This 2014 Article IV Consultation highlights that economic growth in Spain has resumed, and unemployment is falling. Exporters are gaining market share, and the current account is in surplus for the first time in decades. Financial conditions have improved sharply, with sovereign yields at...

This 2014 Article IV Consultation highlights that the euro area recovery is taking hold. Real output has expanded for four consecutive quarters, and financial market sentiment has improved markedly. Complementary policy actions have supported demand, boosted investor confidence, and eased...

This paper discusses Bosnia and Herzegovina’s Sixth and Seventh Reviews Under the Stand-By Arrangement and Requests for Augmentation of Access and Modification of Performance Criteria (PC). Program performance became more uneven in late 2013 and early 2014, reflecting both economic factors and...

This Selected Issues paper presents a comparison on public expenditure of Austria and other countries. In the past decade, Austria's government expenditure growth has been very steady, thus avoiding the boom-bust pattern of some other European countries. However, expenditure levels are...

The Selected Issues paper investigates options for improving the efficiency of the Italian judicial system and closing the regional performance gap. Better courts would bring about macroeconomic benefits, including increased employment opportunities, and higher productivity, investment, and...

After slowing in 2013, the Slovak economy is gathering momentum as the euro area and domestic demand recover, the latter complementing the strong export sector that has made Slovakia one of Europe’s more dynamic economies. Reducing still very high unemployment remains a key challenge, as does...

Sweden’s economy has re-gained speed, following supportive macroeconomic policies and strong household demand. Employment has been rising, but the labor force expanded even more, resulting in higher unemployment mostly among vulnerable groups. Inflation remains very low, driven by external and...

This Selected Issues Paper on Sweden focuses on macroprudential policies in Sweden. Sweden's banking system meets most standard measures of financial soundness. However, with its large and wholesale-dependent banking sector, high and increasing household debt, and resurgent house price growth,...

This Selected Issues paper provides a brief overview of Slovakia's transformation over this period. The note is divided into three parts. The first section offers some historical background on the run-up to EU accession. The paper also discusses the economic impact of EU accession and highlights...

Growth is gaining momentum, led by strong external demand while domestic demand is also picking up. The central bank’s foreign exchange intervention policy has helped stem deflationary pressures but inflation is still well below target. Following substantial fiscal adjustment over the past...