Are Europe's Social Security Finances Compatible with EMU?

March 1, 1997

Preview Citation

Format: Chicago

George Kopits. Are Europe's Social Security Finances Compatible with EMU?, (USA: International Monetary Fund, 1997) accessed September 18, 2024

Summary

Pursuant to the Treaty of Maastricht, members of the European Union (EU) intend to participate in the Economic and Monetary Union (EMU), in part through convergence toward specified limits on the overall deficit and gross debt of general government. The paper argues that in several EU members, the financial imbalance of social security institutions may constitute an impediment to meeting these requirements. Given a constraint on further payroll tax increases, most countries will need to undertake major reform of public pension and health-care systems, to ensure adherence to the EMU fiscal criteria in the medium to long run.

Subject: Expenditure, Financial institutions, Health, Health care, Labor, Pension spending, Pensions, Securities, Unemployment benefits

Keywords: Benefit, EU accession, EU member, Europe, Germany, Health care, Health-care benefit, PDP, Pension spending, Pensions, Securities, Sick pay, Social security institution, Unemployment benefits

Publication Details

Pages:

26
Volume:

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DOI:

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Issue:

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Series:

Policy Discussion Paper No. 1997/003
Stock No:

PPIEA0031997
ISBN:

9781451974034
ISSN:

1564-5193

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