Many countries mandate inflation control as the paramount objective for monetary policy. Critics argue, however, that such a narrow focus compromises monetary authorities' responsibility to preserve stability of the financial system and that a more limited focus on inflation control could increase financial instability. The authors examine the economic histories of the United States, the United Kingdom, and Canada, and determine that most episodes of severe financial instability occurred during disinflationary periods that followed sustained inflation. They conclude that the evidence appears to support the claims of those who argue that control of inflation could enhance, rather than detract from, the stability of a financial system.

Central Banking Systems Market size was valued at USD 7.6 Billion in 2024 and is projected to reach USD 13.6 Billion by 2032, growing at a CAGR of 7.5% during the forecast period 2026 to 2032. Central Banking Systems Market DriversTechnological Advancements and Digitalization:Emergence of Central Bank Digital Currencies (CBDCs): The exploration and potential issuance of CBDCs by central banks worldwide is a major driver. This necessitates significant modernization of existing systems for currency issuance, payments, and financial operations. CBDCs aim to preserve the advantages of central bank money in a digital age and foster competition among private sector intermediaries.Integration of AI, Blockchain, and Big Data: Central banks are increasingly leveraging advanced technologies like Artificial Intelligence (AI), Machine Learning (ML), blockchain, and big data analytics. These technologies enhance efficiency, security, and risk management in financial transactions, improve data analysis for monetary policy, and automate various processes.Modernization of Payment Systems: There's a push for faster, more secure, and more efficient payment systems, including real-time gross settlement (RTGS) and instant payment infrastructures. Central banks are investing in upgrading these systems to support new digital payment methods and cross-border transactions.Cloud Computing Adoption: Cloud-based solutions offer central banks flexibility, scalability, and reduced infrastructure costs, enabling them to expand analytical capabilities and enhance operational efficiency.Increasing Focus on Financial Stability and Risk Management:Post-Crisis Regulatory Reforms: Following global financial crises (e.g., 2008, COVID-19), central banks have expanded their roles in macro- and microprudential regulation and supervision. This drives the need for more robust, integrated systems for monitoring liquidity, credit, and market risks, and ensuring compliance.Crisis Management and Liquidity Provision: Central banks play a vital role as lenders of last resort. Modern systems are crucial for swiftly managing financial crises, providing liquidity to banks, and maintaining confidence in the financial system.Enhanced Data Analytics for Systemic Risk: The need for sophisticated tools to identify, measure, and mitigate systemic risks in the financial system is pushing central banks to invest in advanced data analytics platforms.Globalization and Cross-Border Financial Flows:Management of Foreign Exchange Reserves: Increasing globalization necessitates robust systems for managing cross-border financial flows, influencing exchange rates, and maintaining the stability of national currencies through foreign exchange management.Interoperability and Standardization: As financial markets become more interconnected, central banks need systems that support interoperability with international payment infrastructures and adhere to global standards.

The data is basically on financial inclusion and financial stability. It also comprises data on trade openness, bank size, GDP, and inflation. The data covers the period 2004 to 2015 for 22 African countries.

This study examines the determinants influencing the likelihood of Sub-Saharan African (SSA) countries seeking assistance from the International Monetary Fund (IMF). The IMF, as a global institution, aims to promote sustainable growth and prosperity among its member countries by supporting economic strategies that foster financial stability and collaboration in monetary affairs. Utilising panel-probit regression, this study analyses data from thirty-nine SSA countries spanning from 2000 to 2022, focusing on twelve factors: Current Account Balance (CAB), inflation, corruption, General Government Net Lending and Borrowing (GGNLB), General Government Gross Debt (GGGD), Gross Domestic Product Growth (GDPG), United Nations Security Council (UNSC) involvement, regime types (Closed Autocracy, Electoral Democracy, Electoral Autocracy, Liberal Democracy) and China Loan. The results indicate that corruption and GDP growth rate have the most significant influence on the likelihood of SSA countries seeking IMF assistance. Conversely, factors such as CAB, UNSC involvement, LD and inflation show inconsequential effects. Notable, countries like Sudan, Burundi, and Guinea consistently rank high in seeking IMF assistance over various time frames within the observed period. Sudan emerges with a probability of more than 44% in seeking IMF assistance, holding the highest ranking. Study emphasises the importance of understanding SSA region rankings and the variability of variables for policymakers, investors, and international organisations to effectively address economic challenges and provide financial assistance.

