in Europe and Central AsiaA Stock-Taking ExercisePresentation at CASE June 17
th
, 2010Luca Barbone
1
Fiscal crisis?
´If
I
were reborn,
I
would like to be reincarnated as the BondMarketµ(James Carville,
f
ormer advisor to President Clinton)
6/17/2010
2
Main points
3
1.
Before the crisis, deficits and debt were falling across theregion. Fiscal policies improved on many fronts;
2.
But in the latter half of the decade, pre-crisis, buoyantrevenues led to less fiscal restraint and a postponementof some needed reforms;
3.
During the crisis, fiscal policy responses differed in theeast and west
y
Reliance on automatic stabilizers in most countries
y
Fiscal stimulus programs in resource-rich economies.
4.
After the crisis, fiscal adjustment priorities will be evenmore differentiated
y
Education and infrastructure needs high in much of region
y
Social insurance expenditure too high in Central and SouthernEurope
y
Increasing efficiency, for example by reducing energy subsidies inmiddle-income Former Soviet Union
y
Withdrawing stimulus
y
Revisiting tax policy?
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Fiscal Crisis in Europe and Central Asia
Presentation by Luca Barbone, World Bank at CASE Foundation seminar, Warsaw 17 June 2010
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