With growth weakening in many parts of the world and downside risks on the rise, fiscal consolidation remains challenging. However, considerable progress has been made in strengthening fiscal accounts following their sharp deterioration in 2008–09. This issue of the Fiscal Monitor takes stock of this progress, focusing on its size, composition, and implications for employment and social equity. The issue finds that most countries—and especially advanced economies—have made significant headway in rolling back fiscal deficits, but that efforts at controlling debt stocks are taking longer to yield results[...]