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Are Europe's Social Security Finances Compatible with EMU?
Author:
Mr. George Kopits
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Series:
IMF Policy Discussion Papers
Volume/Issue:
Volume 1997: Issue 003
Language:
English
Publication Date:
01 Mar 1997
DOI:
https://doi.org/10.5089/9781451974034.003
ISBN:
9781451974034
ISSN:
1564-5193
Pages:
26
Keywords:
PDP; EU member; benefit; EU accession; Germany; health-care benefit; sick pay; social security institution; Pension spending; Pensions; Unemployment benefits; Securities; Health care; Europe
Legal-disclaimer:
This Policy Discussion Paper should not be reported as representing the views of the IMF. The views expressed in this Policy Discussion Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Policy Discussion Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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Pursuant to the Treaty of Maastricht, members of the European Union (EU) intend to participate in the Economic and Monetary Union (EMU), in part through convergence toward specified limits on the overall deficit and gross debt of general government. The paper argues that in several EU members, the financial imbalance of social security institutions may constitute an impediment to meeting these requirements. Given a constraint on further payroll tax increases, most countries will need to undertake major reform of public pension and health-care systems, to ensure adherence to the EMU fiscal criteria in the medium to long run.
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Cover IMF Policy Discussion Papers
IMF Policy Discussion Papers
ISSN:
1564-5193
Publisher:
International Monetary Fund