This Selected Issues paper analyzes France's fiscal stance using a structural stochastic model. The theoretical model … can help build buffers that could help France confront the next downturn from a stronger fiscal position. The analysis … highlights that, on average, fiscal policy in France exhibited a deficit bias over the past four decades, being unable to react …

Spain's economy has continued to grow strongly, reflecting its improved fundamentals. However, especially the young … debt and structural unemployment as well as sluggish productivity growth, which is set to slow Spain's income convergence …

This Selected Issues paper on Spain focuses on differences in regional productivity. Recent studies of income …