"By looking at the macroeconomic frameworks and experiences of countries such as Germany, Sweden, and Switzerland, Restoring Sustainable Macroeconomic Policies in the U.S. presents a way for the United States to normalize fiscal and monetary policy in order to achieve sustainable debt in the...

The book explores the Fund's engagement in Europe in the aftermath of the 2008 global financial crisis, and especially after 2010. It explains how, why, and with what consequences the International Monetary Fund-along with the European Central Bank and the European Commission (together known as...

Lesotho's fiscal situation is challenging. This paper assesses the pressure points of main components of revenues, current spending, and capital spending, and then proposes a growth-friendly consolidation plan while protecting the vulnerable

A key challenge for Lesotho is the downward rigidity in public expenditure-which increases when SACU transfers are buoyant but fails to be pared back when they fall. Fiscal rules would be of value in Lesotho to help provide constraints on spending and resist political pressure to overspend,...

This Selected Issues paper examines Sweden's corporate vulnerabilities and focuses on commercial real estate (CRE). Liquidity premia on funding costs will undermine CRE profits and lead to the increase in credit risk premia, amplifying the original shock. Stress tests indicate that CREs face...

Belgium's current policies fall short of achieving its climate targets and promoting emissions reductions at limited economic costs. We recommend that domestic carbon pricing form the centerpiece of an emissions reduction package, as pricing promotes mitigation at the lowest economic cost, can...

Fiscal decentralization in Belgium progressed substantially in 2015-19. However, as decentralization of expenditure responsibilities continued to outpace decentralization of revenue authority, vertical fiscal gaps and greater reliance on transfers from shared resources may have reduced spending...