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This chapter assesses recent regulatory reforms and considers the scope for future initiatives in this area, as well as at other ways in which the authorities could do more to enhance the business environment.
The economy has moved into the first stages of recovery, but major challenges lie ahead: assuring medium- and long-term fiscal sustainability, further advancing pro-growth tax reform and building on recent reforms to improve the business environment.
This chapter describes the main tax and benefit reforms implemented in recent years and provides an initial assessment of their impact and an analysis of the scope for further reform.
Presenting the Economic Survey of the Czech Republic at a high level seminar in Prague, A. Gurría suggested the creation of a "watchdog" to monitor the fiscal policy process in order to make it easier to avoid overspending in good times and thus to limit deficit bias.
The German banking system came under pressure during the financial crisis, not least due to its significant exposure to toxic assets which originated in the US.
Past consolidation has allowed the automatic stabilisers operate fully during the crisis. Further fiscal easing in late 2008 and early 2009 contributed to a markedly widening fiscal deficit in 2010.
German, , 930kb
Die deutsche Wirtschaft erholt sich von einer schweren Rezession. Nun ist die Herausforderung, die Arbeitsmarktpolitik anzupassen, die Tragfähigkeit der öffentlichen Finanzen wiederherzustellen, die Stabilität im Bankensektor zu sichern und das Wachstum über die Exportwirtschaft hinaus auszudehn
The German job market has weathered the crisis well, said OECD Secretary-General Angel Gurría. Presenting the Economic Survey of Germany in Berlin, he said structural reforms were needed to ensure the sustainability of public finances and of long term growth. Stimulating domestic investment would help reduce the current account surplus, he added.
As the German economy is emerging from a severe recession the main challenges are to adjust labour market policy, restore fiscal sustainability, ensure stability in the banking sector and broaden growth beyond exports.
Unemployment has fallen significantly prior to the crisis, not least due to past labour market reforms, and has remained surprisingly stable during this recession – both relative to past experience and vis à vis other OECD countries.