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Title Republic of San Marino : 2010 Article IV consultation : staff report, supplement to the staff report, public information notice on the Executive Board discussion, and statement by the Executive Director for San Marino / prepared by the staff representatives for the 2010 Article IV consultation with San Marino
Published Washington, D.C. : International Monetary Fund, ©2011


Description 1 online resource (44 pages)
Series IMF country report ; no. 11/78
IMF country report ; no. 11/78.
Contents Cover; Contents; I. Context; II. Recent Economic Developments and Outlook; Figures; 1. Output Developments and Projections, 1999-2012; 2. Recent Economic Activity Indicators, 2007-10; 3. External Sector Indicators, 2000-10; 4. Labor Market Developments, 1990-2010; Boxes; 1. San Marinos Financial System in the Aftermath of Italy's Tax Amnesty; III. Policy Discussions; A. Financial Sector; 2. Actions taken to meet the 2009 FSAP recommendations; B. Fiscal Policy; 5. Fiscal Indicators, 1995-2011; 6. Central Government Debt Sustainability, 2005-15; 7. Pension Funds Projections, 2010-60
C. Structural and Other Policy Issues3. Losing Competitiveness; IV. Staff Appraisal; Tables; 1. Selected Economic Indicators, 2005-11; 2. Financial Soundness Indicators, 2004-10; 3. Consolidated Balance Sheet of the Banking Sector, 2009-10; 4. Public Finances, 2006-11; 5. Central Government Debt Sustainability, 2005-15; Appendix I; 1. Action Taken in Response to FSAP Recommendations; Contents; I. Fund Relations; II. Statistical Issues
Summary 1. The tax haven model - intensifying pressure to change. For years, the Sammarinese economy benefited from its tax haven and bank secrecy status. Banks were able to attract substantial deposits from abroad, helping to propel system assets to around 900 percent of GDP by end-2008, while boosting income and employment growth. However, under pressure from larger economies, tax havens around the world have been forced to embrace greater transparency. In this context, San Marino is currently undergoing a strategic review of its business model and has made some progress on enhancing financial transparency. Italy has added to the pressure by increasing its crackdown on tax havens. It launched a tax amnesty in September 2009 and, in July 2010, extended the impact of an earlier inclusion of San Marino on a 'blacklist' of tax haven countries, further straining relations between the two countries. 1
Notes Online resource; title from PDF title page (IMF Web site, viewed June 28, 2011)
Subject International Monetary Fund -- San Marino
International Monetary Fund
Economic indicators -- San Marino
Economic history
Economic indicators
Economic policy
San Marino -- Economic conditions
San Marino -- Economic policy
San Marino
Form Electronic book
Author International Monetary Fund.
ISBN 1455229091
Other Titles Republic of San Marino, 2010 Article IV consultation
San Marino, 2010 Article IV consultation