Inflation is generally defined as the continued increase in the average prices of goods and services in a given region. Following the extremely high global inflation experienced in the 1980s and 1990s, global inflation has been relatively stable since the turn of the millennium, usually hovering between three and five percent per year. There was a sharp increase in 2008 due to the global financial crisis now known as the Great Recession, but inflation was fairly stable throughout the 2010s, before the current inflation crisis began in 2021. Recent years Despite the economic impact of the coronavirus pandemic, the global inflation rate fell to 3.26 percent in the pandemic's first year, before rising to 4.66 percent in 2021. This increase came as the impact of supply chain delays began to take more of an effect on consumer prices, before the Russia-Ukraine war exacerbated this further. A series of compounding issues such as rising energy and food prices, fiscal instability in the wake of the pandemic, and consumer insecurity have created a new global recession, and global inflation in 2024 is estimated to have reached 5.76 percent. This is the highest annual increase in inflation since 1996. Venezuela Venezuela is the country with the highest individual inflation rate in the world, forecast at around 200 percent in 2022. While this is figure is over 100 times larger than the global average in most years, it actually marks a decrease in Venezuela's inflation rate, which had peaked at over 65,000 percent in 2018. Between 2016 and 2021, Venezuela experienced hyperinflation due to the government's excessive spending and printing of money in an attempt to curve its already-high inflation rate, and the wave of migrants that left the country resulted in one of the largest refugee crises in recent years. In addition to its economic problems, political instability and foreign sanctions pose further long-term problems for Venezuela. While hyperinflation may be coming to an end, it remains to be seen how much of an impact this will have on the economy, how living standards will change, and how many refugees may return in the coming years.

This paper assumes that a central bank commits itself to maintaining an inflation target and then asks what measure of the inflation rate the central bank should use if it wants to maximize economic stability. The paper first formalizes this problem and examines its microeconomic foundations. It then shows how the weight of a sector in the stability price index depends on the sector's characteristics, including size, cyclical sensitivity, sluggishness of price adjustment, and magnitude of sectoral shocks. When a numerical illustration of the problem is calibrated to U.S. data, one tentative conclusion is that a central bank that wants to achieve maximum stability of economic activity should use a price index that gives substantial weight to the level of nominal wages.

Recently, the inflationary impacts of climate change shocks have emerged among key constraints to price and financial stability. In line with this development, some Central banks are incorporating climate change risks in their surveillance activities. Thus, this study examines the asymmetric inflationary impact of climate change shocks on food and general consumer prices in Algeria, Egypt, Nigeria, and South Africa. The study employs a panel quantile via the moment’s method and a wavelet coherency analysis for monthly from 2000M01 to 2023M12. The empirical results reveal that, first, there is a dynamic interconnectedness between climate change shocks and inflation. Secondly, the results show that climate change shocks have an inflationary impact on food and general consumer prices. However, the magnitude and direction of the impact depend on the prevailing inflationary regime. Finally, the analysis shows that climate change shocks raise inflation uncertainty. Collectively, these findings imply that climate change shocks are key sources of inflationary pressures and uncertainty, posing significant challenges to central banks’ inflation management. One implication of these findings is that central banks in these countries will likely face extreme difficulty stabilising inflation since monetary policy instruments are mainly demand management, and thus may be ineffective in dealing with climate change shocks. In line with the findings, the study recommends that these countries should enhance their inflation surveillance and monetary policy strategies but considering the potential climate change risks.

This dataset supports the research exploring the impact of monetary policy instruments on the Colombian economy, focusing on the classical dichotomy and monetary neutrality. The analysis delves into how monetary policy, including instruments such as interest rates and money supply, influences both nominal and real variables in the economy. It also highlights the relationship between monetary policy and economic stability, particularly how central banks manage inflation and economic growth. Key sections explore the separation between nominal and real variables as explained by the classical dichotomy, and the principle of monetary neutrality, which argues that changes in money supply affect nominal variables without impacting real economic factors.

The dataset is structured around a combination of theoretical insights and simulations that analyze the effectiveness of monetary neutrality in the Colombian context, given both domestic and international economic challenges such as the war in Ukraine and agricultural sector disruptions. Through simulations, the dataset demonstrates the effects of monetary expansion on variables like inflation, production, and employment, providing a framework for understanding current economic trends and proposing solutions to socio-economic challenges in Colombia.

