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

)

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."