E4 · cycle-003.e4-ind

India, scripted, 30 years from 1996

30 simulations of 30 rounds from the 1996 position. India decides by the scripted method; scripted events: Trade bloc rupture in year 2, Regional war spillover in year 3, Core disaster in year 5, Core disaster in year 8, Global funding seizure in year 12, Breadbasket failure in year 12, Global funding seizure in year 17, Global funding seizure in year 20, Public service leap in year 20, Severe pandemic in year 24, Breadbasket failure in year 26, Trade bloc rupture in year 26.

Model 0.2.0 · graph 0.2.0 · parameters 0.1.1 · seeds 1–30 · elasticity sampled within each bracket

The same configuration in other cycles: cycle 2.

Every simulation · Compare with another experiment · More experiments like this

Not a forecast
Simulations of a structural model with seed parameter values, to compare methods and test the model. Other nations stay at their 2026 ratings throughout.

Outcome across simulations

The median at 2026, with the 10th to the 90th percentile of the 30 simulations under it.

Capability index
7.33 (−1.59)
From 8.92; 7.31 to 7.33
Rank by index
75
From 59; 75 to 76
Domains at Tier 1
0
From 0; 0 to 0
Tier rank
37
From 48; 37 to 37

Capability index by round

Rank by index, by round

Every objective at the position and at the horizon
Objective199610th percentileMedian90th percentileBetter
Capability indexprimary8.927.317.337.33higher
Rank by index59757576lower
Tier rank48373737lower
Domains at Tier 10000higher
Score sum645.7542.1543.0543.5higher
Goal-weighted score645.7542.1543.0543.5higher
Resilient score645.7542.9 (mean score sum over the simulations)higher

The capability index is the mean of the three dimensions, each the mean of its domains, each the mean of its groups. Tiers are Pareto layers within each domain; the tier rank orders nations by domains held at Tier 1, then Tier 2, and so on. The goal-weighted score is the score sum unless the experiment sets a goal. The primary objective is the one the experiment is judged on; every other objective is reported beside it.

Credits

What each round’s credits went on in the median simulation. Across all simulations, build took 100 per cent, buy took 0 per cent, partner took 0 per cent of the 1,200 credits a simulation spent on actions.

Against history

Started from a reconstructed 1996 position and played along the pathway and shocks India actually had, then scored against the 2026 ratings. The position is an estimate, so part of any error is the reconstruction's. The calibration summary across all fifty nations is on the cycle's page under Loop.

Index 1996
8.92
reconstructed
Observed 2026
12.62
the Index's rating
Simulated 2026
7.32
7.27 to 7.38
Skill against persistence
−0.42
group error 5.33 against 3.76 if nothing changed
Domain1996ObservedSimulatedBiasDirection
Critical Technology6.6012.465.78 5.8–5.8−6.68wrong
Strategic Infrastructure9.3013.878.46 8.4–8.6−5.40wrong
National Security9.2614.239.01 8.9–9.1−5.23wrong
Human Capital8.929.968.69 8.6–8.8−1.27wrong
Information & Influence9.4514.107.36 7.3–7.4−6.74wrong
Governance & Integrity9.4111.137.88 7.8–7.9−3.25wrong
Financial Strength9.5313.126.17 6.1–6.2−6.94wrong
Production & Innovation8.7911.676.30 6.3–6.3−5.37wrong
Trade & Investment9.0212.996.25 6.2–6.3−6.74wrong

The history it was played under: shocks and events

  • 1998 · S01 × 0.4 Pokhran-II nuclear tests triggered US and allied technology sanctions that briefly restricted high-tech trade and investment.
  • 1999 · S03 × 0.5 The Kargil conflict with Pakistan was a limited high-altitude war on the Line of Control, forcing emergency defence procurement.
  • 2001 · S07 × 0.6 The Gujarat earthquake killed about 20,000 people and destroyed large parts of Bhuj and nearby districts.
  • 2004 · S07 × 0.4 The Indian Ocean tsunami struck the south-eastern coast, killing over 10,000 in India and damaging coastal livelihoods.
  • 2008 · S02 × 0.5 The global financial crisis reversed capital flows and slowed growth, though India avoided a banking collapse.
  • 2008 · S06 × 0.3 The world food price spike pushed Indian food inflation up and led to export restrictions on rice and wheat.
  • 2013 · S02 × 0.4 The taper tantrum exposed India's current-account and external-financing vulnerability, causing a sharp rupee depreciation.
  • 2016 · S02 × 0.7 Demonetisation withdrew 86 per cent of currency by value, disrupting the cash-dependent economy and slowing growth.
  • 2016 · S18 × 0.8 Aadhaar, direct benefit transfer and UPI began delivering a public service and payment platform at population scale.
  • 2020 · S10 × 1.2 COVID-19 overwhelmed health systems in 2020-21; the Delta wave caused very high excess mortality and economic contraction.
  • 2022 · S06 × 0.5 A severe heatwave reduced wheat yields and the government banned wheat exports, worsening global food insecurity.
  • 2022 · S01 × 0.3 Russia's invasion of Ukraine divided trade and raised energy, fertiliser and food costs, though India maintained multi-aligned trade.

