C
OUNTRY
TYPE OF RULE
DEFINITION OF THE RULE (AGREGATE TARGETED
& RELEVANT
ACCOUNTING SYSTEM
)
SECTOR
(S) COVERED
TIME FRAME
STATUTORY BASE
BODY IN CHARGE OF MONITORING
ENFORCEMENT
(BODY
& ACTIONS
IN CASE OF NON
- COMPLIANCE
)
PORTUGAL
Budget balance rule
Budget balance in nominal terms Budgetary accounting
Central government
Annual
Legal act
Government (Ministry of Finance)
Government (Ministry of Finance) No pre-defined action
Budget balance rule
Budget balance in nominal terms ESA accounting
Local government
Annual
Legal act
Government (Ministry of Finance) and governmental structure (Directorate General for Local Government)
Government (Ministry of Finance) No pre-defined action and possibility of imposing actions
SLOVAKIA
Expenditure rule
Nominal expenditure ceiling Budgetary accounting
Central government
Annual
Political agreement
Independent (Supreme Audit Office), Government and Nati
onal Parliament
Independent (Supreme Audit Office, National Parliament) Obligation to take effective measures
Debt rule
Limits on total de
bt and annual
repayments as a % of real current incomes of t-1 budget year. Budgetary accounting
Regional and local government
Annual
Legal act
Independent (Supreme Audit Office) and Government (Min
istry of Finance)
Government Possibility of sanctions
SLOVENIA
Debt rule
Ceiling of debt/GDP ratio Budgetary accounting
General government
Multiannual (4 years) iii
Coalition agreement
Governmental structure
Governmental structure proposes corrective measures
Debt rule
Limit on local government's total stock of debt Budgetary accounting
Local government
Annual
Legal act
Independent (Court of Auditors) and Government (Ministry of Finance)
Government (Ministry of Finance) No pre-defined action
SPAIN
Budget balance rule
Budget balance as % of GDP ESA95 accounting
General government
Multiannual (3 years)
Legal act
Government (Ministry of Finance) and governmental structure
Government (Ministry of Finance) presents corrective plan with appropriate actions
Debt rule
Debt level in nominal terms ESA95 accounting
Regional government
Annual
Agreement between central and regional government
Government (Ministry of Finance)
Government (Ministry of Finance) Possibility of sanctions
Debt rule
Limit in the debt level Budgetary accounting
Regional government
Annual
Legal act
Government (Ministry of Finance)
Government (Ministry of Finance) No pre-defined action
Debt rule
Ceiling for local government debt as a % of current revenue. Budgetary accounting
Local government
Annual
Legal act
Government (Ministry of Finance) and Regional government
Government or Regional government Local government designs financial plan to be met in 3 years.
SWEDEN
Budget balance rule
Budget balance target in structural terms. ESA95 accounting
General government
Multiannual (business cycle)
Government commitment, endorsed by
Parliament
Independent (Court of Auditors) Government and Nati
onal Parliament
Government No pre-defined action
Expenditure rule
Nominal expenditure ceiling for central government and extra old-age pension system expenditures Budgetary accounting
Central government and social security
Multiannual (3 years)
Legal act
Independent (Court of Auditors), Government and Nati
onal Parliament
Government Obligation to correct by appropriate actions
UNITED KINGDOM
Budget balance rule
% of GDP (average across the cycle) ESA95 accounting
General government
Multiannual (economic cycle)
Legal act
Independent (National Audit Office), Ministry of Finance, Treasury and National Parliament
Government Appropriate actions
have to be
takeniv
Debt rule
Ceiling for the government debt at level as a % of GDP ESA95 accounting
General government
Multiannual (economic cycle)
Legal act
Independent. (National Audit Office), Ministry of Finance, Treasury and National Parliament
Government (ministry of Finance) Appropriate actions
have to be taken
i^
Domestic Stability Pact not enshrined in legal act
ii Administrative responsibility: The supervisor authorised by the Government has the right to submit a claim to the court in th
e case of infringement of legal acts.
iii
From 2000 to 2004.
iv The Code for Fiscal Stability states that, "The Government may depart from its fiscal objectives and operating rules temporar
ily, provided that it specifies:(a) the re
asons for departing from the previous fiscal policy objectives and operating rules; (
b)
the approach and period of time that the Government intends to take to return to the previous fiscal policy objectives and oper
ating rules; and (c) The fiscal policy objectives and operating rules that shall apply over this period."