potential. These results should not lead to complacency. Some expenditure cuts, such as lower public salaries, may prove … difficult to sustain. Fiscal consolidation in the past owed both to expenditure cuts and revenue increases. As a result, and … public expenditure growth and improve public administration efficiency to reduce the public “footprint” on the economy and …

are more likely to fall during episodes characterised by greater reliance on current expenditure cuts. While this means …

-year budgets, annual expenditure rules consistent with long-term targets and an enhanced role of an independent fiscal policy …

expenditures has been associated with overall larger consolidation. Fiscal rules with embedded expenditure targets tended to be …

and tackling age-related costs are the obvious candidates to contain expenditure. On the revenue side, there is … significant potential for cutting tax expenditures. Furthermore, eliminating distortions in the tax base would encourage economic …

-year rolling programme. Expenditure needs to be controlled better, in particular as regards subsidies, which the central government … has indeed been trying to rein in, though with difficulty in the face of rising world oil prices. Expenditure also needs …. Corporate income tax rates are being cut, though the headline rate remains high. Lower taxation for large special economic zones …

.25 years per decade and paying off debt through a lower ratio of non ageing-related expenditure to GDP. This last scenario is …