NDLI: Securing fiscal sustainability

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OECD Economic Surveys: Netherlands 2008

Assessment and recommendations

Challenges facing the Dutch economy

Securing fiscal sustainability

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Securing fiscal sustainability

Content Provider	OECD iLibrary
Organization	OECD
Abstract	The Dutch public finances are generally in a good condition. Following the breach of the 3% limit in 2003, an impressive fiscal consolidation programme brought the budget successfully back into surplus in 2006. The fiscal stance was, however, eased somewhat in 2007 at a time when the economy was already running out of available capacity. The draft budget for 2008 shows an improvement in the structural balance, reflecting a projected rise in natural gas revenues. A gradual further improvement is planned for later years. Given the high uncertainty surrounding short-term prospects in the international economy, the authorities should be prepared to allow a flexible operation of automatic stabilisers. Over the medium-term, the challenge of ageing looms large, but less so than in other countries, thanks to the well-funded second pillar pension system. Since the last Survey, the required consolidation for achieving fiscal sustainability has increased, reflecting both a re-assessment of future cost and revenue developments, but also an increase in life expectancy. A possible strategy to cope with the "sustainability gap" would be to run large budgetary surpluses for a long period of time, but this is likely to prove politically challenging. An alternative strategy is the adoption of incentives to increase participation in the labour market, including at older ages, so as to widen the revenue basis. It would also be important to enact measures containing age-related spending. Various proposals to reform the first pillar pension scheme, which besides health care expenditures accounts for the bulk of future deficits, are discussed in this chapter.
Page Count	20
Starting Page	53
Ending Page	67
Language	English
Publisher	OECD Publishing
Publisher Date	2008-01-31
Access Restriction	Open
Subject Keyword	Economics
Content Type	Text
Resource Type	Chapter

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