This 2006 Article IV Consultation highlights that Italy’s economy is enjoying a broad-based, if comparatively modest, cyclical upswing. Output is estimated to have grown by 1¾ percent in 2006—the strongest pace since the beginning of the decade. Inflation is close to that of the...

The recent crisis and interest rate declines have put the financial sustainability of the Dutch occupational pension system under severe strain. The benefit-cutting measures have been received by the public as an unexpected and almost unknown option inherent in the pension contracts. Adding to...

The economy of Bosnia and Herzegovina, which is strongly connected to Europe through trade and financial channels, continues to pay a high price for the tough conditions in the area. The paper discuss that, following low demand in its trading partners, exports slumped in 2012 by 7.5 percent,...

The composition of short-term and medium-term adjustment measures will facilitate sufficient short-term adjustment flexibility, and be consistent with medium-term fiscal sustainability. Improving debt resolution instruments will help the banks to regain confidence in lending. Meanwhile, there is...

The global crisis exacerbated the Slovenian economy’s previous imbalances in the fiscal, financial, and real sectors. The authorities agreed that fiscal consolidation including pension, health care, and financial management is essential for sustainable recovery. The Bank of Slovenia...

Bolivia showed a solid macroeconomic performance in recent years, owing to its strong trade and prudent economic policies. IMF staff stressed the need to tighten monetary conditions through increasing the policy interest rate as a means to combat inflation. The Executive Board praised...

The Netherlands showed economic recovery, supported by strong polices, public finances, and structural reforms. Executive Directors commended the strong fiscal framework and agreed that it meets the good practice standards according to the reports on the observance of standards and codes. They...

Robust GDP growth, declining unemployment, low and stable inflation, and a string of fiscal and current account surpluses -- it's a record to be envied. These outcomes in Canada owe much to sound macroeconomic policies, as well as to a favorable external environment. This book focuses on these...

This paper reviews macroeconomic aspects of pension reforms in Latin America, focusing on financial market stability and fiscal sustainability. Concentration of pension fund portfolios in government bonds remains high, and the lack of new investment alternatives has distorted asset prices....

This paper assesses Paraguay’s First Review Under the Stand-By Arrangement and Request for Waiver of Nonobservance and Applicability of Performance Criteria. Paraguay has made significant progress in the first months of the program. Economic activity has strengthened, inflation prospects...