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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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Editorial by the Secretary-General of the OECD

The debate on how to restore the health of public finances after the crisis remains at the forefront of policy agendas worldwide. Even prior to the crisis, the OECD area as a whole had been in deficit every year but one since the mid-1970s, leading to a sharp increase in indebtedness. This heavy debt burden and the future increases in expenditure related to an ageing population will pose additional challenges to ensure that government debts are sustainable over the longer term.

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