1 58.4 38.2 30.8 55.7 37.8 31.8 23.2 7.7 23.9

Germany 10.6 Euro area 16.0

Source: Eurostat * December 2012 for Greece and Cyprus

Source: Eurostat Note: Stressed countries: GR, PT, IE, ES, IT, CY and SI
10