Based on five case studies, this paper looks at the definition and classification of fiscal risks; sets out the components of a comprehensive fiscal risks framework; and examines how to operationalise such a framework. It then summarises challenges and key lessons to be considered by countries...

Among EU countries, Romania suffered a relatively shallow recession in the COVID-19 crisis, aided by macroeconomic easing. A strong recovery is projected in 2021. The new government is committed to balance continued pandemic-related support with the start of a medium-term fiscal consolidation...

The Great East Japan Earthquake (GEJE) occurred against the backdrop of a struggling economy and public finance system under stress, implying an exceptional fiscal cost and imposing a fiscal management challenge to the Government of Japan (GoJ). In response, the government committed to a...

Beyond its damage to Canadians’ health and their economy, COVID-19 strained public finances, and both highlighted and exacerbated gaps in governments’ accountability to legislators and voters.Spending by all senior governments jumped in the 2020/21 fiscal year – up 7 percent on average...

The paper focuses on public finance and the aspect of fiscal consolidation in Poland as economic consequences after the financial crisis in 2008. The study assumes that there is a wide range of needs for fiscal consolidation implementation in European post-crisis countries. Budgets of the vast...