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Vast amounts of money are kept off-shore and go untaxed. The more we do to combat tax fraud and evasion, the more resources we will have to finance growth-enhancing public investment, restore the health of public finances, and put the euro area economy back on a sustained and long-term recovery, said OECD Secretary-General.
Europe is putting in place a new system of fiscal rules following the euro area sovereign debt crisis and decades of rising government to debt-to-GDP ratios. These include the so-called "six pack" to upgrade the Stability and Growth Pact to a new Treaty incorporating the "fiscal compact".
There is growing interest in the role of independent fiscal institutions, or fiscal councils, in helping to improve fiscal performance.
- Economic Survey of Euro Area 2010
This study analyses the impact of economic catching up on annual inflation rates in the European Union with a special focus on the new member countries of Central and Eastern Europe.
The economic downturn and the financial turmoil are intensifying fiscal pressures. In the longer-term, progress towards fiscal sustainability and improving the quality of the public finances remain priorities.
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What are the indications for countries entering into the European Monetary Union? OECD Economic Studies No. 20.