The pathway: what it prioritised, period by period

  • 1997–2004 · build · 2% each Post-1991 liberalisation deepened: telecoms were opened, software technology parks expanded exports, and financial-sector reforms began to widen credit and markets. (Financial System Depth & Access, Communications & Digital Infrastructure, Digital & Services Trade, Trade Policy & Market Access, Business Dynamism & Entrepreneurship)
  • 1998–2008 · build · 5% each The 1998 nuclear tests and 1999 Kargil war triggered sustained defence modernisation, missile development and force expansion. (Nuclear Deterrence, Strategic Strike & Missile Defence, Force Generation & Mobilisation, Air Power, Maritime Power)
  • 2000–2012 · build · 5% each The Golden Quadrilateral, power-sector expansion and rural programmes sought to close infrastructure gaps that constrained growth and poverty reduction. (Transport Infrastructure, Energy Infrastructure, Resource Infrastructure, Agriculture & Food Infrastructure, Social Infrastructure)
  • 2005–2014 · build · 5% each Sarva Shiksha Abhiyan, ICDS expansion and the National Rural Health Mission prioritised education, child development and health access. (Foundational Education, Early Childhood Development, Health System Capability, Population Health, Social Infrastructure)
  • 2014–2022 · build · 5% each Digital India, Make in India and renewable-energy expansion built digital public infrastructure, promoted manufacturing and accelerated clean power. (Communications & Digital Infrastructure, Digital & AI Competence, Advanced Manufacturing, Energy Technologies, Financial Infrastructure)
  • 2020–2026 · build · 5% each Atmanirbhar Bharat, production-linked incentives, ISRO reforms and defence indigenisation targeted strategic technology self-reliance and higher-end manufacturing. (Semiconductors & Advanced Computing, Space Technologies, Advanced Materials & Manufacturing, Artificial Intelligence, Strategic Strike & Missile Defence)

Reconstruction notes (deepseek-v4-pro): India's 1996 scores are especially uncertain for dual-use sectors such as nuclear and missile programmes, which were opaque before the 1998 tests. The mapping of events compresses complex episodes such as demonetisation and the COVID-19 Delta wave into the nearest library categories. Cross-domain comparisons are approximate because India combined frontier niches in space and IT with very low average human development.

Report

Written from the simulation record by the loop's narrator. Every figure names the query it came from, in square brackets.

Batch cycle-003. Model 0.2.0, graph 0.2.0, parameters 0.1.1. 30 simulations, seeds 1 to 30; probes on 10. Every figure is a distribution over simulations of a structural model with seed parameter values; it shows what the model implies under these settings, not what will happen. Other nations are frozen at their 2026 ratings. No reconstructed historical data is used in this experiment.

Headline

India played 30 rounds from 1996 under the scripted method, with scripted events, 30 times. Its capability index moved from 8.92 to a median of 7.32 (−1.60), with 90 per cent of simulations between 7.31 and 7.34 [experiment_objectives].

Starting position

In 1996 the nation ranks 59 on the index against the frozen field, holds 0 of nine domains at Tier 1 and has a tier rank of 48. Its base income is 265 credits a year, calibrated so that its 2026 position is affordable with headroom for investment.

