The fiscal consolidation that was achieved following the adoption of the Maastricht Treaty in 1992 has been very impressive, suggesting that incentives to this effect have been forceful (Figure 10). The euro area’s general government deficit fell unabated from its 1990s peak of almost 6 per cent of GDP in 1993 to 0.9 per cent in 2000 (excluding UMTS licence proceeds). While the recovery from the 1992-93 recession clearly played its part, the bulk of this improvement was structural, stemming from sustained cuts in primary cyclically-adjusted deficits. In addition, debt servicing cost fell, underpinned also by the convergence of interest rates in the run up to Economic and Monetary Union (EMU), towards the low levels prevailing in Germany, and the more favourable debt dynamics as economic growth firmed.