Navigation and service

22 November 2018

Overview of fed­er­al bud­getary and fi­nan­cial da­ta up to and in­clud­ing Oc­to­ber 2018

Translated extracts from the Federal Ministry of Finance’s November 2018 monthly report

Federal budget trends up to and including October 2018

Trends in the federal budget

 

Actual 2017

2018 target

Actual1 January–

October 2018

Expenditure (€bn)2

325.4

343.6

275.2

Year-on-year change in % (year to date)

 

+1.9

Revenue (€bn)2

330.4

341.7

276.0

Year-on-year change in % (year to date)

 

+6.1

Tax revenue (€bn)

309.4

321.3

254.9

Year-on-year change in % (year to date)

 

+5.1

Fiscal balance (€bn)

5.0

-1.9

0.9

Financing/use of surplus:

-5.0

1.9

-0.9

Cash resources (€bn)

-

-

45.3

Seigniorage (€bn)

0.3

0.3

0.2

Movements in reserves3 (€bn)

-5.3

1.6

0.0

Net borrowing4 (€bn)

0.0

0.0

-46.4

Revenue

Federal revenue for the January–October 2018 period totalled €276.0bn, up by 6.1% on the year (€15.8bn). Tax revenue (including EU own resources) increased by 5.1% (€12.3bn). Tax revenue trends this year have been affected by various special factors. In 2017, approximately €7.3bn of nuclear fuel duty (including interest) had to be returned to energy supply companies following the Federal Constitutional Court’s ruling of 13 April 2017. In addition, transfers of GNI-based own resources to the EU have been up significantly in 2018, by approximately €7.4bn on the year.

Other revenue was 19.9% (€3.5bn) higher on the year in the January–October 2018 period, mainly due to an increase in allocations from the Bundesbank’s profits (allocations so far this year have totalled €1.9bn, an increase of €1.5bn on the year). In addition, profits from the Federation’s holdings were up by €0.3bn on the year.

Expenditure

Cumulative federal expenditure for the period from January to October 2018 totalled €275.2bn, an increase of 1.9% (€5.2bn) on the year. Federal spending is separated into consumption and investment expenditure. In the January–October 2018 period, consumption spending was 2.3% higher than in the same period last year. This can be attributed primarily to increases in military procurement spending (up by 6.8%) and in ongoing grants to public administrations (up by 20.9%). In the latter category, the Federation’s allocation of €2.8bn to the Energy and Climate Fund had the biggest impact on results. This category also includes an increase in federal grants to reimburse the Länder for social spending on basic income support for older people and for people with reduced earning capacity. These grants totalled roughly €900m in the fourth quarter of 2017, but the reimbursements were not paid until 2018. There was no such spending in the first quarter of 2017. Grants for other areas saw a below-average year-on-year rise in the January–October 2018 period, tempering the increase in consumption expenditure. Nevertheless, there was a marked 2.9% increase in social security spending during this period, mainly as a result of higher allocations to the general pension insurance system (up by 3.6%). Interest expenditure fell sharply on the year by 8.1% in the first ten months of 2018. Investment spending totalled €23.6bn; this is approximately 59% of the target level for 2018. The budgeted amount includes a €2.4bn allocation to a special digital infrastructure fund. However, the fund is currently still going through the parliamentary procedure, meaning that there have not yet been any actual outflows. Investment spending was down by 1.9% on the year in the January–October 2018 period. This is mainly due to the allocations made in August 2017 to increase the equity of Deutsche Bahn AG by €1bn. Fixed asset investment saw a significant rise of 5.5% on the year, which boosted investment spending totals.

Fiscal balance

The federal budget recorded a surplus of €0.9bn for the period from January to October 2018.

Revenue and expenditure are subject to strong fluctuations over the course of the fiscal year and thus have an uneven effect on cash funds in individual months. Net borrowing also tends to fluctuate considerably over the course of the year. This means that the fiscal balance at this point in the year and the corresponding net borrowing figures are not reliable indicators of the end-of-year figures for the fiscal balance and net borrowing.

