Restoring Public Finances, 2012 Update

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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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At the 2011 annual meeting of the OECD Senior Budget Officials, the OECD Secretariat was invited to update its 2010-11 report on fiscal consolidation strategies across OECD member countries, “Restoring Public Finances”. In response, a questionnaire was submitted to countries in December 2011 (the “OECD Fiscal Consolidation Survey 2012”). Based on country responses and publicly available information, the Secretariat has produced 31 country notes (see Chapter 2) which provided the background for Chapter 1.

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