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This 2012 Article IV Consultation highlights that rising unemployment, stagnant wage growth, and lower confidence have all contributed to falling private consumption and low inflation in San Marino. Financial sector balance sheets have continued to compress on the back of steady outflows of deposits. Directors have welcomed the measures taken to contain the 2012 budget deficit but called for a comprehensive medium-term consolidation plan, given growing fiscal risks. Directors have also stressed the need for a deficit-financing plan, which could involve issuing debt instruments on capital markets.

San Marino --- San Marino (Republic) --- S. Marino --- Repubblica di San Marino --- Most Serene Republic of San Marino --- Republic of San Marino --- République de San-Marin --- Serenissima Repubblica di San Marino --- Сан-Марино --- Республикэ Сан-Марино --- Respublikė San-Marino --- Сан-Марино Республикаhы --- San-Marino Respublikaḣy --- Сан-Марына --- San-Maryna --- Святлейшая Рэспубліка Сан-Марына --- Svi︠a︡tleĭshai︠a︡ Rėspublika San-Maryna --- Република Сан Марино --- Republika San Marino --- República de San Marino --- Ripóbblica de San Marein --- Nejvznešenější republika San Marino --- San Marinu --- Republica di San Marinu --- Tangnefeddusaf Weriniaeth San Marino --- Republik San Marino --- San Mawínoo Bikéyah --- Nejswětlejša republika San Marino --- San Marino Vabariik --- Αγιος Μαρινος --- Hagios Marinos --- Γαληνoτάτη Δημοκρατία του Αγίου Μαρίνου --- Galēnotatē Dēmokratia tou Agiou Marinou --- San Marein --- Ripóbblica d' San Marein --- Сан-Марино Мастор --- San-Marino Mastor --- Serenísima República de San Marino --- Respubliko San-Marino --- Serenísima Repúbrica de San Marinu --- San Marinoko Errepublika --- Lýðveldið San Marino --- Tjóðveldið San Marino --- Saint-Marin --- République de Saint-Marin --- San Mairíne --- Poblacht Ró-Gheal San Mairíne --- Pobblaght Ro-Ghial San Marino --- Canimarino --- Bururi wa Canimarino --- Jamhuri ya San Marino --- Sṳn Mâ-li-nok --- Сан Маринмудин Орн --- San Marinmudin Orn --- Sana Marino --- Republika ti San Marino --- Katalnaan a Republika ti San Marino --- USanti Marino --- סן מרינו --- רפובליקת סן מרינו --- Republiḳat San Marino --- San-Marino Mărtebelī Respublikasy --- Sen Marin --- Mutagatifu Marino --- Jamhuri ya kuheshimiwa ya San Marino --- Sen Maren --- Komara San Marînoyê --- San Marins --- Res Publica Sancti Marini --- Res Publica Serenissima Sancti-Marini --- Sanmarīno --- Gaišā Sanmarīno Republika --- San Marinas --- San Marino Respublika --- San Marin --- Santu Marino --- Batetwa Republíki ya Santu Marino --- Repüblica de San Marin --- San Marino Köztársaság --- Bu̇gd Naĭramdakh San-Marino Uls --- Cencah Tlanaliuhtimani Tlācatlahtocāyōtl San Marino --- Cencah Yōcoxqui Tlācatlahtocāyōtl San Marino --- Economic conditions. --- Economic policy. --- Accounting --- Banks and Banking --- Macroeconomics --- Statistics --- Industries: Financial Services --- Public Finance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: General --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Public Administration --- Public Sector Accounting and Audits --- General Aggregative Models: General --- Taxation, Subsidies, and Revenue: General --- Banking --- Econometrics & economic statistics --- Financial reporting, financial statements --- Finance --- Public finance & taxation --- Financial sector --- Financial statements --- Loans --- Commercial banks --- Economic sectors --- National accounts --- Financial institutions --- Public financial management (PFM) --- Revenue administration --- Financial services industry --- Banks and banking --- Finance, Public --- National income --- Revenue --- San Marino, Republic of

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This 2004 Article IV Consultation for San Marino reports that the economy has slowed considerably since 2000 with the fading of key competitive advantages that had contributed to past rapid development. To restore a positive net asset position and the ability to buffer adverse external shocks, the authorities aim at maintaining the budget in balance or in surplus over the medium term while preserving tax rate advantages. To sustain fiscal consolidation with unchanged or lower tax rates, remaining tax administration problems need to be addressed and generous entitlement programs reformed.

