How large are the public debt burdens of key euro-area economies? Are they rising or falling? Plot without recession bars the debt-to-GDP ratios of Germany (FRED code: GGGDTADEA188N), Italy (FRED code: GGGDTAITA188N) and the euro area as a whole (FRED code: GGGDTAEZA188N). Extend each line using the projections of the International Monetary Fund (FRED codes: GGGDTPDEA188N, GGGDTPITA188N, and GGGDTPEZA188N, respectively). Are these ratios consistent with the Maastricht Treaty’s public debt-to-GDP guideline of 60 percent? Hints: Turn off the recession bars and select the same color for the debt ratio and the projected debt ratio of each country or region.)