Restoring Public Finances, 2012 Update
This report gives an update on fiscal consolidation strategies across OECD member countries since last year.
Chapter 1 describes the scope and composition of country plans, compares them with calculated fiscal need, and provides information on the timing and details.
Chapter 2 contains notes on each of the countries which present the current fiscal position and announced fiscal paths, the consolidation plans, and detailed expenditure and revenue measures.
Chapter 3 discusses the financial situation and consolidation needs of sub-national governments, and the policies that are being carried out at both levels of government to reach the consolidation objectives.
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Restoring Public Finances - 2011 report
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In the aftermath of the economic crisis, the state of public finances has worsened considerably in many OECD countries.
The current economic recovery may reduce public deficits, but will not be sufficient to stop mounting public debt in many countries.
Fiscal consolidation – either through decreases in expenditure or increases in revenue – is needed in order to put public finances on a sustainable path.
This report provides information on the fiscal consolidation plans of 30 OECD countries as of 2011. Through country notes and an overview chapter, it details the fiscal situation to date, the consolidation needs, and the commitments and intentions of governments as expressed in their consolidation plans by spending cuts or tax increases.
The report makes a major contribution to the transparency of countries’ fiscal situations and plans, increasing the capacity of markets to respond objectively in their assessments of reform plans and paths. This serves to strengthen the credibility of countries with an established track record in consolidation, while providing countries that are just beginning their consolidation efforts with a menu which can inspire them for the design and implementation of their own fiscal plans.
The 2011 publication addresses the following questions:
- How do countries intend to restore public finances and how many have announced consolidation plans?
- Are the consolidation plans backed by concrete measures?
- What is the expected impact on public finances? How quickly?
- Are countries focusing on reducing expenditures or raising taxes?
- What kind of expenditures will be cut and which taxes will be raised?
- Will the announced measures actually improve public finances?
For more information on our work in budgeting and fiscal consolidation visit: www.oecd.org/gov/budget
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