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

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

Belgium illustrates the traditional European civil law tradition of emphasis on principles of civil litigation based on individual rights and standing. That tradition, requiring legislative rather than judicial authorization, has blocked general reform of collective representation and led to gradual recognition of individual and rather complex exceptions, overlaid by EU measures. No innovative reforms have yet crystallized. [Reprinted by permission of Sage Publications Inc., copyright The American Academy of Political and Social Science.]

Analyzes election results and cabinet changes in Belgium during 2004. Tables, References.

Cover -- CONTENTS -- CONTEXT-A HEALTHY RECOVERY AND RENEWED REFORM EFFORTS -- OUTLOOK-RECOVERY GAINING MOMENTUM BUT RISKS DOWN THE ROAD -- POLICY DISCUSSIONS-MAINTAINING THE REFORM MOMENTUM -- A. Rebuilding Fiscal Buffers -- B. Boosting Productivity -- C. Addressing the Fragmentation of the Labor Market -- D. Preserving Financial Stability -- STAFF APPRAISAL -- BOXES -- 1. Corporate Income Tax Reform -- 2. Simulating an Increase in Public Investment -- FIGURES -- 1. Macroeconomic Context -- 2. Fiscal Context -- 3. Productivity -- 4. Labor Market Fragmentation -- 5. Financial Sector Developments -- TABLES -- 1. Budget and Projected Outturns -- 2. Reform Agenda -- 3. Selected Economic Indicators, 2014-23 -- 4. Balance of Payments, 2014-23 -- 5. General Government Statement of Operations, 2014-23 -- 6. General Government Consolidated Balance Sheet, 2009-16 -- 7. Financial Soundness Indicators for the Banking Sector, 2009-16 -- ANNEXES -- I. Main Recommendations of the 2017 Article IV Consultation and Authorities' Response -- II. External Sector Report -- III. Risk Assessment Matrix -- IV. Debt Sustainability Analysis -- V. Labor Market and Pension Reform Measures -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES.

KEY ISSUES:With growth projected at just over 1 percent in 2014, recovery from the stagnation of 2012?13 is proving slow, as in much of Europe. Healthy private balance sheets and integration with Germany dampened the impact of the crisis. However, despite its resilience the economy has been losing competitiveness due to higher labor cost and lower productivity growths than peer countries. The government has taken measures to close the wage gap, but the economy also needs to become more productive and adaptable through deeper product and labor market reforms. Low rates of employment further pen

BELGIUM. Topics covered: Environment Management: Air and Water Management.; Nature and Biodiversity Management.; Environment-Economy Interface.; Environmental-Social Interface.; Environment-Health Interface.; International Co-operation. This book is part of the OECD Environmental Performance Reviews Programme which conducts peer reviews of environmental conditions and progress in each member country. It scrutinises efforts to meet both domestic objectives and international commitments. The analy

Belgium illustrates the traditional European civil law tradition of emphasis on principles of civil litigation based on individual rights and standing. That tradition, requiring legislative rather than judicial authorization, has blocked general reform of collective representation and led to gradual recognition of individual and rather complex exceptions, overlaid by EU measures. No innovative reforms have yet crystallized.

Cover Page -- Title Page -- Copyright Page -- Contents -- APPENDICES -- TABLES -- FIGURES -- BOX -- CONTEXT -- 1. Real Sector -- 2. Private Sector Balance Sheet -- 3. External Sector -- 4. Social Expenditure and Labor Market Outcomes -- 5. Fiscal Developments and Medium-Term Projections -- 6. Financial Sector -- 1. Selected Economic Indicators, 2010-20 -- 2. Balance of Payments, 2010-20 -- 3. General Government Statement of Operations, 2010-20 -- 4. General Government Consolidated Balance Sheet, 2006-13 -- 5. Structure of the Financial System, 2009-14 -- 6. Financial Soundness Indicators of the Banking Sector, 2009-14 -- 7. Banking Sector Balance Sheet -- OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Strengthening Potential Growth and Competitiveness -- B. Raising Employment Rates -- 1. Main Reforms of Unemployment Benefits and Pension Announced by the New Government -- C. Placing Fiscal Policy on a Path of Steady Adjustment -- D. Seeking a More Efficient Tax System -- E. Continuous Adjustment in the Financial Sector -- STAFF APPRAISAL -- I. External Sector Assessment -- II. Risk Assessment Matrix -- III. Main Recommendations of the 2014 Article IV -- IV. Labor Market and Pension Reform Measures -- V. Debt Sustainability Analysis -- Footnotes -- Belgium: 2015 Article IV Consultation-Staff Report -- and Press Release -- IMF Executive Board Concludes 2015 Article IV Consultation with Belgium