Fiscal Monitor

Fiscal Exit: From Strategy to Implementation

November 2010

World Economic and Financial Surveys

©2010 International Monetary Fund
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The Fiscal Monitor was launched in 2009 to survey and analyze the latest public finance developments, update fiscal implications of the crisis and medium-term fiscal projections, and assess policies to put public finances on a sustainable footing. It is prepared twice a year by the IMF’s Fiscal Affairs Department.

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Summing Up by the Acting Chair


Main Themes

Chapter 1. Fiscal Developments and Near-Term Outlook

Fiscal Developments in 2010: The Beginning of the Fiscal Exit

Outlook for 2011: Broader Fiscal Adjustment

The Pace of Fiscal Consolidation: What Explains the Differences Across Advanced Economies?

Public Debt Still Rising, with Some Central Bank Support

Financial Sector Support and Recovery to Date

Chapter 2. Sovereign Financing and Government Debt Markets

Sovereign Gross Financing Needs: Continuing at High Levels

Government Bond Yields and Spreads: A More Polarized Market

Chapter 3. Fiscal Adjustment Plans and Medium-Term Fiscal Outlook

Adjustment Plans: Time Frame and Commitment

Size and Speed of Adjustment: Authorities’ Plans and IMF Staff Projections

Composition of Adjustment

Medium-Term Adjustment Needs and Structural Reforms

Reform of Fiscal Institutions

Medium-Term Fiscal Trends in Low-Income Countries

Chapter 4. Assessing Fiscal Risks

Rollover Problems

Risks of High Long-Term Public Indebtedness

Chapter 5. Selected Spending and Tax Issues

The Effect of Pension Reforms on Growth

Financial Sector Taxation: A Summary of the IMF Report

Carbon Pricing: Issues in the Run Up to Cancun

The VAT: Tapping Its Full Potential, not Only in the United States and Japan