The international monitoring of public finances in EMU member states is an essential element of the Stability and Growth Pact. Part of evaluating government budgets involves determining the sustainability of the envisaged consolidation measures. The academic and political debate on this topic...

The question of what makes fiscal decentralization work is faced by many policymakers around the world. This book draws on both the relevant literature and policy and technical advice provided by the IMF to a wide range of member countries, and discusses the key factors that help make...