1 “...France has a track record of persistent general government deficits, partly reflecting pro-cyclical...”

2 “...France has a track record of persistent general government deficits, partly reflecting pro-cyclical...”

3 “... pillar and an increase in the share of minimum pensions leads to higher pension system deficits...”

4 “... public debt and high government deficits tends to be pro-cyclical, while countries that have low public...”