Between 2020 and 2024, European consumer saving behavior underwent significant transformations in response to unprecedented economic challenges, notably high inflation and the ongoing repercussions of the COVID-19 pandemic. Inflation rates surged dramatically, peaking at 10.6% in October 2022, driven largely by rising energy and food prices, coupled with ongoing supply chain disruptions. This in- flationary environment prompted households across Europe to adopt more cautious financial strategies, leading to increased saving rates as consumers sought to navi- gate the uncertainties of the economic landscape. The interplay between consumer behavior, inflation, and economic stability has drawn attention from researchers, policymakers, and financial institutions alike, highlighting the notable shifts in financial practices during this tumultuous period. The analysis of saving behaviors during this timeframe reveals substantial de- mographic variations and influences stemming from socioeconomic factors. Younger populations, for example, displayed distinct saving tendencies compared to older age groups, with lower education levels correlating to heightened financial vulnerability. Moreover, regional disparities among European countries such as Poland, Ukraine, and Denmark reflect differences in financial literacy and educational access, shap- ing individuals' approaches to saving amid economic turbulence. This multifaceted picture underscores the importance of understanding how varying educational and socioeconomic conditions impact consumer saving habits, especially in the context of high inflation.

The inflation rate in the United States declined significantly between June 2022 and June 2025, despite rising inflationary pressures towards the end of 2024. The peak inflation rate was recorded in June 2022, at *** percent. In August 2023, the Federal Reserve's interest rate hit its highest level during the observed period, at **** percent, and remained unchanged until September 2024, when the Federal Reserve implemented its first rate cut since September 2021. By January 2025, the rate dropped to **** percent, signalling a shift in monetary policy. What is the Federal Reserve interest rate? The Federal Reserve interest rate, or the federal funds rate, is the rate at which banks and credit unions lend to and borrow from each other. It is one of the Federal Reserve's key tools for maintaining strong employment rates, stable prices, and reasonable interest rates. The rate is determined by the Federal Reserve and adjusted eight times a year, though it can be changed through emergency meetings during times of crisis. The Fed doesn't directly control the interest rate but sets a target rate. It then uses open market operations to influence rates toward this target. Ways of measuring inflation Inflation is typically measured using several methods, with the most common being the Consumer Price Index (CPI). The CPI tracks the price of a fixed basket of goods and services over time, providing a measure of the price changes consumers face. At the end of 2023, the CPI in the United States was ****** percent, up from ****** a year earlier. A more business-focused measure is the producer price index (PPI), which represents the costs of firms.

Hyperinflation System Market Outlook

In 2023, the global hyperinflation system market size was estimated at USD 1.2 billion and is anticipated to reach USD 3.8 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 13.5%. One of the primary growth factors for this market is the increasing demand for robust economic management tools amidst rising global inflationary pressures.

The burgeoning need for real-time data analytics and financial forecasting tools is driving the growth of the hyperinflation system market. As economies face volatile inflation rates, particularly in developing nations, businesses and governments require sophisticated software and hardware solutions to predict and manage hyperinflation scenarios effectively. This necessity is fueling the adoption of hyperinflation systems across various sectors, including healthcare, finance, and government. Moreover, the increasing digitization of financial operations and the integration of artificial intelligence and machine learning technologies into these systems are further propelling market growth.

Additionally, the global pandemic has underscored the importance of economic resilience, leading to a heightened focus on financial stability measures. The pandemic-induced economic disruptions have led to erratic inflation trends, necessitating advanced hyperinflation systems to mitigate financial risks. This has accelerated the demand for both on-premises and cloud-based deployment models, as organizations seek flexible and scalable solutions to navigate economic uncertainties. Furthermore, government initiatives to enhance financial infrastructure and transparency are providing a significant boost to market expansion.

Technological advancements and the proliferation of big data are also contributing to the market's growth. The integration of advanced data analytics and predictive modeling in hyperinflation systems allows for more accurate forecasting and decision-making. This technological evolution is making these systems indispensable tools for financial institutions, retail businesses, and manufacturing industries. As businesses strive to optimize their financial strategies and safeguard against inflationary pressures, the adoption of hyperinflation systems is expected to surge.

