Fiscal Rules - Limits on Governmental Deficits and Debt (eBook)
XII, 353 Seiten
Springer International Publishing (Verlag)
978-3-319-41205-4 (ISBN)
Fred L. Morrison is the Popham Haik Schnobrich/Lindquist & Vennum Professor of Law at the University of Minnesota Law School in Minneapolis, Minnesota, USA, where he teaches constitutional law and international law, where he has twice served as Interim Dean. In the 1970's was the Research Director of the State of Minnesota's Constitutional Commission, which prepared the text of the current state constitution. He has served as the Counselor of International Law for the United States Department of State.
Fred L. Morrison is the Popham Haik Schnobrich/Lindquist & Vennum Professor of Law at the University of Minnesota Law School in Minneapolis, Minnesota, USA, where he teaches constitutional law and international law, where he has twice served as Interim Dean. In the 1970’s was the Research Director of the State of Minnesota’s Constitutional Commission, which prepared the text of the current state constitution. He has served as the Counselor of International Law for the United States Department of State.
Preface 6
Contents 8
About the Authors 10
Part I: General Report 14
Chapter 1: Fiscal Rules: Legal Limits on Government Deficit and Debt 15
1.1 Introduction 15
1.2 Historical Background 19
1.3 The Respective Roles of Government and Parliament (Executive and Legislative) 19
1.3.1 Two Approaches to Approval of the Budget 19
1.3.1.1 Approval of the Budget as a Whole 20
1.3.1.2 Approval Only of Appropriations (Expenditures) 20
1.3.2 Parliamentary Systems and Presidential Systems 21
1.4 Control of Deficits and Debt 22
1.4.1 International Norms 22
1.4.2 European Norms 24
1.4.3 National Constitutional Norms 25
1.4.4 National Statutory Norms in Europe 26
1.4.5 National Statutory Norms in the United States 27
1.4.5.1 Debt Limits 27
1.4.5.2 Deficits and Sequestration 28
1.4.6 Limits on Sub-national Units 29
1.5 Evaluating the Options 29
1.5.1 Initiation of Review 30
1.5.2 Reviewing Entity 30
1.5.3 Standard of Review 31
1.6 Conclusions 31
Part II: Special Regional Report 33
Chapter 2: The Crisis of the Economic and Monetary Union and Its Solution (or Dissolution?) 34
2.1 Background 34
2.2 Legal Origin of the Crisis 35
2.3 The Crisis of 2003–2004 36
2.4 Consequences of the European Debt Crisis 40
2.4.1 Reform of the Stability and Growth Pact 40
2.4.2 The Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (TSCG) 41
2.5 The Golden Rule 43
2.6 Voting on Sanctions 48
2.7 Enforcement 49
2.8 Conclusion 52
References 53
Part III: National Reports 54
Chapter 3: La dette publique dans le système constitutionnel et fédéral belge 55
3.1 Faire vivre un système fédéral complexe en période de crise 56
3.1.1 « La guerre des tranchées budgétaires a pris fin » 56
3.1.2 La Constitution belge elle-même dit peu des finances publiques 57
3.1.3 La décomposition de la dette du secteur des administrations publiques belges. 59
3.1.4 Des finances entre fédéralisme centrifuge et intégration européenne 61
3.2 Une certaine primauté de l’Etat fédéral pour le design institutionnel des finances publiques 63
3.2.1 L’Etat fédéral arrête le cadre juridique de base de la comptabilité publique 63
3.2.2 La compétence générale d’organiser les institutions de prévision et de contrôle revient également à l’autorité fédérale 65
3.2.3 L’Etat fédéral peut aussi réguler sous certains aspects la fiscalité des régions 66
3.2.4 Mais l’autonomie des entités fédérées est fondamentale en matière de dépenses 67
3.3 La similitude des cycles budgétaires fédéral et fédérés 68
