Belgium: 2008 Article IV Consultation: Staff Report; Staff Supplement; and Public Information Notice on the Executive Board Discussion
International Monetary Fund, Mar 27, 2008 - Business & Economics - 46 pages
Although economic performance has remained good, difficulties in building consensus for institutional reform have caused an ill-affordable hiatus in economic policymaking. Robust economic activity absorbed a growing labor force and allowed the unemployment rate to decline continuously. Low-income groups are being disproportionately affected by the food and energy price increases, triggering a necessary increase in targeted income support. The authorities agreed that various indicators suggest that the current level of the real effective exchange rate is broadly appropriate.
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ADDRESSING TURBULENCE AND ENHANCING STABILITY
RESUMING CONSOLIDATION AND IMPROVING INSTITUTIONS
RAISING EMPLOYMENT AND PRODUCTIVITY
VI STAFF APPRAISAL
TABLE OF COMMON INDICATORS REQUIRED FOR SURVEILLANCE
IMF Executive Board Concludes 2007 Article IV Consultation with Belgium
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1.6 percent appears manageable Article IV consultation assets authorities agreed bancassurance Bank of Belgium CBFA Consultation with Belgium coordination with host credit default cross-border dimension Directors noted disclosure of exposures domestic downside Entity euro appreciation Eurostat Executive Board Figure financial institutions financial market financial sector Financial Soundness Indicators financial system financial turmoil fiscal adjustment fiscal consolidation fiscal federalism arrangements fiscal imbalances fiscal policy framework FSAP further GDP Growth Headline Inflation High Finance Council host country authorities households impact implications for banks income support increase International Monetary Fund job creation June 2007 elections levels of government macroeconomic medium-term National Bank nominal budget OECD one-off measures ongoing financial turbulence partial indexation percent in 2008 percent of GDP political tensions prudential supervision public-private partnerships recent REER regional remained revenue Ricardian Equivalence slowdown Source staff report stronger coordination structural reforms targeted Text Table unless otherwise indicated wage moderation Wallonia