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International Monetary Fund. External Relations Dept.

On October 20, the IMF Executive Board concluded the 1999 Article IV consultation discussions with Germany. Germany is participating in the pilot project for release of staff reports, one of a number of current initiatives to increase the transparency of the IMF’s operations. This article describes the economic background and key policy issues raised in the report, which was released on November 3. The full text of the staff report, as well as a set of background papers on selected issues, is available on the IMF’s website (

International Monetary Fund

Croatia’s economy is also saddled with more pervasive rigidities and higher government involvement than many of its transition peers. The Croatian National Bank (CNB) pursued proactive policies, which helped ensure financial sector stability. A stable nominal exchange rate provided an anchor for inflation expectations and financial stability, but also contributed to the accumulation of vulnerabilities. Croatia’s fiscal policy did not take sufficient advantage of the boom years to create adequate space for demand management. Economic recovery is expected to be gradual, with positive growth resuming in the second half of 2010.