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 …

The Spanish economy is recovering from the deep recession caused by the COVID pandemic and employment is already above …

recovery in 2021. Medium-term growth prospects are less strong, due to adverse demographics and low productivity growth …