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Europe > Switzerland

You are looking at 1 - 10 of 50 items for :

  • Type: Journal Issue x
  • National Government Expenditures and Related Policies: General x
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Cover IMF Staff Country Reports
Switzerland: 2024 Article IV Consultation-Press Release; Staff Report; Informational Annex; and Statement by the Executive Director for Switzerland
International Monetary Fund. European Dept.
The 2024 Article IV Consultation discusses that growth is recovering gradually after slowing in 2023 in Switzerland. In order to counter risks of inflation moving to and settling at very low rates, the rate cut ahead of other central banks was appropriate. Going forward, monetary policy should remain responsive to incoming data, while taking into account international monetary policy developments. Banks have strong buffers, but vulnerabilities related to real estate persist. Ample capital buffers should be maintained, the macroprudential toolkit expanded, supply-side actions to stem pressure on the residential housing market advanced and data gaps closed. The authorities should continue to promote labor market and pension reforms to incentivize labor force participation of women, older workers, and immigrants and address labor shortages, skills gaps, and potential fiscal imbalances. The revised CO2 Act clarifies the policy framework for 2025–2030 but is less ambitious than initially proposed and might require acquiring more emissions-reduction credits from internationally. Advancing negotiations with the EU and enhancing cooperation with other key partners would mitigate uncertainty and strengthen resilience against geo-economic fragmentation risks.
Keywords:
SNB data portal; banking stress test model; climate policy framework; financial system stability assessment update; IMF of exchange restriction; policy stance; Inflation; Labor markets; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial sector stability; Global
Cover Technical Assistance Reports
Republic of Poland: Technical Assistance Report-Aligning the Stabilizing Expenditure Rule to the European Union Fiscal Framework
International Monetary Fund. Fiscal Affairs Dept.
The stabilizing expenditure rule (SER) in Poland has been instrumental in fostering fiscal discipline in the years leading up to the pandemic. The pandemic and subsequent shocks severely tested the expenditure rule. Returning to the SER limit after severe shocks proved challenging, making clear the needs to revise the SER to preserve its credibility. The government could enhance the credibility of the expenditure rule through broadening its coverage and strengthening compliance, including establishing an independent fiscal council. Moreover, aligning to the EU fiscal framework will require (i) ensuring expenditure limits implied in the SER to be consistent with the EU net expenditure path; and (ii) providing explanation on the differences in expenditure coverage and classification between the SER and the EU fiscal framework to ensure compliance. Over time, transition to binding multi-year limits in the SER would improve linkages between annual budgets and medium-term fiscal planning.
Keywords:
Expenditure rule; Fiscal rule; Correction mechanism; EU economic governance; fiscal framework; Debt; Expenditure baseline; Republic of Poland.; SER limit; net expenditure path; EU net expenditure indicator; expenditure path; Fiscal rules; EU governance framework; Fiscal governance; Fiscal councils; Global
Cover Selected Issues Papers
Securing Fiscal Discipline and Credibility in WAEMU: WAEMU
Ljubica Dordevic
and
Olivia Y Ibrahim
Fiscal consolidation and the reintroduction of the WAEMU fiscal framework is crucial for maintaining debt sustainability, external viability, and financial stability. The 3 and 70 percent of GDP deficit and debt ceilings envisaged by the expired rule remain appropriate, while addressing the stock-flow adjustments will help rebuild fiscal buffers. Convergence to a fiscal deficit of 3 percent of GDP should be ensured by 2025— barring exceptional circumstances—with focus on domestic revenue mobilization, while controlling expenditure. To secure fiscal discipline and credibility, it is essential to revamp the fiscal rule with a credible debt correction mechanism and exogenous escape clauses.
Keywords:
monetary union; fiscal policy; fiscal consolidation; fiscal rules; debt; stock flow adjustment; stock-flow adjustment; credibility in WAEMU; deficit ceiling; deficit target; deficit rule; Debt sustainability; Fiscal space; Global
Cover Policy Papers
Review of The Fund’s Capacity Development Strategy—Background Papers
International Monetary Fund. Institute for Capacity Development
This supplement includes five background papers and provides background information on various aspects of capacity development (CD) for the main Board paper, Review of the Fund’s Capacity Development Strategy—Towards a More Flexible, Integrated, and Tailored Model. It is divided into five sections, each consisting of a different background paper. The five sections cover (1) CD Delivery Modalities; (2) Evaluation and Impact; (3) Regional Capacity Development Centers and Field Presence; (4) HR Policies; and (5) Mapping the Fund’s Position vis-à-vis Other CD Providers.
Keywords:
Capacity Development; Technical Assistance; Training; Institution; Priorities; Evaluation; Impact; Field Presence; Regional Capacity Development Training Center; CD Strategy Review; CD department; CD provider; delivery modality; CD staffing model; RCDC CD Delivery; Anti-money laundering and combating the financing of terrorism (AML/CFT); Comparative advantage; Training and development in revenue administration; Global; South America; Asia and Pacific; Sub-Saharan Africa; Maghreb
Cover IMF Staff Country Reports
Switzerland: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Switzerland
International Monetary Fund. European Dept.