Regionally, North America is anticipated to hold a significant share of the hyperinflation system market due to the presence of major market players and advanced technological infrastructure. Meanwhile, Asia Pacific is projected to exhibit the highest growth rate, driven by rapid economic development, increasing government initiatives for financial stability, and the rising adoption of digital solutions. Europe and Latin America are also expected to witness substantial growth, supported by growing awareness and adoption of hyperinflation management tools in these regions.

Component Analysis

The hyperinflation system market is segmented into software, hardware, and services. The software segment is expected to dominate the market due to the increasing demand for advanced financial analytics and predictive modeling solutions. Software components encompass various applications such as inflation forecasting tools, risk management platforms, and financial planning software. These tools are essential for organizations to navigate volatile economic conditions and are witnessing widespread adoption across multiple industries.

Hardware components, although a smaller segment compared to software, play a crucial role in the overall functionality of hyperinflation systems. High-performance servers, data storage solutions, and specialized computing devices are integral to the effective operation of these systems. The demand for hardware is driven by the need for robust and reliable infrastructure to support complex financial computations and data analytics. As the volume of financial data continues to grow, the need for scalable and efficient hardware solutions is becoming increasingly critical.

The services segment, encompassing consulting, implementation, and maintenance services, is also witnessing significant growth. Organizations require expert guidance to effectively deploy and utilize hyperinflation systems. Consulting services help businesses identify the most suitable solutions tailored to their specific needs, while implementation services ensure smooth integration with existing financial systems. Ongoing maintenance and support services are vital to ensure the continuous and efficient operation of hyperinflation systems, making this segment a key component of the market.&

Context

This data presented is collected over many years by Carmen Reinhart (with her coauthors Ken Rogoff, Christoph Trebesch, and Vincent Reinhart). These include Banking Crisis dates for more than 21 European countries from 1800-2016, exchange rate crises, stock market crises, sovereign debt growth and default, and many other data series.

Content

The dataset specifically focuses on the Banking, Debt, Financial, Inflation, and Systemic Crises that occurred, from 1800 to 2016, in 13 European countries, including: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Romania, Russia, Spain, Sweden, Switzerland, United Kingdom.

Acknowledgements

Reinhart, C., Rogoff, K., Trebesch, C. and Reinhart, V. (2019) Global Crises Data by Country. [online] https://www.hbs.edu/behavioral-finance-and-financial-stability/data. Available at: https://www.hbs.edu/behavioral-finance-and-financial-stability/data/Pages/global.aspx [Accessed: 1 September 2020].

Inspiration

Study about the economic factors in European Countries. Carry out various experimental results which can significantly improve the generalization performance for systemic crises using historical financial data of European countries over the past 200 years.

(Banking And Systemic Crises)

prepared by (Mohamed Abd Al-mgyd)

https://github.com/1145267383/Systemic-And-Banking-Crises

• Web APP > https://crises.herokuapp.com/

Dataset

A)20160923_global_crisis_data:

https://www.hbs.edu/behavioral-finance-and-financial-stability/data/Pages/global.aspx

This data was collected over many years by Carmen Reinhart (with her coauthors Ken Rogoff, Christoph Trebesch, and Vincent Reinhart). This data contains the banking crises of 70 countries, from 1800 AD to 2016 AD, with a total of 15,190 records and 16 variables. But the data stabilized after cleaning and adjusting to 8642 records and 17 variables.

B)Label_Country: This data contains a description of the country whether it's Developing or Developed .

Variable: Description:

1-Case: ID Number for Country.

2-Cc3: ID String for Country.

3-Country : Name Country.

4-Year: The date from 1800 to 2016.

5-Banking_Crisis: Banking problems can often be traced to a decrease the value of banks' assets.

A) due to a collapse in real estate prices or When the bank asset values decrease substantially . B) if a government stops paying its obligations, this can trigger a sharp decline in value of bonds.

6-Systemic_Crisis : when many banks in a country are in serious solvency or liquidity problems at the same time—either:

A) because there are all hits by the same outside shock. B) or because failure in one bank or a group of banks spreads to other banks in the system.

7-Gold_Standard: The Country have crisis in Gold Standard.

8-Exch_Usd: Exch local currency in USD, Except exch USD currency in GBP.