Trends in federal expenditure by function

Actual 2017

2018 target

Actual

Year-on-year

change (year to date)

January to

October 2017

January to

October 2018

in €m

share in %

in €m

share in %

in €m

in %

General public services

77,006

23.7

81,712

 23.8

60,207

61,439

+2.0

Economic cooperation and development

8,330

2.6

9,389

 2.7

5,418

5,472

+1.0

Defence

36,419

11.2

38,002

 11.1

28,693

29,729

+3.6

Government, central administration

15,858

4.9

17,388

 5.1

13,655

14,481

+6.1

Revenue administration

4,554

1.4

4,891

 1.4

3,694

3,814

+3.2

Education, science, research, cultural affairs

22,984

7.1

24,207

 7.0

16,314

16,318

+0.0

Support for school and university students and training programme participants

3,603

1.1

3,993

 1.2

2,824

2,734

 -3.2

Science, research and development outside of higher education institutions

12,268

3.8

13,290

 3.9

7,712

8,327

+8.0

Social security, family affairs and youth, labour market policy

168,801

51.9

173,006

 50.4

146,673

150,515

+2.6

Social insurance including unemployment insurance

111,703

34.3

115,063

 33.5

99,507

102,400

+2.9

including:

 

 

 

 

 

 

 

General pension insurance

82,381

 25.3

85,316

 24.8

74,270

76,971

+3.6

Labour market policy

37,590

11.6

36,728

 10.7

31,109

30,317

 -2.5

including:

 

 

 

 

 

 

 

Basic income support for jobseekers under Book II of the Social Code

21,423

6.6

20,400

 5.9

18,195

17,487

 -3.9

Government housing and heating allowances under Book II of the Social Code

6,753

2.1

6,900

 2.0

5,632

5,783

+2.7

Family assistance, welfare services, etc.

8,296

2.5

8,946

 2.6

6,940

7,554

+8.9

Social benefits for the consequences of war and political events

1,930

0.6

2,082

 0.6

1,639

1,567

 -4.4

Health, environment, sport, recreation

2,303

0.7

2,856

 0.8

1,558

1,669

+7.1

Housing, regional planning and local community services

2,923

0.9

3,549

 1.0

2,334

2,199

 -5.8

Housing, home ownership savings premium

2,267

0.7

2,580

 0.8

2,091

1,928

 -7.8

Food, agriculture and forestry

1,068

0.3

1,233

 0.4

577

457

 -20.7

Energy and water supply, trade and services

4,195

1.3

5,481

 1.6

3,352

2,847

 -15.1

Regional support measures

726

0.2

910

 0.3

477

398

 -16.5

Mining, manufacturing and construction

1,532

0.5

1,491

 0.4

1,427

1,266

 -11.3

Transport and communication

21,228

6.5

21,140

 6.2

16,323

16,080

 -1.5

Roads

9,484

2.9

10,081

 2.9

7,011

7,827

+11.6

Railways and public transport

7,047

2.2

6,162

 1.8

5,561

4,656

 -16.3

Financial management

30,532

9.4

30,416

 8.9

22,917

23,940

+4.5

Interest expenditure and borrowing-related expenditure

17,500

5.4

18,107

 5.3

16,547

15,208

 -8.1

Total expenditure 1

325,380

100.0

343,600

 100.0

269,970

275,184

+1.9

Trends in federal expenditure by economic category

Actual 2017

2018 target

Actual

Year-on-year

change (year to date)

January to

October 2017

January to

October 2018

in €m

share in %

in €m

share in %

in €m

in %

Consumption expenditure

291,367

89.5

304,483

88.6

245,949

251,626

+2.3

Human resources expenditure

31,824

9.8

33,397

9.7

27,157

27,898

+2.7

Salary payments

23,182

7.1

24,796

7.2

19,555

20,146

+3.0

Pensions

8,643

2.7

8,602

2.5

7,602

7,752

+2.0

Operating expenditure

28,693

8.8

30,587

8.9

20,653

21,169

+2.5

Administrative expenditure (excl. human resources)

1,571

0.5

1,588

0.5

1,174

1,252

+6.6

Military procurement

10,625

3.3

12,316

3.6

7,008

7,488

+6.8

Other

16,498

5.1

16,682

4.9

12,472

12,428

 -0.4

Interest expenditure

17,497

5.4

18,098

5.3

16,544

15,204

 -8.1

Ongoing grants and subsidies

212,582

65.3

221,491

64.5

180,914

186,678

+3.2

to public administrations

24,814

7.6

28,691

8.4

20,136

24,340

+20.9

to other areas

187,768

57.7

192,800

56.1

160,778

162,337

+1.0

including:

 

 

 

 

 

 

 

Companies

28,527

8.8

30,362

8.8

22,667

22,150

 -2.3

Pensions, assistance, etc.

