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Restoring Public Finances, 2012 Update

image of 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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Fiscal consolidation targets, plans and measures in OECD countries

This chapter discusses the consolidation efforts of OECD countries as of December 2011. The data on fiscal deficit and gross debt for EU countries are updated based on actual figures for 2010 and 2011, and recently adopted fiscal consolidation is taken into account mainly for some countries that had not adopted the 2012 budget before the survey deadline. The chapter analyses current fiscal positions and announced fiscal strategies, consolidation plans, deficit reduction plans, the specific measures aimed at expenditure reduction and revenue enhancement, and recent reforms regarding pensions.

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