Kingdom of Netherlands: Netherlands: 2011 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Kingdom of Netherlands: Netherlands
IMF Staff Country Reports, June 21, 2011
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- Kingdom of Netherlands: Netherlands: 2011 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Kingdom of Netherlands: Netherlands
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Bibliographic details
- Published: June 21, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455286638.002
Executive summary and macroeconomic stability
- The study provides an overview of the stability of the economy of the Netherlands.
- Bank profitability has recovered.
- The housing and mortgage markets are relatively stable, although vulnerabilities to household balance sheets are rising.
- Executive Directors agreed that structural reforms continue to be key to lifting the Netherlands’s long-term growth prospects.
Banking sector and financial stability
- Bank profitability has recovered.
- The results of stress tests in the context of the Financial Stability Assessment Program (FSAP) update are welcomed.
- Stress-test findings show resilience of bank capital and liquidity buffers under extreme scenarios.
Housing, mortgages, and household vulnerabilities
- The housing and mortgage markets are characterized as relatively stable.
- Vulnerabilities to household balance sheets are rising, indicating growing downside risks from household-sector exposures.
Structural reforms and policy recommendations
- Executive Directors emphasized that structural reforms are essential to lift long-term growth prospects.
- Further reforms of the tax and benefit systems are needed.
Subject areas and keywords (as provided)
- Subject: Aging, Fiscal policy, Fiscal sustainability, Housing prices, Labor, Output gap, Population and demographics, Prices, Production
- Keywords: Aging, CR, deficit, Fiscal sustainability, Global, government finances, government intervention, Housing prices, ISCR, Netherlands, Output gap, projection, short term, supply condition, y-o-y growth