30,127

9.3

29,391

8.6

25,611

25,109

 -2.0

Social security funds

117,495

36.1

120,190

35.0

103,910

106,932

+2.9

Other asset transfers

770

0.2

910

0.3

681

677

 -0.6

Investment expenditure

34,013

10.5

39,803

11.6

24,021

23,559

 -1.9

Financial assistance

24,170

7.4

29,312

8.5

17,220

16,387

 -4.8

Grants and subsidies

21,421

6.6

27,131

7.9

15,098

15,578

+3.2

Loans, guarantees

1,221

0.4

1,618

0.5

855

674

 -21.2

Acquisition of holdings; capital contributions

1,528

0.5

564

0.2

1,267

136

 -89.3

Fixed asset investment

9,843

3.0

10,490

3.1

6,801

7,172

+5.5

Construction projects

7,631

2.3

7,742

2.3

5,397

5,760

+6.7

Acquisition of movable assets

1,713

0.5

1,954

0.6

1,059

1,025

 -3.2

Acquisition of real property

499

0.2

794

0.2

345

387

+12.2

General reduction/increase in expenditure

0

0.0

-686

-0.2

0

0

X

Total expenditure 1

325,380

100.0

343,600

100.0

269,970

275,184

+1.9

Trends in federal revenue

Actual 2017

2018 target

Actual

Year-on-year

change (year to date)

January to

October 2017

January to

October 2018

in €m

share in %

in €m

share in %

in €m

in %

I. Tax revenue

309,376

93.6

321,307

94.0

242,576

254,870

+5.1

Federal share of joint taxes:

252,630

76.5

263,900

77.2

200,270

211,001

+5.4

Income tax and corporation tax (incl. final withholding tax on interest and capital gains)

136,685

41.4

144,503

42.3

105,332

113,569

+7.8

of which:

 

 

 

 

 

 

 

Wages tax

83,121

25.2

87,741

25.7

64,447

68,715

+6.6

Assessed income tax

25,256

7.6

26,173

7.7

18,854

19,116

+1.4

Non-assessed taxes on earnings

10,451

3.2

10,950

3.2

8,921

10,148

+13.8

Final withholding tax on interest and capital gains

3,227

1.0

3,474

1.0

2,604

2,684

+3.1

Corporation tax

14,629

4.4

16,165

4.7

10,506

12,906

+22.8

Value added taxes (VAT)

114,005

34.5

117,426

34.4

93,613

96,038

+2.6

Trade tax apportionment

1,941

0.6

1,971

0.6

1,324

1,395

+5.4

Energy duty

41,022

12.4

41,300

12.1

29,036

29,060

+0.1

Tobacco duty

14,399

4.4

14,160

4.1

11,148

11,270

+1.1

Solidarity surcharge

17,953

5.4

18,750

5.5

14,194

15,066

+6.1

Insurance tax

13,269

4.0

13,670

4.0

11,793

12,213

+3.6

Electricity duty

6,944

2.1

6,930

2.0

5,731

5,775

+0.8

Motor vehicle tax

8,948

2.7

9,010

2.6

7,688

7,766

+1.0

Nuclear fuel tax

-7,262

-2.2

0

0.0

-7,262

0

X

Alcohol duty

2,096

0.6

2,102

0.6

1,734

1,757

+1.3

Coffee duty

1,057

0.3

1,055

0.3

855

836

 -2.2

Aviation tax

1,121

0.3

1,175

0.3

884

940

+6.3

Deductions

 

 

 

 

 

 

 

Supplementary grants to Länder

9,229

X

8,545

X

7,093

6,724

 -5.2

EU own resources (GNI-based)

14,258

X

22,610

X

11,058

18,417

+66.5

EU own resources (VAT-based)

2,362

X

2,510

X

1,968

2,184

+11.0

Grants to Länder for public transport

8,348

X

8,498

X

6,956

7,082

+1.8

Grants to Länder for motor vehicle tax and HGV toll

8,992

X

8,992

X

6,744

6,744

+0.0

II. Other revenue

21,025

6.4

20,360

6.0

17,656

21,163

+19.9

Revenue from economic activity

3,868

1.2

5,172

1.5

3,475

5,334

+53.5

Interest revenue

344

0.1

309

0.1

255

262

+2.7

Loan repayments, holdings, privatisation proceeds

1,786

0.5

1,939

0.6

1,316

1,947

+47.9

Total revenue 1

330,401

100.0

341,667

100.0

260,232

276,033

+6.1

Tax revenue in October 2018

2018 trends in tax revenue (excluding local authority taxes)

