Search Results

You are looking at 1 - 6 of 6 items for :

  • "a number of EU member country" x
Clear All
International Monetary Fund. Fiscal Affairs Dept. and International Monetary Fund. Legal Dept.
In an environment in which growth and employment prospects in many countries remain subdued and a number of high-profile corruption cases have fueled moral outrage, and amid a growing consensus that corruption can seriously undermine a country’s ability to deliver inclusive economic growth in a number of different areas, addressing corruption globally—in both developed and developing countries—has become increasingly urgent. When corruption impairs government functions, it can adversely affect a number of important determinants of economic performance, including macrofinancial stability, investment, human capital accumulation, and total factor productivity. Moreover, when systemic corruption affects virtually all state functions, distrust of government can become so pervasive that it can lead to violence, civil strife, and conflict, with devastating social and economic implications. This Staff Discussion Note focuses on corruption that arises from the abuse of public office for private gain, whether it manifests itself transactionally (for example, a bribe) or through powerful networks between business and government that effectively result in the privatization of public policy. While designing and implementing an anticorruption strategy requires change on many different levels, the IMF's experience in assisting member countries suggests that several elements need to be given priority: transparency, rule of law, and economic reform policies designed to eliminate excessive regulation. Perhaps most important, however, addressing corruption requires building effective institutions, with the clear objective of developing a competent civil service that takes pride in being independent of both private influence and public interference.
Mr. George Kopits

social security imbalances, some of these countries could already have met the reference value by 1996. 10 In a number of EU member countries, including France and Germany, the authorities intend to further streamline benefits, instead of resorting to additional tax increases, in order to support the convergence process. 11 Table 3. OECD Member Countries: Government Transfers to Social Security, 1980 and 1994 (In percent of GDP) 1980 1994 1/ Europe Austria 2.5 3.8 Belgium 6.4 3.3 Denmark 4

Mr. George Kopits
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.
International Monetary Fund

columns of Table I.2 illustrate the impact of reducing outflows by one-quarter and one-half, respectively, where the fifth column with an 80 percent rollover rate remains a severe shock that is broadly consistent with experience of a number of EU member countries in the current global crisis. 9 With the decline in estimated financing needs, the implied number of arrangements and average access levels would also decline, reducing crisis resolution commitments by about SDR 40 billion and SDR 75 billion, respectively. Overall, the resource envelopes discussed earlier

International Monetary Fund
This paper examines the implications of the Fund accepting membership in the Financial Stability Board (“FSB”). The FSB Charter (the ?Charter?) explicitly contemplates the possibility of the Fund and the other international financial institutions becoming members but notes that ?the acceptance of membership by the international financial institutions (IFIs) in the FSB is subject to the approval of their respective governing bodies.? An Executive Board decision is required for the Fund to accept membership and is proposed below.
International Monetary Fund. Fiscal Affairs Dept. and International Monetary Fund. Legal Dept.

scope of the budget to incorporate off-budget funds and state-owned enterprises. On public financial management more generally, with IMF support, a number of EU member countries (for example, the Baltic states, the Czech Republic, and Poland) have significantly improved their corruption perception scores, including, among other things, by strengthening their public financial management systems, which approach international best practices in some or several dimensions. The Philippines’ transparency perception scores have also improved since the implementation of