OECD Home › Tax › Public finance and fiscal policy
States and municipalities depend more on too much on federal transfers to finance public spending, more than in any other OECD country. Stronger fiscal rules and harder budget constraints are needed.
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Lower high public debt via fiscal consolidation across all government levels within a robust burden-sharing framework. Fully secure fiscal sustainability by increasing working lives and delivering cost-efficient and flexible healthcare.
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Fiscal consolidation must be continued so as to reduce public debt. This requires maintaining a balanced budget over the medium term, placing emphasis on keeping spending growth down so as to permit an eventual reduction in the tax burden.
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Managing government debt and assets after the crisis In the wake of the financial crisis, government debt in the OECD area has increased massively on top of already high debt-GDP ratios prior to the crisis, by some 30% of GDP between 2007 and 2011 on average, rendering fiscal positions in many countries unsustainable. |
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Fiscal consolidation: How much, how fast and by what means? The economic and financial crisis was the catalyst for a fiscal crisis that engulfs many OECD countries. Consolidating public finances in order to address the consequences of the crisis, underlying weaknesses and also future spending pressures creates important challenges. Fiscal consolidation requires choices to be made about how much consolidation is needed, how fast it should be implemented and which instruments should be used. |
| Read more at the Fiscal federalism network page | |
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