2018

October

Year-on-year
change 

January

to October

Year-on-year

change  

2018 estimates 4

Year-on-year
change

in €m

in %

in €m

in %

in €m

in %

Joint taxes            
Wages tax2

16,120

+8.3

165,942

+6.6

207,800

+6.3

Assessed income tax

-228

X

44,984

+1.4

60,200

+1.3

Non-assessed taxes on earnings

917

+16.8

20,355

+13.6

23,200

+10.9

Final withholding tax on interest and capital gains

(including the former withholding tax on interest income)

345

 -24.2

6,100

+3.1

7,491

+2.2

Corporation tax

-101

X

25,812

+22.8

33,330

+13.9

Value added taxes (VAT)

18,908

+2.3

193,127

+3.4

234,650

+3.7

Trade tax apportionment

975

+13.7

3,637

+5.4

4,880

+4.2

Increased trade tax apportionment

919

+8.6

3,079

+3.8

4,010

+2.9

Total joint taxes

37,855

+9.1

463,035

+5.7

575,561

+5.1

Taxes accruing to the Federation
Energy duty

3,615

 -0.6

29,060

+0.1

41,100

+0.2

Tobacco duty

1,474

+45.9

11,270

+1.1

14,300

 -0.7

Alcohol duty (formerly spirits duty)

168

 -5.2

1,756

+1.3

2,120

+1.3

Insurance tax

631

+6.3

12,213

+3.6

13,700

+3.2

Electricity duty

567

 -0.9

5,775

+0.8

7,000

+0.8

Motor vehicle tax

676

+4.5

7,766

+1.0

9,010

+0.7

Aviation tax

122

+19.3

940

+6.3

1,175

+4.9

Nuclear fuel duty

0

X

0

X

0

X

Solidarity surcharge

999

+8.8

15,066

+6.1

18,800

+4.7

Other taxes accruing to the Federation

117

 -4.6

1,172

 -0.6

1,447

+0.1

Total taxes accruing to the Federation

8,369

+7.6

85,019

+11.7

108,652

+8.7

Taxes accruing to the Länder
Inheritance tax

632

+54.2

5,693

+11.9

6,470

+5.8

Real property transfer tax

1,250

+18.3

11,688

+6.8

13,840

+5.3

Betting and lottery tax

151

+2.2

1,564

+2.3

1,872

+1.9

Beer duty

51

 -2.8

562

+0.1

670

+0.9

Other taxes accruing to the Länder

23

+6.1

404

+2.3

464

+2.9

Total taxes accruing to the Länder

2,108

+24.8

19,911

+7.6

23,316

+5.0

EU own resources
Customs duties

387

 -8.4

4,168

 -1.7

5,050

 -0.2

VAT-based own resources

201

+2.1

1,983

+0.7

2,410

+2.0

GNI-based own resources

1,866

+18.1

16,556

+49.7

21,180

+48.6

Total EU own resources

2,454

+11.6

22,708

+31.5

28,640

+32.1

Federation3

21,422

+8.9

257,624

+6.0

323,820

+4.7

Länder 3

21,807

+9.2

253,199

+5.1

311,576

+4.4

EU

2,454

+11.6

22,708

+31.5

28,640

+32.1

Local authorities’ share of income and value added tax

3,035

+10.1

38,602

+8.0

48,542

+7.5

Total tax revenue (excluding local authority taxes)

48,718

+9.2

572,133

+6.6

712,579

+5.6

Total tax revenue (excluding local authority taxes) was up by 9.2% in October 2018 over the same month last year. Revenue from joint taxes was up by 9.1% on the year during this period. This increase was driven mainly by higher revenues from wages tax and corporation tax. Wages tax revenue posted a particularly sharp gain, probably due to retroactive wage payments resulting from previously agreed wage increases under collective agreements. Last year in October, the final refunds of corporation tax were issued under an arrangement to reimburse payments made under previous corporation tax rules. This caused a baseline effect that impacted the results for October 2018. Receipts from non-assessed taxes on earnings posted solid growth as well. In contrast, VAT revenue grew at a relatively weak pace in October. Revenue from taxes accruing solely to the Federation was up by 7.6% on the year, due in part to a technicality that drove up tobacco duty revenue totals in October. Receipts from taxes accruing solely to the Länder surged by 24.8% on the year.

EU own resources

Transfers of own resources to the EU, including customs duties, totalled approximately €2.5bn in October 2018, up 11.6% over the same month last year. Transfers to the EU are based on the planned financial framework for 2018, with fluctuations over the course of the year depending on the EU’s financing needs at any given time.

