Fiscal Federalism In Belgium Challenges In Restoring Fiscal Sustainability

Author : Yu Ching Wong
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 23 pages
Book Rating : 4.11/5 ( download)

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Download or read book Fiscal Federalism in Belgium: Challenges in Restoring Fiscal Sustainability written by Yu Ching Wong and published by International Monetary Fund. This book was released on 2023-03-02 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal decentralization in Belgium progressed substantially in 2015-19. However, as decentralization of expenditure responsibilities continued to outpace decentralization of revenue authority, vertical fiscal gaps and greater reliance on transfers from shared resources may have reduced spending discipline. Consecutive shocks (pandemic, energy prices) have worsened the fiscal positions of all levels of government, requiring urgent and concerted effort to improve fiscal and debt sustainability. Fostering better fiscal policy coordination across all levels of government would improve the efficiency of Belgium’s decentralized fiscal framework. We recommend that fiscal adjustment at the subnational levels should be a part of the general government fiscal consolidation plan, with strict spending limits applying; integrating systematic spending reviews in the budgetary process; and adopting a more strategic, multi-annual fiscal framework to support adjustment. Implementing the 2013 Cooperation Arrangement—intended to provide fiscal rules to govern and coordinate public finances at all levels—is important. Also, the cost of overborrowing at the regional level should be fully internalized; recalibration of transfers could be considered; and some flexibility should be retained in the pace and scope of further decentralization. Finally, there is scope to improve the integration of fiscal sustainability objectives in federal and subnational structural reforms.

Author : Yu Ching Wong
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.90/5 ( download)

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Download or read book Fiscal Federalism in Belgium written by Yu Ching Wong and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.43/5 ( download)

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Download or read book Fiscal Federalism in Belgium written by and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264912959
Total Pages : 290 pages
Book Rating : 4.53/5 ( download)

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Download or read book Fiscal Federalism 2022 Making Decentralisation Work written by OECD and published by OECD Publishing. This book was released on 2021-12-20 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal Federalism 2022 surveys recent trends and policies in intergovernmental fiscal relations and subnational government. Accessible and easy-to-read chapters provide insight into: good practices in fiscal federalism; the design of fiscal equalisation systems; measuring subnational tax and spending autonomy; promoting public sector performance across levels of government; digitalisation challenges and opportunities; the role of subnational accounting and insolvency frameworks; funding and financing of local government public investment; and early lessons from the COVID-19 crisis for intergovernmental fiscal relations.

Author : Yu Ching Wong
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 20 pages
Book Rating : 4.83/5 ( download)

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Download or read book Fiscal Consolidation in Belgium written by Yu Ching Wong and published by International Monetary Fund. This book was released on 2023-12-19 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Belgium is facing higher structural deficits and rising debt after the pandemic and energy crisis. Fiscal consolidation is needed to lower inflation, rebuild buffers, reduce debt, and preserve Belgium’s social contract. While designing an appropriate fiscal consolidation path involves trade-offs, an ideally front-loaded and significant adjustment to achieve a medium-term structural balance would reduce public debt towards the 60 percent debt threshold, significantly reducing vulnerabilities. Experiences in other countries and in the past in Belgium show that while ambitious, such an adjustment is achievable. Comparisons with peers show that rationalizing and increasing the efficiency of social benefits and the public wage bill would need to be at the core of the consolidation effort. All federal entities should share the burden of the adjustment, in a coordinated manner, with accountability at all levels of government, and within a credible and clear multi-year consolidation plan. Comprehensive spending reviews would help target budgetary saving. To mitigate the growth impact in the near term and boost potential growth, public investment should be preserved, and the adjustment should go together with structural reforms to increase labor force participation and productivity.

Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.59/5 ( download)

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Download or read book Belgium written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2023-12-08 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Belgium: Selected Issues

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498335160
Total Pages : 73 pages
Book Rating : 4.64/5 ( download)

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Download or read book Fiscal Rules—Anchoring Expectations for Sustainable Public Finances written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2009-12-11 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sharp increase in fiscal deficits and public debt in most advanced and several developing economies has raised concerns about the sustainability of public finances and highlighted the need for a significant adjustment over the medium term. This paper assesses the usefulness of fiscal rules in supporting fiscal consolidation, discusses the design and implementation of rules based on a new data base spanning the whole Fund membership, and explores the fiscal framework that could be adopted as countries emerge from the crisis.

Author : International Monetary
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 65 pages
Book Rating : 4.85/5 ( download)

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Download or read book Belgium written by International Monetary and published by International Monetary Fund. This book was released on 2023-03-02 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: Post-pandemic recovery slowed with spillovers from Russia’s war in Ukraine and high inflation, financial conditions tightening, and elevated uncertainty. In response to the spike of energy prices, the federal and regional authorities provided timely and substantial support to households and firms. Along with automatic indexation of wages and benefits, energy support helped cushion impacts, although at significant cost, increasing the fiscal deficit in 2022 and 2023. The labor market has remained tight, with record-high job creation and low unemployment. The external current account swung to a large deficit in 2022, due largely to higher energy imports and lower vaccine exports. Energy consumption is being cut, and gas imports reoriented. A resilient financial sector is facing challenges from the weaker macro-financial environment.

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264632972
Total Pages : 232 pages
Book Rating : 4.74/5 ( download)

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Download or read book OECD Territorial Reviews: Brussels-Capital Region, Belgium written by OECD and published by OECD Publishing. This book was released on 2024-02-06 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: The OECD Territorial Review of the Brussels-Capital Region, Belgium, provides an in-depth assessment of the trends, challenges and opportunities for sustainable and inclusive urban development in the region.

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1455233099
Total Pages : 52 pages
Book Rating : 4.90/5 ( download)

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Download or read book Belgium written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-04-06 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: After being hit by a severe recession in 2008–09, the Belgian economy is gradually recovering. When core inflation remained subdued in 2010, headline inflation jumped up due to the energy price hike. The growth of potential output is expected to revert to its declining trend over the medium term. Building upon the encouraging 2010 fiscal outcome, the caretaker government is preparing a draft federal budget for 2011. To reduce the overall deficit to 3 percent of GDP by 2012, significant additional tightening measures will be needed.