appropriate fiscal expenditure policy. Executive Directors urge the government to sustainably improve public expenditure …

This paper looks at the factors that have to be considered when designing an aggregate expenditure ceiling. It is … argued that expenditure ceilings are effective in promoting fiscal discipline and sustainability, but that a number of trade … illustrates the discussion with a case study of medium-term aggregate expenditure ceilings in three countries: Finland, the …

policy on debt sustainability by the use of a medium term debt target, and annual nominal expenditure growth rules is … stabilizers. Numerical targets should be supported by structural reform measures for both revenues and expenditures, while the …