What was decided

A simulation spent a median of 1,201 credits on moves. The five groups that took most were Nuclear Deterrence (build, 131 credits, 10.9 per cent); Communications & Digital Infrastructure (build, 124 credits, 10.4 per cent); Strategic Strike & Missile Defence (build, 109 credits, 9.1 per cent); Force Generation & Mobilisation (build, 106 credits, 8.8 per cent); Digital & AI Competence (build, 84 credits, 7.0 per cent) [experiment_decisions_by_group]. By mode: build 100 per cent [experiment_decisions_by_group]. Concentration of spending (HHI) had a median of 0.062, and the most repeated action appeared in 53 per cent of rounds.

The leading domain by period: rounds 1 to 5, National Security; rounds 6 to 10, National Security; rounds 11 to 15, Strategic Infrastructure; rounds 16 to 20, Human Capital; rounds 21 to 25, Strategic Infrastructure; rounds 26 to 30, Critical Technology [experiment_spend_by_period].

What the world did

A median simulation saw 11 shocks and 1 upside events. The most damaging per firing were S10 (30 firings in 30 simulations, −31.3 points each); S03 (30 firings in 30 simulations, −20.7 points each); S07 (60 firings in 30 simulations, −19.9 points each) [experiment_shocks]. Upside events fired 30 times across all simulations [experiment_shocks].

The groups that lost most to shocks, per simulation: Fiscal Capacity & Public Finance −4.52; Financial System Depth & Access −4.27; Trade Facilitation & Logistics −4.23; Monetary & Currency Capability −4.10 [experiment_shock_damage_by_group].

The edges that carried most change through the graph, per simulation: Fiscal Capacity & Public Finance to Force Generation & Mobilisation (−0.87 points); Fiscal Capacity & Public Finance to Social Infrastructure (−0.73 points); Transport Infrastructure to Trade Facilitation & Logistics (−0.10 points) [experiment_propagation_by_edge].

Where it ended

At 2026 the median rank is 75 (5th to 95th percentile 75 to 76), the median count of Tier 1 domains 0 (0 to 0) and the median tier rank 37; the resilient score, the mean score sum over simulations, is 543 [experiment_objectives].

Why

Without shocks the index ends +2.754 higher on average, so the shocks cost about 2.754 index points [experiment_probe_attribution].

Holding instead of following this method changes the index by −0.732: that is the method's worth against doing nothing [experiment_probe_attribution].

Removing any single one of the five largest actions changes the index by between −0.002 and +0.002, for example 1998 build Nuclear Deterrence (13 credits) [experiment_probe_attribution]. The largest actions by credits come late, when income is highest, and are rarely the most valuable.

Removing the largest shock of a simulation raises the index by +0.479 on average [experiment_probe_attribution].

The replay probe reproduces the simulations exactly (index change 0.000000), so the attributions are clean [experiment_probe_attribution].

Surprises

tier_jump (warn): largest gain in one domain within five years: 5 tiers (30 simulations above 2); tiers are reported, not an objective.

retired_words (warn): e4-ind/report.md: 'simulations' 1 time(s), first near line 38; use 'simulations'.

The simulation furthest from the median (seed 15) ends −0.02 from it, with 11 shocks and 1 upside events [experiment_outlier_simulations].

Comparison

This is the baseline (hold) experiment, or there is none for this nation in the batch.

Against history: from a reconstructed index of 8.92 the model ends at 7.32, where the 2026 ratings put it at 12.61. Group scores miss by 5.33 points on average, against 3.76 for assuming nothing changed (skill −0.42); the change in each domain has the right sign in 0 per cent of domains. Furthest below history: financial strength (−6.94); furthest above: human capital (−1.27) [experiment_against_history]. The starting position is reconstructed, so part of the error is the reconstruction's.

What each decision and shock was worth

Counterfactual probes on the first 10 seeds: the same simulations with one thing changed, paired seed by seed. A removed decision or shock is taken out and the other decisions replayed unchanged, so the difference is that item's worth.

ProbeIndexScore sumTier 1For example
Hold instead of the method−0.732−58.60.00
No shocks+2.754+193.1+1.00
Replay of the recorded actions (must change nothing)0.0000.00.00
Without the 1st largest decision−0.002−0.10.001998 build Nuclear Deterrence (13 credits)
Without the 2nd largest decision+0.000+0.00.001998 build Strategic Strike & Missile Defence (13 credits)
Without the 3rd largest decision+0.002+0.10.001998 build Force Generation & Mobilisation (13 credits)
Without the 4th largest decision+0.000+0.00.001998 build Air Power (13 credits)
Without the 5th largest decision−0.001−0.10.001998 build Maritime Power (13 credits)
Without the 1st largest shock+0.479+33.70.002020 S10 (-31.3 points)
Without the 2nd largest shock+0.395+28.40.002001 S07 (-24.0 points)
Without the 3rd largest shock+0.275+19.80.001999 S03 (-20.7 points)

Simulations

Three simulations told round by round, each on its own page: the one nearest the median index at the horizon, and those nearest the 10th and the 90th percentile. Every one of the 30 is listed with its outcome on the simulations page.

