This paper presents Ukraine's Request for an Extended Arrangement under the Extended Fund Facility (EFF) and Review of Program Monitoring with Board Involvement. Ukraine's EFF-supported program aims to anchor policies that sustain fiscal, external, price and financial stability and support...

Economic growth has tumbled across Europe, inflation remains too high, and financial sector risks have materialized. Taming sticky inflation while avoiding financial stress and a recession will require tighter macroeconomic policies-tailored to changing financial conditions, stronger financial...

This paper discusses Sweden's Financial System Stability Assessment. Sweden recovered rapidly from the coronavirus disease 2019 crisis, and gross domestic product reached its pre-pandemic level in mid-2021. In the context of a robust supervision and regulation framework, the financial sector...

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...

This 2023 Article IV Consultation highlights that following the pandemic, Sweden's economy experienced a strong recovery, which continued well into 2022. Sweden experienced a strong post-pandemic rebound in 2021-22 but is potentially heading into a recession. The fiscal stance is slightly...

This Selected Issues paper explores the nature of the recent acceleration of inflation in the Netherlands, taking into consideration different perspectives. The paper also presents different measures of inflation and the methodological discrepancies among the indicators considered. It also...

The 2022 Article IV Consultation discusses that Russia's invasion of Ukraine is posing new challenges, but the Netherlands has suffered a smaller decline in the terms of trade compared to the rest of the euro area. Growth is projected to slow to 0.6 percent in 2023 from 4.2 percent in 2022, as...

features of Belgium's wage-formation process. It then tries to identify some weaknesses and policy recommendations that strive to strike a balance between maintaining benefits of wage indexation while attenuating drawbacks for the economy. Inflation at record levels is putting the sustainability...

The 2022 Article IV Consultation discusses that Belgium's post-pandemic recovery has slowed with spillovers from Russia's war in Ukraine, high inflation, tighter financial conditions, and elevated uncertainty. In response to the spike of energy prices, the federal and regional authorities...

This paper presents the Republic of Moldova's Poverty Reduction and Growth Strategy. Taking into account the general low level of income and the high incidence of poverty, many citizens of the Republic of Moldova look at cultural opportunities and personal development according to the residual...