Author/Editor:

International Monetary Fund. European Dept.

Publication Date:

February 19, 2020

Electronic Access:

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Summary:

The economy continues to expand; fiscal performance has been strong and public debt continues to decline. Ahead of the 2020 elections social demands have precipitated strongly, causing the government to reverse recent pension reforms and promise large public wage increases. Downside risks arise from changes in global conditions, contingent liabilities, further reform standstill, and adverse demographics. The country submitted its ERM II and the Banking Union entry request in July 2019. The authorities currently expect SSM/SRM membership by mid-2020 and see 2023 as the earliest time for euro adoption.

Series:

Country Report No. 20/50