The 2011 edition of OECD's periodic review of the Belgian economy. This edition includes chapters covering public finances, the labour market, and green growth.
Table of contents:
Executive summary Assessment and recommendations Chapter 1.Bringing public finances to a sustainable path -The recovery is gathering pace, but will be insufficient to restore fiscal sustainability -High levels of public debt boost the need for fiscal consolidation -Reform of social security is the key to controlling ageing-related cost increases -Fiscal federalism reform should facilitate consolidation -An internal stability pact would improve the burden-sharing of fiscal targets -Annex 1.A1. Progress in structural reform -Annex 1.A2. Scenarios for public finances -Annex 1.A3. The Belgian social security system Chapter 2.Enhance the inclusiveness of the labour market -The labour market performed relatively well during the crisis, but structural problems remain -The anti-crisis labour measures should be scaled back as the economy recovers -The government should focus on making the labour market more inclusive -There are still large underutilised sources of labour -Annex 2.A1. The seasonal pattern in the reduced working time programme Chapter 3.Greener growth in the Belgian federation -The greenhouse gas emission targets are becoming increasingly challenging -The high energy intensity of the economy leads to a large amount of emissions -Polluters must face the marginal cost of damages to ensure cost-efficient abatement -Improvements in the area of water quality are visible, but suffer from a large backlog -Environmental tools and policies should be co-ordinated and realigned -Bibliography -Annex 3.A1. Price elasticities of fuel demand Glossary