9-Domestic_Debt_In_Default: The Country have domestic debt in default.

10-Sovereign_External_Debt_1: Default and Restructurings, -Does not include defaults on WWI debt to United States and United Kingdom and post-1975 defaults on Official External Creditors.

11-Sovereign_External_Debt_2: Default and Restructurings, -Does not include defaults on WWI debt to United States and United Kingdom but includes post-1975 defaults on Official External Creditors.

12-Gdp_Weighted_Default:GDP Weighted Default for country.

13-Inflation: Annual percentages of average consumer prices.

14-Independence: Independence for country.

15-Currency_Crises: The Country have crisis in Currency.

16-Inflation_Crises: The Country have crisis in Inflation.

17-Level_Country: The description of the country whether it's Developing or Developed.

Central Banks are the central public monetary institution of a country or region, tasked with managing the currency and monetary policy of the state, as well as overseeing the financial system of the area under its supervision. In most of the largest economies of the world, gathered together formally as the Group of 20 (G20), the central bank is an independent institution with legally mandated goals which it must abide by. This means that central banks should, in theory at least, be independent of political control and pursue their mandated goals without being influenced by political concerns, such as pursuing wage growth in order to win votes for the incumbent government. Central banks have mostly been made legally independent since the 1980s, in an effort to allow central bank technocrats to take measures to control inflation, without needing popular political support. With the failures of many central bankers to foresee or prevent the 2008 Global Financial Crisis, however, central banks have come under increasing pressure to incorporate wider concerns into their mandates, with some questioning whether a central bank can ever be truly 'independent'. The goals of central banking For the majority of these central banks, price stability is the goal of their mandates. Price stability is the goal of maintaining price increases to a manageable level which is conducive of stable economic activity. This usually manifests itself as a goal of keeping inflation to around two percent per year. Since the 2008 Global Financial Crisis, there has been a widening of some of these central banks' mandates to include financial stability. This action was often taken in reaction to the perception that many central banks became complacent about the growth of the financial sector during the period known as 'the Great Moderation' (1980s-2007), which led to the bank failures and subsequent bailouts of the crisis. Some experts have recently called for central banks to include climate change related goals in their mandates, with an aim to promote 'green central banking' and the growth of a sustainable finance industry. As of 2020 no central bank of the G20 countries has adopted such a goal in their mandates.

Policy interest rates in the U.S. and Europe are forecasted to decrease gradually between 2024 and 2027, following exceptional increases triggered by soaring inflation between 2021 and 2023. The U.S. federal funds rate stood at **** percent at the end of 2023, the European Central Bank deposit rate at **** percent, and the Swiss National Bank policy rate at **** percent. With inflationary pressures stabilizing, policy interest rates are forecast to decrease in each observed region. The U.S. federal funds rate is expected to decrease to *** percent, the ECB refi rate to **** percent, the Bank of England bank rate to **** percent, and the Swiss National Bank policy rate to **** percent by 2025. An interesting aspect to note is the impact of these interest rate changes on various economic factors such as growth, employment, and inflation. The impact of central bank policy rates The U.S. federal funds effective rate, crucial in determining the interest rate paid by depository institutions, experienced drastic changes in response to the COVID-19 pandemic. The subsequent slight changes in the effective rate reflected the efforts to stimulate the economy and manage economic factors such as inflation. Such fluctuations in the federal funds rate have had a significant impact on the overall economy. The European Central Bank's decision to cut its fixed interest rate in June 2024 for the first time since 2016 marked a significant shift in attitude towards economic conditions. The reasons behind the fluctuations in the ECB's interest rate reflect its mandate to ensure price stability and manage inflation, shedding light on the complex interplay between interest rates and economic factors. Inflation and real interest rates The relationship between inflation and interest rates is critical in understanding the actions of central banks. Central banks' efforts to manage inflation through interest rate adjustments reveal the intricate balance between economic growth and inflation. Additionally, the concept of real interest rates, adjusted for inflation, provides valuable insights into the impact of inflation on the economy.

Lower Threshold Estimates of Inflationary Effect of Climate Change Shocks on Food Prices.

