Introduction
I. Economic developments in 1991 
-Trends in demand
-Labour market developments
-The slow disinflation
-Trade and balance of payments
II. Macroeconomic policies and short-term prospects
-Monetary trends in 1991
-Fiscal developments
-The outturn in 1991
-The 1992 budget
-Short-term prospects
III. Public sector structural issues
-General government financial consolidation
-Public sector firms
IV. Inflation performance and structural rigidities
-The anti-inflation strategy
-Inflation trends and proximate causes
-Cost-sources of inflation
-Sectoral sources of inflation
-Unbalanced growth and excessive demand pressures
-Institutional and microeconomic rigidities
-Evidence of inflation-proneness
-Wage-formation and labour market rigidities
-Imperfect competition and inadequate public services
-Distortions in the property market
V. Conclusions
Notes and references
Statistical annex