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The economic and financial crisis was the catalyst for a fiscal crisis that engulfs many OECD countries. In most countries, budget deficits soared as a result of the economic slump, weaker revenues and the policy response to the crisis.
The differential between the interest rate paid to service government debt and the growth rate of the economy is a key concept in assessing fiscal sustainability.
The Czech fiscal position is generally sound and policy making is prudent. However, the fiscal framework was not strong enough to contain spending in the upturn and it would benefit from independent budget oversight.
The management of government debt and assets has important implications for fiscal positions.
Ireland’s banking crisis, one of the most severe in the OECD area, and the associated economic recession have taken a heavy toll on public finances.
Substantial fiscal consolidation was achieved under the aegis of the 2003 Fiscal Responsibility and Budget Management Act.
Improvements in the macroeconomic policy framework over the past two decades and prudent regulation of the financial system have contributed to reduce output volatility in Mexico relative to other OECD countries.
With slow growth and high inequality Mexico needs investments in infrastructure, education and social policies. Mexico has increased spending in all of these areas.
This paper identifies refinements to the macroeconomic framework that will help Brazil to achieve strong performance in a new environment.
Performance of fiscal policy, while good in international comparison, is not sufficient to prepare for future ageing-related spending increases.