Fiscal policy --- Finance --- Statistics --- Monetary policy --- Standards --- San Marino --- Economic conditions. --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Statistical analysis --- Statistical data --- Statistical methods --- Statistical science --- Mathematics --- Econometrics --- Funding --- Funds --- Economics --- Currency question --- Tax policy --- Taxation --- Finance, Public --- Government policy --- San Marino (Republic) --- S. Marino --- Repubblica di San Marino --- Most Serene Republic of San Marino --- Republic of San Marino --- République de San-Marin --- Serenissima Repubblica di San Marino --- Сан-Марино --- Республикэ Сан-Марино --- Respublikė San-Marino --- Сан-Марино Республикаhы --- San-Marino Respublikaḣy --- Сан-Марына --- San-Maryna --- Святлейшая Рэспубліка Сан-Марына --- Svi︠a︡tleĭshai︠a︡ Rėspublika San-Maryna --- Република Сан Марино --- Republika San Marino --- República de San Marino --- Ripóbblica de San Marein --- Nejvznešenější republika San Marino --- San Marinu --- Republica di San Marinu --- Tangnefeddusaf Weriniaeth San Marino --- Republik San Marino --- San Mawínoo Bikéyah --- Nejswětlejša republika San Marino --- San Marino Vabariik --- Αγιος Μαρινος --- Hagios Marinos --- Γαληνoτάτη Δημοκρατία του Αγίου Μαρίνου --- Galēnotatē Dēmokratia tou Agiou Marinou --- San Marein --- Ripóbblica d' San Marein --- Сан-Марино Мастор --- San-Marino Mastor --- Serenísima República de San Marino --- Respubliko San-Marino --- Serenísima Repúbrica de San Marinu --- San Marinoko Errepublika --- Lýðveldið San Marino --- Tjóðveldið San Marino --- Saint-Marin --- République de Saint-Marin --- San Mairíne --- Poblacht Ró-Gheal San Mairíne --- Pobblaght Ro-Ghial San Marino --- Canimarino --- Bururi wa Canimarino --- Jamhuri ya San Marino --- Sṳn Mâ-li-nok --- Сан Маринмудин Орн --- San Marinmudin Orn --- Sana Marino --- Republika ti San Marino --- Katalnaan a Republika ti San Marino --- USanti Marino --- סן מרינו --- רפובליקת סן מרינו --- Republiḳat San Marino --- San-Marino Mărtebelī Respublikasy --- Sen Marin --- Mutagatifu Marino --- Jamhuri ya kuheshimiwa ya San Marino --- Sen Maren --- Komara San Marînoyê --- San Marins --- Res Publica Sancti Marini --- Res Publica Serenissima Sancti-Marini --- Sanmarīno --- Gaišā Sanmarīno Republika --- San Marinas --- San Marino Respublika --- San Marin --- Santu Marino --- Batetwa Republíki ya Santu Marino --- Repüblica de San Marin --- San Marino Köztársaság --- Bu̇gd Naĭramdakh San-Marino Uls --- Cencah Tlanaliuhtimani Tlācatlahtocāyōtl San Marino --- Cencah Yōcoxqui Tlācatlahtocāyōtl San Marino --- Labor --- Macroeconomics --- Public Finance --- Industries: Financial Services --- Criminology --- Financial Institutions and Services: General --- Wages, Compensation, and Labor Costs: General --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Social Security and Public Pensions --- National Government Expenditures and Related Policies: General --- Labour --- income economics --- Pensions --- Public finance & taxation --- Corporate crime --- white-collar crime --- Financial sector --- Public sector wages --- Pension spending --- Expenditure --- Economic sectors --- Financial services industry --- Economic theory --- Expenditures, Public --- San Marino, Republic of

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This 2014 Article IV Consultation on the Republic of San Marino highlights global crisis and tense relations with Italy, which triggered a 30 percent GDP contraction since 2008 and a sea change in San Marino’s off-shore banking model. High liquidity in the system allowed banks to withstand the shock to deposits. Cassa di Risparmio della Repubblica di San Marino, the largest bank, has required 13 percent of GDP in public support. The deep recession and bank recapitalization costs are weighing heavily on public finances.

