Microsoft Word - 00_Title_draft.doc

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

)

Expenditure rule

Nominal expenditure ceiling Budgetary accounting

Central government

Multiannual (5 years)

Legal act

Governmental structure

Ministry of Finance No pre-defined action

Budget balance rule

Budget balance nominal terms ESA95 accounting

Local government

Annual

Political agreement

Ministry of finance and governmental structure

Government Limits imposed on borrowing of local authorities

ITALY

Expenditure rule

Nominal expenditure ceiling ESA95 accounting

Central and regional government

Annual

Legal act and internal pact between central and regional government

Government (Ministry of Finance) and governmental structure (Italian Pharmaceutical Agency-Ministry of Health)

Governmental structure Corrective actions

Expenditure rule

Nominal expenditure growth rate Targets set in ESA95 (monitoring based on budgetary accounting)

Regional and local government

Multiannual (3 years)

Legal act

Government (Ministry of Finance)

Independent Automatic sanction mechanism

Budget balance rule

Budget balance in nominal terms Targets in ESA95 accounting

Regional government

Multiannual (3 years)

Legal act

Board of Performance Assessors (with central and regional government representatives)

Government Automatic correction mechanism and possibility of financial sanctions

Budget balance rule

Budget balance in nominal terms (excl. capital revenue and expenditure) Budgetary accounting

Local government

Multiannual

Constitution and legal act

Independent (Court of Auditors), Government (Ministry of Finance).

Government (Ministry of Finance) No pre-defined action

LATVIA

Revenue rule

Actual revenues must cover completely the special government budget Budgetary accounting

Central government, social security

Annual

Legal act

Government (Ministry of Finance) and governmental structure (The State Treasury)

Governmental structure (The State Treasury) No pre-defined action

Debt rule

Debt ceiling in nominal terms Budgetary accounting

Local government

Annual

Political agreement

Independent

Government (Ministry of Finance) No pre-defined action

LITHUANIA

Debt rule

Maximum possible net borrowing by the central government Budgetary accounting

Central government

Annual

Legal act

Independent

Government (Ministry of Finance) No pre-defined action

Budget balance rule

Budget balance in nominal terms Budgetary accounting

Local government

Annual

Legal act

Governmental structure (Council of Municipality)

Government and National Parliament Possibility of sanctions and of clam to the Courtii

LUXEMBOURG

Expenditure rule

Over the medium-term, nominal expenditure increase in line with nominal GDP Budgetary accounting

Central government

Multiannual

Coalition agreement

None

None No pre-defined action

Debt rule

The debt-to-GDP ratio should remain moderate (new debt only to finance rail infrastructure projects) Budgetary accounting

Central government

Multiannual

Coalition agreement

None

None No pre-defined action

Budget balance rule

Reserve funds for health care, long-term health care and pension private sector schemes Budgetary accounting

Social security

Annual and Multiannual

Legal act

Government (Ministry of Social Security)

Governmental structure Corrective measures

NETHERLANDS

Expenditure rule

Real expenditure ceiling ESA95 accounting

General government

Multiannual (4 years)

Coalition agreement

Government (Ministry of Finance)

Government (Ministry of Finance) proposes corrective measures

Revenue rule

Allocation of higher-than-expected revenues ESA95 accounting

General government

Multiannual (4 years)

Coalition agreement

Government (Ministry of Finance)

Government (Ministry

ance) proposes corrective measures

POLAND

Debt rule

Ceiling in terms of debt/GDP ratio Budgetary accounting

General government

Annual

Constitution and legal act

Independent (Supreme Audit Office) and National Parliament

Government, Independent body (Supreme Audit Office) and national Parliament Government proposes corrective measures.