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Cover Page -- Title Page -- Copyright Page -- Contents -- BOXES -- FIGURES -- FIGURES -- TABLES -- APPENDIX -- A. Are House Prices Overvalued and by How Much? -- 1. Belgium: House Price Developments -- 1. Regression Based Overvaluation -- B. What are the Factors that Could Trigger a Rapid Adjustment? -- 2. Household Balance Sheet and Real Factors -- 3. Belgian Mortgage Lending -- C. What Would be the Effect of a House Price Shock on the Real Economy? -- 2. House Prices and the Real Economy -- D. Policy Risks and Recommendations -- E. Conclusion -- A. Belgium's Record of Fiscal Consolidation -- 1. Fiscal Consolidation Efforts, 1995-2013 -- B. A Growth-Friendly Expenditure-Based Fiscal Consolidation in Belgium -- 1. Announced Fiscal Measures, 2015-18 -- 2. Belgian Tax Primer -- 3. Options for a Lasting, Growth and Equity-Friendly Fiscal Consolidation -- 4. Potential for Rebalancing the Tax System -- 5. General Government Spending, 1995-2013 -- 6. General Government Social Spending, 1995-2013 -- 2. Public Social Expenditure by Broad Social Policy Area in 2010 -- 7. Fiscal Cost of Business Subsidies, 1995-2013 -- 8. Employee Compensation, 2002-13 -- C. Implications for the Burden-Sharing Agreement between Levels of Governments -- 9. Fiscal Federalism -- D. Conclusion -- I. Reforms of Unemployment Benefits and Pension (2010-15) -- References -- TOWARD A GROWTH-FRIENDLY FISCAL CONSOLIDATION IN BELGIUM -- BELGIAN HOUSE PRICES: EVOLUTION AND RISKS -- Footnotes