Recessions --- Business cycles --- Depressions --- San Marino --- San Marino (Republic) --- S. Marino --- Repubblica di San Marino --- Most Serene Republic of San Marino --- Republic of San Marino --- République de San-Marin --- Serenissima Repubblica di San Marino --- Сан-Марино --- Республикэ Сан-Марино --- Respublikė San-Marino --- Сан-Марино Республикаhы --- San-Marino Respublikaḣy --- Сан-Марына --- San-Maryna --- Святлейшая Рэспубліка Сан-Марына --- Svi︠a︡tleĭshai︠a︡ Rėspublika San-Maryna --- Република Сан Марино --- Republika San Marino --- República de San Marino --- Ripóbblica de San Marein --- Nejvznešenější republika San Marino --- San Marinu --- Republica di San Marinu --- Tangnefeddusaf Weriniaeth San Marino --- Republik San Marino --- San Mawínoo Bikéyah --- Nejswětlejša republika San Marino --- San Marino Vabariik --- Αγιος Μαρινος --- Hagios Marinos --- Γαληνoτάτη Δημοκρατία του Αγίου Μαρίνου --- Galēnotatē Dēmokratia tou Agiou Marinou --- San Marein --- Ripóbblica d' San Marein --- Сан-Марино Мастор --- San-Marino Mastor --- Serenísima República de San Marino --- Respubliko San-Marino --- Serenísima Repúbrica de San Marinu --- San Marinoko Errepublika --- Lýðveldið San Marino --- Tjóðveldið San Marino --- Saint-Marin --- République de Saint-Marin --- San Mairíne --- Poblacht Ró-Gheal San Mairíne --- Pobblaght Ro-Ghial San Marino --- Canimarino --- Bururi wa Canimarino --- Jamhuri ya San Marino --- Sṳn Mâ-li-nok --- Сан Маринмудин Орн --- San Marinmudin Orn --- Sana Marino --- Republika ti San Marino --- Katalnaan a Republika ti San Marino --- USanti Marino --- סן מרינו --- רפובליקת סן מרינו --- Republiḳat San Marino --- San-Marino Mărtebelī Respublikasy --- Sen Marin --- Mutagatifu Marino --- Jamhuri ya kuheshimiwa ya San Marino --- Sen Maren --- Komara San Marînoyê --- San Marins --- Res Publica Sancti Marini --- Res Publica Serenissima Sancti-Marini --- Sanmarīno --- Gaišā Sanmarīno Republika --- San Marinas --- San Marino Respublika --- San Marin --- Santu Marino --- Batetwa Republíki ya Santu Marino --- Repüblica de San Marin --- San Marino Köztársaság --- Bu̇gd Naĭramdakh San-Marino Uls --- Cencah Tlanaliuhtimani Tlācatlahtocāyōtl San Marino --- Cencah Yōcoxqui Tlācatlahtocāyōtl San Marino --- Economic conditions. --- Foreign relations --- Banks and Banking --- Macroeconomics --- Statistics --- Industries: Financial Services --- Public Finance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Financial Institutions and Services: Government Policy and Regulation --- Current Account Adjustment --- Short-term Capital Movements --- Financial Institutions and Services: General --- Banking --- Econometrics & economic statistics --- Finance --- Financial services law & regulation --- Loan loss provisions --- Financial statistics --- Commercial banks --- Government finance statistics --- Nonperforming loans --- Financial institutions --- Financial regulation and supervision --- Loans --- Creditor bail-in --- Financial crises --- Banks and banking --- State supervision --- Balance of payments --- Crisis management --- San Marino, Republic of

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This paper offers elements of a possible strategy to deal with San Marino’s nonperforming loans (NPLs). It provides a brief overview of the reasons behind the accumulation of impaired assets by Sammarinese banks. This paper also presents some stylized facts regarding the nature and composition of San Marino’s problem loans. Further, it summarizes the experience of other small economies in dealing with weak banks and NPLs, with a view to drawing policy lessons. This paper also discusses recent measures implemented by the Sammarinese authorities to address weak financial institutions and their problem assets and examines the main impediments to deal with NPLs in San Marino’s legal and tax framework.

