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Authorities from Finance Ministries in 12 of the region’s countries kicked off the XXXIV edition of the Regional Seminar on Fiscal Policy, at ECLAC’s headquarters.
Following the global financial crisis, subnational governments engaged in pro-cyclical fiscal policy by reducing investment, drawing out the recovery. This column presents evidence suggesting that the Covid crisis has impacted the fiscal positions of subnational governments in the OECD far less than the previous crisis, which should mitigate this tendency towards