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12-Jul-2011
Meeting the challenge of ageing for Belgian public finances requires a sustainable burden sharing of fiscal consolidation among all levels of governments. The commitment can be reinforced by tighter spending control and increased role of independent fiscal institutions at all levels.
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12-Jul-2011
To secure fiscal sustainability without hurting long term growth prospects, fiscal consolidation should focus on reducing spending at all levels of government and curbing the growth of ageing related costs, in particular in social security.
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14-Jun-2011
In India a binding medium-term budget framework is needed with rules to limit deficit spending. The government is pushing ahead with important reforms to direct and indirect taxation.
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21-Apr-2011
The Japanese fiscal situation has reached a critical point. Chronic budget deficits were projected to push up gross public debt to an unprecedented 200% of GDP, and net debt to 115% in 2011. A credible and detailed medium-term consolidation plan will thus be a top priority.
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18-Apr-2011
Owing to government policies, the fiscal deficit and public debt have remained low. However, the pro cyclical bias of fiscal policy should be addressed by introducing multi year public expenditure ceilings. An independent fiscal institution should provide expert input for fiscal policy decisions and assess outcomes.
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18-Apr-2011
Estonia has a large network of very small municipalities, making the provision of government services inefficient and of variable quality. Therefore it should follow the example of other countries in the region and establish a more efficient municipal network through mergers and joint provision of services.
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16-Mar-2011
While the government’s fiscal plans and reforms to the fiscal policy framework have significantly reduced fiscal risks, further improvements to the fiscal framework and reforms to make the financial sector more robust are needed. The government has embarked on an ambitious and necessary fiscal adjustment and strengthening of fiscal institutions, including the welcome creation of the Office for Budget Responsibility.
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