Inflation does not just raise prices; it reshapes daily life. For Generation Z, rising food costs and financial instability aren’t abstract economic shifts but lived realities carrying serious emotional and psychological weight. This study explores how perceived inflation relates to food insecurity and depressive symptoms among university students in Hungary, one of the EU’s hardest-hit economies during recent inflation surges. As an emerging EU economy with limited student welfare support, Hungary offers a critical lens for understand how inflation, food insecurity, and mental health intersect across vulnerable populations in similar contexts. Using validated measures (FIES, PHQ-9) and survey data from 517 Gen Z students, we examine how students’ personal experiences of inflation affect both their access to basic needs and their mental health. Our findings show that perceived inflation is not only an economic burden, but a psychological amplifier capable of intensifying insecurity and emotional distress, especially among emotionally sensitive students and young women. Nearly half of our sample reported food insecurity, and more than three-quarters indicated signs of moderate to severe depression. These results point to a deeper truth: when basic needs become harder to attain, mental health suffers. Inflation, food insecurity, and emotional well-being are deeply interconnected and properly addressing them requires more than financial aid alone. To truly support Generation Z and those who follow, universities and policymakers must work together to offer holistic solutions that safeguard both economic stability and mental well-being.

United States Food & Beverage Price Inflation: MoM: Shelf-Stable Meals & Ing data was reported at 0.500 % in Nov 2022. This records a decrease from the previous number of 1.200 % for Oct 2022. United States Food & Beverage Price Inflation: MoM: Shelf-Stable Meals & Ing data is updated monthly, averaging 1.100 % from Sep 2022 (Median) to Nov 2022, with 3 observations. The data reached an all-time high of 1.200 % in Oct 2022 and a record low of 0.500 % in Nov 2022. United States Food & Beverage Price Inflation: MoM: Shelf-Stable Meals & Ing data remains active status in CEIC and is reported by Information Resources Inc.. The data is categorized under Global Database’s United States – Table US.I117: Retail Food and Beverage Inflation.

Personal savings in the United States reached a value of 975 billion U.S. dollars in 2024, marking a slight increase compared to 2023. Personal savings peaked in 2020 at nearly 2.7 trillion U.S. dollars. Those figures remained very high until 2021. The excess savings during the COVID-19 pandemic in the U.S. and other countries were the main reason for that increase, as the measures implemented to contain the spread of the virus had an impact on consumer spending. Saving before and after the 2008 financial crisis During the periods of growth and certain economic stability in the pre-2008 crisis period, there were falling savings rates. People were confident the good times would stay and felt comfortable borrowing money. Credit was easily accessible and widely available, which encouraged people to spend money. However, in times of austerity, people generally tend to their private savings due to a higher economic uncertainty. That was also the case in the wake of the 2008 financial crisis. Savings and inflation The economic climate of high inflation and rising Federal Reserve interest rates in the U.S. made it increasingly difficult to save money in 2022. Not only does inflation affect the ability of people to save, but reversely, consumer behavior also affects inflation. On the one hand, prices can increase when the production costs are higher. That can be the case, for example, when the price of West Texas Intermediate crude oil or other raw materials increases. On the other hand, when people have a lot of savings and the economy is strong, high levels of consumer demand can also increase the final price of products.

The statistic lists the 20 countries with the lowest inflation rate in 2024. In 2023, China ranked 6th with an inflation rate of about 0.21 percent compared to the previous year. Inflation rates and the financial crisis Due to relatively stagnant worker wages as well as a hesitation from banks to so easily distribute loans to the ordinary citizen, inflation has remained considerably low. Low inflation rates are most apparent in European countries, which stems from the on-going Eurozone debt crisis as well as from the global financial crisis of 2008. With continuous economical struggles and a currently sensitive economic situation throughout Europe, precautions were taken in order to maintain stability and to prevent consequential breakdowns, such as those in Greece and Spain. Additionally, the average European consumer had to endure financial setbacks, causing doubt in the general future of the entire European Union, as evident in the consumer confidence statistics, which in turn raised the question, if several handpicked countries should step out of the EU in order to improve its economic position. Greece, while perhaps experiencing the largest economic drought out of all European countries, improved on its inflation rate. The situation within the country is slowly improving itself as a result of a recent bailout as well as economic stimulus packages issued by the European Union. Furthermore, the Greek government managed its revenues and expenses more competently in comparison to the prime of the global and the Greek financial crisis, with annual expenses only slightly exceeding yearly revenues.