France: Staff Report for the 2003 Article IV Consultation
IMF Staff Country Reports, October 29, 2003
Source details
- Canonical URL
- France: Staff Report for the 2003 Article IV Consultation
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Bibliographic details
- Published: October 29, 2003
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451813456.002
Summary
- Over the past several years, implementation of IMF recommendations has been lacking not so much in intention as in pace and timing owing to political economy considerations and a strong social preference for publicly provided services.
- The discussions focused on how to foster a durable economic recovery while tackling long-standing threats to fiscal sustainability.
- The authorities were attentive to the possible adverse short-term effects of underlying fiscal adjustment on growth.
- The authorities acknowledged that containing health care spending growth would be a key challenge.
Key policy issues and challenges
- Pace and timing of reform constrained by political economy considerations and a strong social preference for publicly provided services.
- Need to foster a durable economic recovery while addressing long-standing threats to fiscal sustainability.
- Short-term growth risks associated with fiscal adjustment recognized by authorities.
- Containing health care spending growth identified as a central fiscal challenge.
Subjects and keywords
- Subject: Employment, Expenditure, Fiscal policy, Fiscal sustainability, Labor, Pension reform, Public debt, Social security contributions
- Keywords: authority, CR, deficit, deficit estimate, Employment, fiscal consolidation strategy, Fiscal sustainability, GDP growth, General government balance, Global, government, ISCR, Pension reform, state participation, supervisory authorities