All 30 simulations

Events

How often each shock and upside event began across the simulations. Shocks come from the ten downside scenarios and upside events from the ten upside ones, at their yearly likelihood.

Event
Kind
Simulations
Mean round
Points
Trade bloc rupture S01Shock100 per cent14.0−7.3
Global funding seizure S02Shock100 per cent16.3−10.6
Regional war spillover S03Shock100 per cent3.0−20.7
Breadbasket failure S06Shock100 per cent19.0−10.3
Core disaster S07Shock100 per cent6.5−19.9
Severe pandemic S10Shock100 per cent24.0−31.3
Public service leap S18Upside100 per cent20.0+19.5

Groups across simulations

Every capability group: its position, and its median and spread at the horizon across the simulations, with what the method spent on it.

73 of 73 groups

Capability group
Domain
1996
2026
Change
Levels invested
Credits
Digital & AI CompetenceHuman Capital10.2916.61 16.53 to 16.72+6.327.1184
Communications & Digital InfrastructureStrategic Infrastructure10.3714.31 14.27 to 14.36+3.945.61124
Nuclear DeterrenceNational Security4.876.63 6.61 to 6.65+1.762.51131
Strategic Strike & Missile DefenceNational Security9.8711.47 11.41 to 11.49+1.603.47109
Air PowerNational Security10.1910.88 10.83 to 10.93+0.692.2970
Force Generation & MobilisationNational Security12.4613.06 12.78 to 13.27+0.602.71106
Energy TechnologiesCritical Technology4.785.00 4.91 to 5.09+0.221.2521
Resource InfrastructureStrategic Infrastructure7.737.85 7.79 to 7.95+0.122.0645
Maritime PowerNational Security9.189.17 9.14 to 9.23−0.011.7246
Advanced ManufacturingStrategic Infrastructure10.5610.52 10.43 to 10.59−0.042.0553
Early Childhood DevelopmentHuman Capital8.768.69 8.64 to 8.71−0.071.5422
Energy InfrastructureStrategic Infrastructure6.996.88 6.84 to 6.92−0.112.1945
Foundational EducationHuman Capital8.468.19 8.12 to 8.25−0.271.5522
Semiconductors & Advanced ComputingCritical Technology4.744.42 4.41 to 4.43−0.320.3718
Connectivity, Cyber & Trust TechnologiesCritical Technology6.275.80 5.76 to 5.82−0.470.000
Business Dynamism & EntrepreneurshipProduction & Innovation8.618.09 8.05 to 8.14−0.522.2940
Digital & Services TradeTrade & Investment11.4410.82 10.69 to 10.92−0.622.3540
Robotics & Autonomous SystemsCritical Technology5.084.42 4.41 to 4.45−0.660.000
Quantum TechnologiesCritical Technology5.244.45 4.43 to 4.51−0.790.000
Advanced Materials & ManufacturingCritical Technology6.505.67 5.64 to 5.70−0.830.227
Agriculture & Food InfrastructureStrategic Infrastructure10.039.12 9.03 to 9.24−0.911.6941
Transport InfrastructureStrategic Infrastructure9.028.10 7.97 to 8.25−0.922.0445
Regulatory Governance & Strategic ControlsGovernance & Integrity8.347.36 7.34 to 7.37−0.980.000
Space TechnologiesCritical Technology8.777.77 7.73 to 7.82−1.000.3318
Public Integrity & Anti-CorruptionGovernance & Integrity8.407.39 7.37 to 7.43−1.010.000
Transparency, Oversight & AccountabilityGovernance & Integrity9.288.24 8.22 to 8.26−1.040.000
Sensing, Timing & NavigationCritical Technology7.216.15 6.12 to 6.17−1.060.000
Population HealthHuman Capital7.786.72 6.67 to 6.76−1.060.7312
Artificial IntelligenceCritical Technology7.986.89 6.83 to 6.93−1.090.000
Technical & Vocational SkillsHuman Capital7.866.77 6.75 to 6.79−1.090.000
Lifelong Learning & ReskillingHuman Capital7.836.71 6.69 to 6.74−1.120.000
Justice System & Fundamental RightsGovernance & Integrity10.209.01 8.98 to 9.05−1.190.000
Trade Policy & Market AccessTrade & Investment9.348.12 8.06 to 8.18−1.222.5940
