The 2023 Article IV Consultation discusses that despite external shocks and higher interest rates, growth has remained resilient in San Marino. Prudent policies and access to international capital markets increased policy buffers to healthy levels. Despite volatile financial conditions, the...

This paper presents Republic of Kosovo's First Reviews Under the Stand-By Arrangement (SBA) and the Arrangement under the Resilience and Sustainability Facility (RSF) and Request for Modification of Reform Measure. The authorities are making very good progress in implementing their policy agenda...

Latvia is facing an inflation shock, slow growth, and geopolitical challenges, while the long-term policy concern is to sustain the income convergence process. Headline inflation has surged over the past year in Latvia, measuring 12.3 percent y/y in May, while core inflation increased to 12.4...

Europe is at a turning point. After last year's crippling energy price shock caused by Russia's invasion of Ukraine, Europe faces the difficult task of restoring price stability now while securing strong and green growth in the medium term. Economic activity has started to cool and inflation to...

After a strong post-pandemic rebound in 2021, growth moderated to 3.9 percent in 2022 (from 7.4 percent in 2021), with Bosnia and Herzegovina (BiH) beset by negative food and fuel price shocks, the economic slowdown in Europe, and ongoing domestic political tensions. Inflation has been declining...

The strong post-pandemic recovery led to demand driven inflationary pressures. Supply side bottlenecks and large increases in commodity prices after Russia's invasion of Ukraine compounded these pressures and resulted in high and persistent inflation. The negative impact on disposable income,...

Türkiye's recovery from the pandemic has been remarkable and reflects outsized stimulative policies and a dynamic private sector. But the same policies that buoyed growth also exacerbated vulnerabilities by lowering reserve buffers and increasing dollarization. A new policy model, introduced in...

This technical note analyses anti-money laundering/combating the financing of terrorism (AML/CFT) in Iceland. Iceland's banking sector is comparatively small, and the geographical reach of cross-border payments activity is limited. The AML/CFT supervisory understanding and assessment of ML and...

The 2023 Article IV Consultation discusses that after a swift rebound from the pandemic in 2021, Russia's war on Ukraine has triggered a sharp and broad-based downturn for Estonia. Inflation has declined from a peak of 25 percent in August 2022 to 11.2 percent in May 2023, but it remains among...

This Selected Issues paper focuses on economic challenges and options for overcoming the demographic drag in Italy. Italy has large catch-up potential to help overcome the demographic drag on output, but fundamental changes are needed to shift from the current suboptimal equilibrium. On numerous...