Pensions --- Banks and banking --- Risk --- Fiscal policy --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Economics --- Uncertainty --- Probabilities --- Profit --- Risk-return relationships --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- Compensation --- Pension plans --- Retirement pensions --- Superannuation --- Retirement income --- Annuities --- Social security individual investment accounts --- Vested benefits --- Government policy --- San Marino --- San Marino (Republic) --- S. Marino --- Repubblica di San Marino --- Most Serene Republic of San Marino --- Republic of San Marino --- République de San-Marin --- Serenissima Repubblica di San Marino --- Сан-Марино --- Республикэ Сан-Марино --- Respublikė San-Marino --- Сан-Марино Республикаhы --- San-Marino Respublikaḣy --- Сан-Марына --- San-Maryna --- Святлейшая Рэспубліка Сан-Марына --- Svi︠a︡tleĭshai︠a︡ Rėspublika San-Maryna --- Република Сан Марино --- Republika San Marino --- República de San Marino --- Ripóbblica de San Marein --- Nejvznešenější republika San Marino --- San Marinu --- Republica di San Marinu --- Tangnefeddusaf Weriniaeth San Marino --- Republik San Marino --- San Mawínoo Bikéyah --- Nejswětlejša republika San Marino --- San Marino Vabariik --- Αγιος Μαρινος --- Hagios Marinos --- Γαληνoτάτη Δημοκρατία του Αγίου Μαρίνου --- Galēnotatē Dēmokratia tou Agiou Marinou --- San Marein --- Ripóbblica d' San Marein --- Сан-Марино Мастор --- San-Marino Mastor --- Serenísima República de San Marino --- Respubliko San-Marino --- Serenísima Repúbrica de San Marinu --- San Marinoko Errepublika --- Lýðveldið San Marino --- Tjóðveldið San Marino --- Saint-Marin --- République de Saint-Marin --- San Mairíne --- Poblacht Ró-Gheal San Mairíne --- Pobblaght Ro-Ghial San Marino --- Canimarino --- Bururi wa Canimarino --- Jamhuri ya San Marino --- Sṳn Mâ-li-nok --- Сан Маринмудин Орн --- San Marinmudin Orn --- Sana Marino --- Republika ti San Marino --- Katalnaan a Republika ti San Marino --- USanti Marino --- סן מרינו --- רפובליקת סן מרינו --- Republiḳat San Marino --- San-Marino Mărtebelī Respublikasy --- Sen Marin --- Mutagatifu Marino --- Jamhuri ya kuheshimiwa ya San Marino --- Sen Maren --- Komara San Marînoyê --- San Marins --- Res Publica Sancti Marini --- Res Publica Serenissima Sancti-Marini --- Sanmarīno --- Gaišā Sanmarīno Republika --- San Marinas --- San Marino Respublika --- San Marin --- Santu Marino --- Batetwa Republíki ya Santu Marino --- Repüblica de San Marin --- San Marino Köztársaság --- Bu̇gd Naĭramdakh San-Marino Uls --- Cencah Tlanaliuhtimani Tlācatlahtocāyōtl San Marino --- Cencah Yōcoxqui Tlācatlahtocāyōtl San Marino --- Economic conditions --- Banks and Banking --- Finance: General --- Financial Risk Management --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Bankruptcy --- Liquidation --- Debt --- Debt Management --- Sovereign Debt --- Nonperforming loans --- Solvency --- Debt restructuring --- Loans --- Financial sector policy and analysis --- Asset and liability management --- Debts, External --- San Marino, Republic of

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This Selected Issues paper for the Republic of San Marino analyzes options for managing systemic liquidity risk. The paper states that financial dollarization/euroization—as in the case of San Marino—or a currency board arrangement can complicate banking crisis management and increase the vulnerability of financial systems to liquidity shocks because they limit the ability of the monetary authority to act as a lender of last resort. The paper reviews the current pension system of San Marino, in comparison with other European pension systems, and analyzes its sustainability.

