- Teresa Daban Sanchez, Steven Symansky, Gian Milesi-Ferretti, Enrica Detragiache, and Gabriel Di Bella
- Published Date:
- November 2003
© 2003 International Monetary Fund
Production: IMF Multimedia Services Division
Figures: Theodore F. Peters, Jr.
Library of Congress Cataloging-in-Publication Data
Rules-based fiscal policy in France, Germany, Italy, and Spain / Teresa Dabán . . . [et al.]—Washington, D.C.: International Monetary Fund, 2003
p. cm. — (Occasional paper, ISSN 0251-6365); 225
Includes bibliographical references.
1. Fiscal policy—Europe. 2. Fiscal policy—France. 3. Fiscal policy—Germany. 4. Fiscal policy—Italy. 5. Fiscal policy—Spain. I. Dabán, Teresa II. International Monetary Fund. III. Occasional paper (International Monetary Fund); no. 225
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The following symbols have been used throughout this paper:
… to indicate that data are not available;
— to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
– between years or months (e.g., 1998–99 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
/ between years (e.g., 1998/99) to indicate a fiscal (financial) year.
“Billion” means a thousand million.
Minor discrepancies between constituent figures and totals are due to rounding.
The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.
Material presented in this paper was originally prepared in October 2001 as background for IMF Executive Board discussions on France, Germany, Italy, and Spain. Subsequently, the paper was updated to reflect developments through March 2003. Many colleagues in the Fund contributed, including in the European I, Fiscal Affairs, Asia and Pacific, and Western Hemisphere departments. The help and encouragement of C. Maxwell Watson have been essential to the development and execution of the project. The authors are also particularly grateful for helpful comments and discussions with Robert Corker, Michael Deppler, Robert Ford, Richard Hemming, Thomas Krueger, Alessandro Leipold, Susan Schadler, and Alessandro Zanello. Marco Cangiano kindly provided historical fiscal data. The authors also wish to thank the authorities of France, Germany, Italy, and Spain for useful comments and important information.
Sheldon Annis in the External Relations Department edited the paper and coordinated its publication. Susan Becker of the European I Department assisted in preparing the figures, while Lisbeth Kiuru, also of the European I Department, processed the original text.
The views expressed in the paper are those of the authors. They do not necessarily reflect the views of the national authorities, the IMF, or its executive directors.