Finance

Fiscal resilience: Tools to manage state budgets in an age of uncertainty

Jonathan Davis, Navjot Singh and Todd Wintner When the next economic downturn comes, states will need to be more deliberate about how they manage expenditures and revenues than ever before. An emerging theme across US states —and many regional governments in developed economies— is persistent fiscal uncertainty. Demographic change, spiraling healthcare inflation, and underfunded liabilities have placed states under unyielding fiscal pressures.

The new CFO mandate: Prioritize, transform, repeat

McKinsey&Company If you wanted to validate the old adage that the only constant in life is change, the results from our newest McKinsey Global Survey suggest you need not look any further than the CFO role. In the two years since our previous survey on the topic, CFOs say the number of functions reporting to them has risen from about […]

An energy transition risk stress test for the financial system of the Netherlands

De Nederlandsche Bank Almost 200 countries have signed the Paris Agreement: a pledge to keep the global temperature rise well below 2 degrees Celsius. To realize this pledge, global greenhouse gas emissions will need to be reduced substantially. This, in turn, requires a global transition to a low-carbon economy and energy system. Such an energy transition may give rise to shocks that […]