Pensions --- Banks and banking --- Risk --- Fiscal policy --- San Marino --- Economic conditions --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Economics --- Uncertainty --- Probabilities --- Profit --- Risk-return relationships --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- Compensation --- Pension plans --- Retirement pensions --- Superannuation --- Retirement income --- Annuities --- Social security individual investment accounts --- Vested benefits --- Government policy --- San Marino (Republic) --- S. Marino --- Repubblica di San Marino --- Most Serene Republic of San Marino --- Republic of San Marino --- République de San-Marin --- Serenissima Repubblica di San Marino --- Сан-Марино --- Республикэ Сан-Марино --- Respublikė San-Marino --- Сан-Марино Республикаhы --- San-Marino Respublikaḣy --- Сан-Марына --- San-Maryna --- Святлейшая Рэспубліка Сан-Марына --- Svi︠a︡tleĭshai︠a︡ Rėspublika San-Maryna --- Република Сан Марино --- Republika San Marino --- República de San Marino --- Ripóbblica de San Marein --- Nejvznešenější republika San Marino --- San Marinu --- Republica di San Marinu --- Tangnefeddusaf Weriniaeth San Marino --- Republik San Marino --- San Mawínoo Bikéyah --- Nejswětlejša republika San Marino --- San Marino Vabariik --- Αγιος Μαρινος --- Hagios Marinos --- Γαληνoτάτη Δημοκρατία του Αγίου Μαρίνου --- Galēnotatē Dēmokratia tou Agiou Marinou --- San Marein --- Ripóbblica d' San Marein --- Сан-Марино Мастор --- San-Marino Mastor --- Serenísima República de San Marino --- Respubliko San-Marino --- Serenísima Repúbrica de San Marinu --- San Marinoko Errepublika --- Lýðveldið San Marino --- Tjóðveldið San Marino --- Saint-Marin --- République de Saint-Marin --- San Mairíne --- Poblacht Ró-Gheal San Mairíne --- Pobblaght Ro-Ghial San Marino --- Canimarino --- Bururi wa Canimarino --- Jamhuri ya San Marino --- Sṳn Mâ-li-nok --- Сан Маринмудин Орн --- San Marinmudin Orn --- Sana Marino --- Republika ti San Marino --- Katalnaan a Republika ti San Marino --- USanti Marino --- סן מרינו --- רפובליקת סן מרינו --- Republiḳat San Marino --- San-Marino Mărtebelī Respublikasy --- Sen Marin --- Mutagatifu Marino --- Jamhuri ya kuheshimiwa ya San Marino --- Sen Maren --- Komara San Marînoyê --- San Marins --- Res Publica Sancti Marini --- Res Publica Serenissima Sancti-Marini --- Sanmarīno --- Gaišā Sanmarīno Republika --- San Marinas --- San Marino Respublika --- San Marin --- Santu Marino --- Batetwa Republíki ya Santu Marino --- Repüblica de San Marin --- San Marino Köztársaság --- Bu̇gd Naĭramdakh San-Marino Uls --- Cencah Tlanaliuhtimani Tlācatlahtocāyōtl San Marino --- Cencah Yōcoxqui Tlācatlahtocāyōtl San Marino --- Banks and Banking --- Finance: General --- Financial Risk Management --- Labor --- Public Finance --- Industries: Financial Services --- Social Security and Public Pensions --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Nonwage Labor Costs and Benefits --- Private Pensions --- Financial Institutions and Services: Government Policy and Regulation --- Portfolio Choice --- Investment Decisions --- Financial Institutions and Services: General --- Economic & financial crises & disasters --- Financial services law & regulation --- Pension spending --- Lender of last resort --- Liquidity --- Expenditure --- Financial crises --- Asset and liability management --- Financial sector --- Economic sectors --- Financial services industry --- Banks and banking, Central --- Financial risk management --- San Marino, Republic of