Given the consolidation needs and the provisions of the new fiscal rule, budgetary planning in Germany has become more demanding. Fiscal projections are already difficult since the link between total tax revenue and economic activity is observed to be unstable. This Country Focus identifies...

Since the early 1990s Croatia has managed a rather successful transition process with solid growth, low inflation and exchange rate stability. Better integration into international financial markets, capital account liberalisation and banking sector reform have facilitated access to foreign...