Space OperationsNational Security6.975.72 5.68 to 5.76−1.250.000
Cyber & Electromagnetic OperationsNational Security8.727.47 7.45 to 7.51−1.250.000
Land PowerNational Security12.0010.54 10.50 to 10.60−1.460.000
Intelligence & AssessmentNational Security9.638.16 8.13 to 8.20−1.470.000
Advanced EducationHuman Capital10.108.61 8.56 to 8.65−1.490.000
Political Institutions & Civic ParticipationGovernance & Integrity10.579.08 9.05 to 9.10−1.490.000
Internal Security & OrderGovernance & Integrity8.897.38 7.33 to 7.41−1.510.000
Health System CapabilityHuman Capital9.117.57 7.48 to 7.65−1.541.1122
Research Talent & Knowledge CreationHuman Capital10.078.39 8.36 to 8.44−1.680.000
Joint Command, Projection & SustainmentNational Security8.716.98 6.91 to 7.02−1.730.000
Development Cooperation & Global AssistanceInformation & Influence7.615.80 5.70 to 5.87−1.810.000
Diaspora & Global CommunitiesInformation & Influence9.988.10 8.09 to 8.11−1.880.000
Financial System Depth & AccessFinancial Strength9.457.52 7.51 to 7.54−1.932.1340
Alliances & Security CooperationInformation & Influence9.757.80 7.72 to 7.85−1.950.000
Culture, Language & Education DiplomacyInformation & Influence10.498.42 8.38 to 8.46−2.070.000
Technology Adoption & DiffusionProduction & Innovation8.646.57 6.51 to 6.67−2.070.000
Biotechnology & Health TechnologiesCritical Technology9.457.27 7.23 to 7.30−2.180.000
Space, Aerospace & Defence InfrastructureStrategic Infrastructure9.867.68 7.53 to 7.82−2.180.000
Sovereign Capital & External Financial PowerFinancial Strength7.645.40 5.35 to 5.46−2.240.000
Information Environment & Strategic CommunicationInformation & Influence8.976.73 6.71 to 6.75−2.240.000
National Resilience & Crisis ManagementGovernance & Integrity9.226.88 6.82 to 6.95−2.340.000
Financial InfrastructureStrategic Infrastructure11.288.76 8.59 to 8.87−2.520.000
Innovation & CommercialisationProduction & Innovation8.966.40 6.35 to 6.43−2.560.000
Water, Sanitation & Waste InfrastructureStrategic Infrastructure8.265.64 5.52 to 5.76−2.620.000
Diplomatic Statecraft & Global NetworksInformation & Influence9.937.31 7.25 to 7.38−2.620.000
Government Effectiveness & Public AdministrationGovernance & Integrity10.377.70 7.65 to 7.75−2.670.000
Structural Transformation & ComplexityProduction & Innovation9.576.64 6.59 to 6.71−2.930.000
Labour & EmploymentProduction & Innovation7.234.29 4.25 to 4.34−2.940.000
Economic Output & ProductivityProduction & Innovation8.605.53 5.47 to 5.56−3.070.000
Export Capability & SophisticationTrade & Investment7.784.70 4.65 to 4.78−3.080.000
Social InfrastructureStrategic Infrastructure8.895.78 5.68 to 5.98−3.110.010
Investment Attraction & ProjectionTrade & Investment8.024.75 4.73 to 4.79−3.270.000
Industrial & Sectoral BaseProduction & Innovation9.946.55 6.54 to 6.57−3.390.000
Economic Leverage & DependenceTrade & Investment8.535.11 5.05 to 5.18−3.420.000
Financial Regulation & IntegrityFinancial Strength10.236.77 6.75 to 6.80−3.460.000
Global Value Chain PositionTrade & Investment9.485.96 5.93 to 6.05−3.520.000
Financial Stability & Crisis ManagementFinancial Strength10.276.74 6.65 to 6.83−3.530.000
Monetary & Currency CapabilityFinancial Strength10.356.16 6.05 to 6.27−4.190.000
Trade Facilitation & LogisticsTrade & Investment8.524.27 4.23 to 4.29−4.250.000
Fiscal Capacity & Public FinanceFinancial Strength9.234.45 4.38 to 4.55−4.780.000

Checks

The automated checks run on this experiment before anything was written about it. A warning is a candidate finding for the improvement loop.

