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.
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.