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12-Jul-2011
Belgium weathered the crisis well. Nevertheless, with public debt at 97% of GDP, a sustained effort to restore fiscal sustainability is needed. To boost subdued potential growth, reforms to increase employment are required while more reliance on environmental taxation should secure greener growth.
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11-Jul-2011
While Austria has made great efforts to improve its fiscal framework at the federal government level, work remains to be done to: i) avoid pro cyclical fiscal outcomes, in particular at lower levels of government and in the social security system, ii) improve public sector spending efficiency; and iii) improve the tax structure in order to make taxes less of a burden for economic activity.
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11-Jul-2011
Health care reform is occupying policymakers at all levels of government in Austria, encompassing the rich structure of fiscal federal relations as well as the social partners. The Austrian population has a high regard for its health care system, although in international comparison it comes across as very expensive, fragmented and lacking agreed targets.
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11-Jul-2011
Austria is recovering from the crisis which has increased fiscal vulnerabilities. The authorities should strengthen reforms so the economy is more resilient to fiscal pressures, and reinforce drivers of growth. The Survey discusses areas to improve fiscal performance, including health care reform.
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21-Jun-2011
The foundations of Iceland’s successful fisheries management system are scientifically-based TACs and the ITQ system. It is important that these features are not weakened by potential policy responses to the perceived unfairness of quotas initially having been given away or EU accession negotiations.
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21-Jun-2011
Iceland is slowly recovering from a deep recession following its banking crisis. Reforms to restore the financial sector to health and fiscal consolidation are laying the foundations for durable growth but need to be taken further according to a new OECD report.
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21-Jun-2011
Expenditure on activation programmes has been boosted to cope with the large increase in long-term unemployment. The government has expanded access to the education system to complete secondary education and should better align jobs skills training programmes with labour market requirements.
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21-Jun-2011
Financial sector restructuring has been achieved in a way that limits fiscal costs and strengthens market discipline. Prudential regulation and supervision are being reformed to overcome the shortcomings exposed by the crisis and steps are being taken to accelerate private-sector debt restructuring.
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21-Jun-2011
Output has finally stabilised following the severe recession, but real GDP lingers 11% below its peak. Domestic demand has levelled off, but a consumption and business-led recovery is projected to lift economic growth to 3% by 2012.
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21-Jun-2011
To restore Iceland’s public finances to a sustainable path, the government is implementing a fiscal consolidation programme agreed with the IMF that aims for a small budget surplus by 2013. Institutional reforms to strengthen fiscal discipline should be taken further by adopting fiscal rules.
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