The hidden cycle: How informality shapes fiscal policy and sovereign default
The informal sector tends to expand during economic downturns and contract in recoveries, and is also highly sensitive to fiscal policy. This column explores the
Reimaging public finance management: From spending control to delivering outcomes
For as long as governments have existed, so has public financial management (PFM). This approach has always been explicitly designed to ensure the efficiency and
What Germany’s medium-term fiscal plan means for Europe
EU leniency on Germany’s fiscal plan highlights rule rigidity and the need for reform to support investment. Germany’s July 2025 medium-term fiscal-structural plan exposes the
Dangling fiscal surveillance: EU fiscal policies in 2024
Effectively suspended since the onset of the Covid pandemic, the EU fiscal rules were set to make a comeback in 2024. At the same time,
Keeping an eye on budgetary forecasts: The new Forecast Tracker of the Secretariat of the European Fiscal Board
Forecasts underpinning budgetary plans have a well-documented impact on fiscal performance especially when policymakers view the world through rosy lenses. Combined with inertia in the
Do governments adhere to their approved budgets? Insights from PEFA assessments
Why budget reliability matters Accurate revenue and expenditure forecasting is crucial for effective budgeting to ensure that governments can adequately plan for public services, infrastructure