Cumulative overview of the January-October 2018 period

In the first ten months of 2018, total tax receipts were up by 6.6% on the year. Broken down by category, revenue from joint taxes was up by 5.7%, receipts from federal taxes climbed by 11.7%, and the yield from Länder taxes increased by 7.6%.

Distribution among the Federation, Länder and local authorities

The Federation’s tax receipts (after accounting for supplementary federal grants to the Länder ) were up by 8.9% on the year in October 2018. Länder tax receipts recorded a year-on-year gain of 9.2%. These results were driven by the increased share of revenue from joint taxes allocated to the Federation and the Länder : the Federation’s share increased by 8.6% and the share of the Länder rose by 9.3%. In addition, taxes whose receipts are allocated specifically to the Federation or specifically to the Länder also contributed to the strong revenue gains posted in October. Transfers of EU own resources, which were higher on the year, had a slightly negative impact on the Federation’s overall revenue figures for the month. The local authorities’ take from joint taxes was up by 10.1% on the year.

Joint taxes

Wages tax

Wages tax revenue again posted strong growth in October 2018, with gross revenue climbing by 6.7% on the year. This ongoing positive trend is being driven by steady employment growth and rising incomes. In addition, the October results were likely boosted by retroactive wage payments resulting from previously agreed wage increases under collective agreements. Child benefit payments – which are financed from wages tax receipts – fell by 0.3% on the year in October 2018. One Land is experiencing problems with preparing the underlying data for child benefit payments, which continues to skew this figure. Cash receipts from wages tax are not impacted by this effect, however. On balance, cash receipts from wages tax were up by 8.3% on the year in October 2018. In cumulative terms, cash receipts from wages tax were up by 6.6% on the year in the first ten months of the year.

Corporation tax

Corporation tax refunds totalling approximately €0.1bn were paid out in October 2018. In October of the previous year, refunds amounted to roughly €1.4bn; this included €1.1bn in refunds under an arrangement that provided for the incremental reimbursement of corporation tax (over)paid under previous corporate tax rules. The final refunds under this arrangement were paid in October 2017, which largely explains the sharp year-on-year drop in refunds recorded this year. Other fluctuations in components of corporation tax revenue remained within the usual range of variation that occurs as part of assessment activity. Taken cumulatively, cash receipts from corporation tax were up by 22.8% on the year for the ten months from January to October 2018.

Assessed income tax

Like corporation tax revenue, receipts from assessed income tax in October were driven mainly by assessment activity and remained roughly unchanged on the year. Gross receipts from assessments were up by €0.2bn on the year in October 2018. However, employee refunds were also higher on the year, and after these are subtracted from the gross figure, net cash receipts from assessed income tax totalled €0.2bn. In cumulative terms, cash receipts from assessed income tax totalled €45.0bn in the ten-month period from January to October, an increase of 1.4% on the year.

Non-assessed taxes on earnings

October 2018 saw a 12.6% year-on-year increase in gross receipts from non-assessed taxes on earnings. Taking into account a decline in refunds paid out by the Federal Central Tax Office, which are financed from this revenue, cash receipts from non-assessed taxes on earnings rose by 16.8%. Overall, the trend in revenue from non-assessed taxes on earnings has been very volatile over the course of the year. The cumulative result provides a more solid basis for analysis: here, cash receipts from non-assessed taxes on earnings were up by 13.6% on the year in the January–October period.

Final withholding tax on interest and capital gains

Revenue from final withholding tax on interest and capital gains fell by 24.2% on the year in October. In the ten months from January to October 2018, cash receipts from final withholding tax on interest and capital gains were up by 3.1% on the year.

Value added taxes (VAT)

Receipts from value added taxes posted a moderate gain of 2.3% on the year in October 2018. Revenue from domestic VAT was up by 2.3%, while import VAT receipts climbed by 2.5%. Cumulative cash receipts from value added taxes were up by 3.4% on the year in the ten-month period from January to October 2018.

Taxes accruing to the Federation

In October 2018, revenue from taxes accruing solely to the Federation was up by 7.6% on the year. This relatively large increase was due in part to the fact that roughly €200m in tobacco duty receipts from September were not posted until October. Furthermore, tobacco duty revenue surged again in October, by 45.9%. Other taxes posting revenue growth included solidarity surcharge (up by 8.8%) and insurance tax (up by 6.3%), while energy duty and alcohol duty were down on the year (by 0.6% and 5.2%, respectively). Trends in revenue from other taxes had only a minor impact on the overall results for federal taxes.

