{
  "title": "Belgium: Staff Report for the 2011 Article IV Consultation",
  "publication": "IMF Staff Country Reports, March 20, 2012",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/belgium-staff-report-for-the-2011-article-iv-consultation-25775",
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  "summary": "This 2011 Article IV Consultation reports that the vulnerability of Belgium’s sovereign debt to market pressures makes credible medium-term fiscal consolidation a priority.",
  "sections": [
    {
      "heading": "Executive summary and principal findings",
      "content": "- The vulnerability of Belgium’s sovereign debt to market pressures makes credible medium-term fiscal consolidation a priority.\n- The 2012 budget includes sizable consolidation measures.\n- The government is committed to take additional measures as needed with the aim of reaching structural balance by 2015.\n- In light of the weak growth prospects, automatic stabilizers should be allowed to operate freely around the consolidation path.\n- There is a need to strengthen banking supervision and to implement the Basel III and Solvency II regulatory frameworks."
    },
    {
      "heading": "Fiscal policy and consolidation recommendations",
      "content": "- Prioritize credible medium-term fiscal consolidation to reduce sovereign debt vulnerability.\n- Implement and, if necessary, supplement the sizable consolidation measures contained in the 2012 budget.\n- Aim to reach structural balance by 2015.\n- Allow automatic stabilizers to operate freely around the consolidation path given weak growth prospects."
    },
    {
      "heading": "Financial sector and supervisory reforms",
      "content": "- Strengthen banking supervision.\n- Implement Basel III regulatory framework.\n- Implement Solvency II regulatory framework."
    },
    {
      "heading": "Thematic coverage and keywords",
      "content": "- Subject areas: Banking; Economic sectors; Employment; Financial sector; Fiscal consolidation; Fiscal policy; Labor; Potential output; Public debt; Revenue administration.\n- Keywords: article IV consultation staff report; banking sector; budgetary fund; CR; dividend; Employment; Europe; financial market; Financial sector; Fiscal consolidation; Global; ing Belgium; ISCR; KBC; real GDP.\n\n---\n\n Content in this bundle\n\n- Belgium: 2012 Article IV Consultation; IMF Country Report 12/55; February 24, 2012\n  - Belgium: 2012 Article IV Consultation; IMF Country Report 12/55; February 24, 2012 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Belgium: 2012 Article IV Consultation; IMF Country Report 12/55; February 24, 2012 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: March 20, 2012",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475502381.002",
    "The vulnerability of Belgium’s sovereign debt to market pressures makes credible medium-term fiscal consolidation a priority.",
    "The 2012 budget includes sizable consolidation measures.",
    "The government is committed to take additional measures as needed with the aim of reaching structural balance by 2015.",
    "In light of the weak growth prospects, automatic stabilizers should be allowed to operate freely around the consolidation path.",
    "There is a need to strengthen banking supervision and to implement the Basel III and Solvency II regulatory frameworks.",
    "Prioritize credible medium-term fiscal consolidation to reduce sovereign debt vulnerability.",
    "Implement and, if necessary, supplement the sizable consolidation measures contained in the 2012 budget.",
    "Aim to reach structural balance by 2015.",
    "Allow automatic stabilizers to operate freely around the consolidation path given weak growth prospects.",
    "Strengthen banking supervision.",
    "Implement Basel III regulatory framework.",
    "Implement Solvency II regulatory framework.",
    "Subject areas: Banking; Economic sectors; Employment; Financial sector; Fiscal consolidation; Fiscal policy; Labor; Potential output; Public debt; Revenue administration.",
    "Keywords: article IV consultation staff report; banking sector; budgetary fund; CR; dividend; Employment; Europe; financial market; Financial sector; Fiscal consolidation; Global; ing Belgium; ISCR; KBC; real GDP.",
    "**Belgium: 2012 Article IV Consultation; IMF Country Report 12/55; February 24, 2012**"
  ],
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