Portugal's program implementation is on track despite difficult economic conditions and significant legal challenges. The markedly weaker economic outlook provides a strong case for recalibrating the program’s fiscal targets. This strong adjustment effort needs to be consolidated by...

This 2005 Article IV Consultation highlights that Finland’s economic performance in recent years continued to be favorable. Growth has outpaced that in the euro area and is expected to pick up to more than 3 percent in 2006. The external current account has remained comfortably in...

This 2005 Article IV Consultation highlights that economic activity in Germany is slowly picking up, and there is scope for some further firming of growth in the course of 2006. The recovery, however, remains unbalanced, and strong exports have yet to feed through into higher household spending....

The article is a review on Djibouti’s Extended Credit Facility (ECF) program and the performance of economic development in the program. The ECF program helped Djibouti to maintain macroeconomic stability, and the period underwent a transformation in the Djiboutian economy. The country...

This Selected Issues paper focuses on the fiscal challenge for Belgium in coping with population aging, including the sustainability of prevailing fiscal federalism arrangements across all levels of governments. The analysis demonstrates that the current strategy of upfront consolidation is...

In this study, economic developments and policies used for the recovery of financial stability of Sweden against global recession are discussed. The low inflation is reached by increasing Riksbank policy rate. The role of fiscal policy council is explained. The Financial Sector Assessment...

This 2006 Article IV Consultation highlights that the economic upturn that started in mid-2005 in Belgium has remained on track. On the heels of a catch-up in private investment, the revival of private consumption and the cyclical expansion in neighboring countries have broadened the recovery to...

Domestic demand is expected to remain the engine of growth in France, with net exports playing a minor role in the near term. Risks to the outlook are tilted to the downside. Boosting potential growth requires a comprehensive strategy. The consolidation targets set out in France’s...