With a modest recovery in the global economy underway, and amid rising concerns about the sharp increase in government debt in several countries, debate has increasingly focused on the need to identify and implement fiscal exit strategies. This paper reviews the medium-term plans of 25 countries...

The Salvadoran economy was severely affected by the global economic slowdown. Further strengthening the economy’s growth prospects and reducing poverty will depend on a durable fiscal consolidation effort and improvements in the investment climate through continued commitment to...

This 2009 Article IV Consultation highlights that Poland’s rapid growth had begun to lose steam even before the global crisis hit. Following robust and relatively well-balanced expansion, driven by an EU accession-related investment boom and rapid credit and wage growth, economic activity...

Policy efforts in Latvia have supported stabilization. Immediate risks are much lower, but medium-term challenges remain. The government should focus on durable spending cuts, but revenue measures may also be required. Efforts to strengthen regulation and supervision to improve financial...

This paper analyzes the impact of the global crisis on six South-Eastern European countries. The main objective is to compare macro-financial conditions and policies in the run-up to the crisis as well as to compare the policy responses to it, so as to highlight, inter alia, possible...

The economic and financial pressures facing Ireland are intense. The banking sector is at the fulcrum of Ireland’s problems. The program, therefore, aims to restore the banking system. It will address structural problems and restore confidence. A leaner and more robust banking sector is...

The staff report for Ireland’s fifth review under the Extended Arrangement states that financial sector reforms continued to advance, with the two structural benchmarks for end-2011 observed. In particular, targets for bank deleveraging in 2011 were met, with almost €15 billion of...

The Irish authorities steadfastly maintained strong policy implementation despite a sharp escalation and expansion of stress in euro area sovereign bond markets. Strengthened European support is welcome, but early implementation is key, and restoring broader stability in the euro area is...

This 2010 Article IV Consultation highlights that the authorities’ adjustment program has contributed to limiting the fallout of the global crisis on Serbia. Although the output slump has been limited relative to regional peers, the decline in domestic demand has been significant,...

The Republic of Poland’s 2010 Article IV Consultation shows that Poland is the only European Union country to have escaped a recession in 2009 owing to its limited reliance on exports and well-capitalized and profitable banking system. Like its regional peers, it experienced spillovers...