Taxes accruing to the Länder

The yield from taxes accruing solely to the Länder was up by 24.8% on the year in October 2018. This outcome was driven mainly by higher receipts from inheritance tax (up by 54.2%) and real property transfer tax (up by 18.3%). Revenue gains were also recorded for fire protection tax (up by 6.4%) and betting and lottery tax (up by 2.2%). In contrast, beer duty revenue was down slightly by 2.8%.

Borrowing and guarantees

Debt trends for the Federation and its special funds (in €m)

Debt level

Borrowing
(increase)

Debt repayment
(decrease)

Debt level 

Change in debt level
(balance)

30 September 2018

October 2018

October 2018

31 October 2018

October 2018

Budget borrowing

1,083,884

12,922

-24,034

1,072,771

-11,113

broken down by purpose

Federal budget

1,042,461

12,622

-24,034

1,031,048

-11,413

Financial Market Stabilisation Fund

22,466

153

-

22,618

153

Investment and Redemption Fund

18,958

147

-

19,105

147

broken down by debt type

Federal securities

1,071,264

12,922

-24,034

1,060,151

-11,113

Federal bonds

703,277

3,231

-

706,508

3,231

30-year federal bonds

215,561

1,295

-

216,857

1,295

10-year federal bonds

487,716

1,936

-

489,651

1,936

Inflation-linked federal securities

64,304

452

-

64,755

452

30-year inflation-linked federal bonds

7,709

15

-

7,724

15

10-year inflation-linked federal bonds

56,594

437

-

57,031

437

Federal notes

194,356

2,737

-17,000

180,093

-14,263

Federal Treasury notes

90,575

2,792

-

93,367

2,792

Treasury discount papers issued by the Federation

17,340

3,710

-7,024

14,026

-3,314

Other federal securities

1,412

-

-11

1,401

-11

Securitised loans

8,145

-

-

8,145

-

Other loans and ordinary debts

4,475

-

-

4,475

-

broken down by maturity

up to one year

157,149

 

 

151,747

-5,402

one to four years

336,988

 

 

339,566

2,578

over four years

589,748

 

 

581,459

-8,289

Additional information 1

Liabilities from the indexing of inflation-linked federal securities

4,548

 

 

4,664

116

Reserves in accordance with the Final Payment Financing Act (Schlusszahlungsfinanzierungsgesetz)

3,505

 

 

3,516

12

Guarantees

  

Authorised

amount

Amount allocated

as of 30 September 2018

Amount allocated

as of 30 September 2017

in €bn

Export credit guarantees

153.0

120.3

121.1

Loans to foreign debtors, foreign direct investment, EIB loans

65.0

42.8

44.0

Financial cooperation projects

28.5

21.1

17.9

Food stockpiling

0.7

0.0

0.0

Domestic guarantees

158.0

101.1

103.2

International financial institutions

66.0

60.0

60.0

Treuhandanstalt successor organisations

1.0

1.0

1.0

Interest compensation guarantees

15.0

15.0

15.0

Calendar

Publication schedule
Monthly report Reporting period Publication date

December 2018 issue

November 2018

20 December 2018

January 2019 issue

December 2018

31 January 2019

February 2019 issue

January 2019

21 February 2019

March 2019 issue

February 2019

21 March 2019

April 2019 issue

March 2019

23 April 2019

May 2019 issue

April 2019

20 May 2019

June 2019 issue

May 2019

20 June 2019

July 2019 issue

June 2019

22 July 2019

August 2019 issue

July 2019

22 August 2019

September 2019 issue

August 2019

20 September 2019

October 2019 issue

September 2019

21 October 2019

November 2019 issue

October 2019

21 November 2019

December 2019 issue

November 2019

20 December 2019

Key dates on the fiscal and economic policy agenda

30 November–1 December 2018

G20 summit in Buenos Aires, Argentina

3–4 December 2018

Eurogroup and ECOFIN Council meetings in Brussels

21–22 January 2019

Eurogroup and ECOFIN Council meetings in Brussels

11–12 February 2019

Eurogroup and ECOFIN Council meetings in Brussels

11–12 March 2019

Eurogroup and ECOFIN Council meetings in Brussels

11–12 April 2019

Meeting of G20 finance ministers and central bank governors in Washington, D.C.

12–14 April 2019

Spring Meetings of the IMF and World Bank in Washington, D.C.