  • passcredits_conservedlargest gap between credits in and credits accounted for: 3.2e-14
  • passscores_in_boundsscores range 4.028 to 16.771
  • passno_nans0 missing values in the trajectory and objectives
  • passprobe_replay_reproducesthe recorded moves played back reproduce the simulation to within 0.0e+00 points (10 simulations)
  • passledger_balancesthe edge ledger sums to the propagated change to within 7.5e-09 points
  • passmove_without_shocklargest one-year move in a group with no shock landing: 1.00 points; 0% of simulations have one above 3
  • warntier_jumplargest gain in one domain within five years: 5 tiers (30 simulations above 2); tiers are reported, not an objective
  • passall_tier1_from_outside_top10starting rank 59; 0 simulations reach Tier 1 in all nine domains
  • passsaturation_high0% of simulations end with a group at 20 that did not start there (median 0 groups)
  • passsaturation_low0% of simulations end with a group at 0 that did not start there (median 0 groups)
  • passspend_concentrationmedian concentration of spending across groups (HHI) 0.062; most funded group hard.national_security.nuclear_deterrence
  • passsame_actionthe most repeated move (group and mode) appears in a median 53% of rounds
  • passregression_index_p50index_p50 moved 23.7% since cycle-002 (5.92 to 7.32); versions changed (0.1.0 to 0.1.1, graph 0.2.0 to 0.2.0)
  • passregression_score_sum_p50score_sum_p50 moved 23.8% since cycle-002 (438.55 to 542.98); versions changed (0.1.0 to 0.1.1, graph 0.2.0 to 0.2.0)

Settings and versions

Experiment cycle-003.e4-ind. Every simulation records the model, graph and parameter versions, the scenario, the method and its seed, so it can be reproduced exactly.

Nation
India (IND)
Position
A reconstructed 1996 position, aligned to the Index's scale
Method
Scripted. Actions fixed in advance by the experiment: for a backcast, the nation's historical pathway.
Scenario
Scripted events: Trade bloc rupture in year 2, Regional war spillover in year 3, Core disaster in year 5, Core disaster in year 8, Global funding seizure in year 12, Breadbasket failure in year 12, Global funding seizure in year 17, Global funding seizure in year 20, Public service leap in year 20, Severe pandemic in year 24, Breadbasket failure in year 26, Trade bloc rupture in year 26
Objective
Capability index, the primary objective the experiment is judged on; every other objective is reported beside it
Horizon
30 rounds, 1996 to 2026
Simulations
30 seeds, 1 to 30. Every method in the batch faces the same draws for the same seed.
Graph elasticities
Drawn for each simulation, uniformly within each edge’s bracket
Income
Base credits 265.1 a round, moving with the economic groups
Versions
Model 0.2.0, Capability Dependency Graph 0.2.0, parameters 0.1.1
Batch
Backcast 1996-2026 (cycle-003), cycle 3 of the improvement loop
Runtime
7.5 seconds in all; 1940 microseconds a round
Not a forecast
Every figure is a distribution over the simulations of a structural model, reported to compare methods and test the model. None is a prediction of what a nation will do or become.
Structural parameters
Costs, decay, vulnerability and credits are structural seed values with low or medium confidence, set by domain with single-group exceptions. Five groups have no defensible value in a single-nation model and are flagged in the parameter tables.
Other nations are frozen
One nation is simulated at a time. Every other nation stays at its 2026 rating, so rank and tiers are measured against a still field; where the simulated nation rises past others their own tiers are not re-sorted.
Starting depth and mode are defaults
The position is the National Capability Index ratings. How institutionalised each capability is, and how much was built, bought or partnered, have no data behind them yet and start from structural defaults.
Credits are calibrated, not measured
Each nation’s income is set so that its position is affordable with headroom that rises with its fiscal capacity. It is not yet fiscal capacity as a share of GDP.