This paper on Romania was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on September 13, 2012. The views expressed in this...

EXECUTIVE SUMMARY Discussions for the combined eighth and ninth reviews were delayed by a political crisis and marked by new adverse Constitutional Court rulings. Reflecting in part austerity and reform fatigue, tensions within the ruling coalition led to two prominent cabinet members tendering...

The Netherlands is an AAA euro area (EA) economy with significant private sector imbalances. The main policy challenge is to restore growth and manage downside risks while allowing for an orderly adjustment of private sector balance sheets. A focus on medium-term objectives will cement policy...

Albania's economy has shown considerable resilience in the face of the 2019 earthquake and the pandemic. After the hardship endured in 2020, real GDP is rebounding strongly by a projected 7.8 percent in 2021. Policies have played a critical role in preserving lives and livelihoods and thereby...

Greece entered the pandemic with an unfinished recovery, but the country has demonstrated resilience in facing COVID-19. The economy contracted by 8.2 percent in 2020, better than expected given Greece's high dependence on tourism and pre-existing vulnerabilities. The government provided among...

This Article IV Consultation focuses on San Marino’s prolonged recession. The global crisis has led to a significant decline in budget revenues. However, San Marino’s sizable pre-2008 budget surplus, combined with recent tax measures and efforts to restrain expenditures, have helped contain...

This Selected Issues paper examines inflation dynamics in Bulgaria from January 2012 to February 2015 and highlights some stylized facts about inflation in the country. January 2012 to February 2015 is the most relevant period for identifying factors contributing to recent deflation in Bulgaria,...