Recovery was strong in 2021, but there are headwinds from the war in Ukraine. 2021 output was 1 percent higher than in 2019, but 2 percent below pre-Covid trends; unemployment is back to pre-crisis levels. Inflation has picked up (2.5 percent in April), but below other advanced economies. Strong exports/merchanting led to a higher current account surplus. Although the energy mix (nuclear, hydro) has limited exposure to Russia, exposures of commodity traders and indirect channels could be important. Growth is likely to slow to 2¼ percent in 2022 (¾ ppt. drag from the war). Risks are to the downside (war escalation, Covid developments, real estate). Covid outlays are lower in 2022, but still large (1.2 percent of GDP). Outlays related to Ukraine are likely to be accommodated as extraordinary. The Swiss National Bank is closely monitoring inflation, seeing it returning to the 0–2 percent range this year. The authorities reactivated the sectoral CCyB for residential real estate. They are pursuing pension and labor reforms, climate initiatives, energy security, and renewed EU engagement.
Keywords:
Policy rate hike; debt brake rule; FSI website; inflation pressure; IMF staff estimate; policy challenge; Inflation; COVID-19; Government finance statistics; Global
Cover IMF Staff Country Reports
United Kingdom: 2020 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for the United Kingdom
International Monetary Fund. European Dept.
The UK entered 2020 negotiating a new economic relationship with the EU and facing other challenges, including meeting climate targets, dealing with an aging population, and reinvigorating tepid productivity growth. Growth and investment had been weak since the 2016 referendum, and the current account deficit elevated, but unemployment was low, inflation on target, and balance sheets strong. The global pandemic hit the UK hard in March, and the country now faces a second wave. The economic impact has been severe, but helped by an aggressive policy response, jobs have been preserved, businesses kept afloat, and banking sector losses contained. Still, the outlook for the near term is weak, as the economy works through the second wave, Brexit, rising unemployment, and corporate distress. Risks are overall to the downside, centering on the degree of balance sheet damage sustained by households and small and medium enterprises. The pace at which vaccines are able to bring the pandemic under control could be an important mitigating factor.
Keywords:
ISCR; CR; NI Protocol; draft UK; bank dividend payment; welfare provision; withdrawal agreement; activity data; COVID-19; Inflation; Global; Europe
Cover IMF Staff Country Reports
Switzerland: 2019 Article IV Consultation - Press Release; Staff Report; and Statement by the Executive Director for Switzerland
International Monetary Fund. European Dept.
The Swiss economy has performed relatively well since the global financial crisis. Growth compares favorably with most other advanced countries and aggregate employment has grown robustly. The fiscal position is strong and the external trade surplus remains large and stable despite several episodes of intense appreciation pressure owing to the Swiss franc’s reputation as a safe haven. Growth is expected to temporarily dip to 1.1 percent in 2019 on weakness in external demand. Risks to the outlook are tilted down. Switzerland is also facing several policy challenges: low interest rates are fueling risks in the real estate and mortgage markets; persistent subdued inflation has decreased the operational space for monetary policy; and population aging and technological change will require further upskilling and generate new demands for public resources.
Keywords:
ISCR; CR; government; government report; Switzerland; FINMA; authorities' interpretation; liability positions vis-à-vis nonresident; deposit insurance system; safe-haven pressure; Corporate income tax; Income; Global
Cover IMF Working Papers
Designing Sound Fiscal Relations Across Government Levels in Decentralized Countries
Robin Boadway
and
Luc Eyraud
This paper discusses how decentralized countries can achieve sound fiscal relations between the central government and lower government levels. The concepts of “vertical gap” and “vertical balance” provide an analytical framework for identifying and addressing key challenges. These concepts can help policymakers ensure that the financing of subnational governments (composed of transfers received from the center, own revenues, and borrowing) is both efficient and adequate given the allocation of spending responsibilities. More generally, the paper offers some perspectives about the optimal design of decentralization systems by examining the sequencing and economic principles underlying revenue and expenditure assignments, the use of transfers, and borrowing.
Keywords:
WP; national government; infrastructure project; expenditure responsibility; government health; vertical gap; fiscal federalism; vertical imbalance; fiscal balance; state revenue; government policy; subnational government; revenue decentralization; government arrears; Public employment; Fiscal stance; Northern Europe; Europe
Cover International Monetary Fund Annual Report 2018
International Monetary Fund Annual Report 2018
Building a Shared Future
International Monetary Fund

Abstract

The past year was one of growing economic anxiety tied to skepticism about both economic integration and an international approach to economic policy making. To help make globalization work for all, the IMF focused on providing policy advice in many macro-critical areas.

Keywords:
AR; AREA; country; IMF paper; IMF staff calculation; IMF staff; member country; IMF research; IMF quota resource; IMF-World Bank Annual Meetings; Fiscal risks; Inclusive growth; Budget planning and preparation; Global; Asia and Pacific; Sub-Saharan Africa; Africa; Caribbean; demanded IMF course offering; External audit; Income inequality
Cover International Monetary Fund Annual Report 2018
International Monetary Fund Annual Report 2018
Building a Shared Future
International Monetary Fund

Abstract

The past year was one of growing economic anxiety tied to skepticism about both economic integration and an international approach to economic policy making. To help make globalization work for all, the IMF focused on providing policy advice in many macro-critical areas.

Keywords:
AR; AREA; country; IMF paper; IMF staff calculation; IMF staff; member country