3.3.1 Une préparation par le pouvoir exécutif, une adoption par le pouvoir législatif 68
3.3.2 Les cycles s’inscrivent désormais dans le Semestre européen 68
3.3.3 Les cycles relèvent moins des Parlements qu’auparavant 70
3.4 L’encadrement des capacités d’emprunt 71
3.4.1 A l’échelon fédéral, un encadrement faible 71
3.4.2 Dans les communautés et régions, un encadrement plus important 73
3.4.3 Dans les cas de décentralisation territoriale et de décentralisation par services, un resserrement certain aussi 76
3.5 Une dette avant tout sous surveillance politique ou technocratique? 81
Annexes: Droit applicable en Belgique 86
Bibliographie 91
Chapter 4: The Process of Budgeting and Issues of Indebtedness in the Czech Republic 95
4.1 Drawing Up the State Budget 95
4.2 Consideration of the Budget Bill and the Possibilities of Amending It 96
4.3 Options to Restrict State Debt and Proposed Ways of Restricting Indebtedness 100
4.4 Expenditures of Public Budgets and the Role of Public Persons 102
4.5 Budget Management on the Level of Regional Administrative Units 104
4.5.1 Position of the Budgets of Regional Administrative Units and the Process of Adopting the Budgets 104
4.5.2 Indebtedness of Regional Administrative Units 107
References 109
Chapter 5: Objects and Procedures of Budgetary Planning and Limits to Borrowing (“Debt Brake”) in the Federal Republic of Germany 111
5.1 The End of the Fiscal Illusion 112
5.2 Budgetary Autonomy of the Federation, the States and the Municipalities 115
5.3 Objects and Procedures of Budgetary Planning (Including Borrowing) 115
5.3.1 Objects of Budgetary Planning 116
5.3.1.1 Budgetary Principles: Unity, Comprehensiveness and Gross Accounting 116
5.3.1.2 Exceptions to the Budgetary Principles 116
5.3.2 Procedures for Budgetary Planning (Including Borrowing) 119
5.3.2.1 Preparation of the Budgetary Bill by the Executive 120
5.3.2.2 Particular Feature on the Federal Level: Bundesrat Comment on the Budgetary Bill 120
5.3.2.3 Parliamentary Decision on the Budget and Authorization to Borrow 121
5.3.2.4 Particular Feature on the Federal Level: Bundesrat Objection Rights 122
5.3.2.5 Promulgation of the Budgetary Statute 123
5.3.2.6 Interim Budget Management 123
5.4 Limits to Borrowing for the Federation and the States (“Debt Brakes”) 124
5.4.1 General Prohibition of Indebtedness: Duty to Balance the Budget Without Credits 125
5.4.2 Exceptions to the General Prohibition of Indebtedness 125
5.4.2.1 Admissibility of a Structural Indebtedness for the Federation (But Not for the States) 126
5.4.2.2 Indebtedness During Abnormal Economic Cycles 127
5.4.2.3 Borrowing in the Case of “Natural Catastrophes” and Other “Unusual Emergency Situations” 130
5.4.3 “Debt Brake” in Budget Implementation 131
5.4.4 Judicial Review of the Constitutional Borrowing Limits and Other Measures for Implementing the “Debt Brake” 132
5.4.4.1 Judicial Review of Federal Borrowing 132
5.4.4.2 Judicial Review of State Borrowing 133
5.4.4.3 “Federal Execution” Towards the Implementation of Credit Limits in the States? 133
5.4.5 Duty of the Federation to Act as Guarantor for State Debts? 134
5.4.5.1 No General Guarantor Duty of the Federation for the States 134
5.4.5.2 Exception Only in the Event of a “State Emergency” 134
5.5 Limits to Borrowing for Municipalities 135
5.5.1 Traditional Limits to Municipal Borrowing 135
5.5.1.1 Municipal Borrowing Only to Finance Investment and for Debt Rescheduling 135
5.5.1.2 Subsidiarity of Municipal Borrowing 136
5.5.1.3 Correspondence to the Long-Term Performance Capability 136
5.5.1.4 Special Case of Cash Credits 136
5.5.2 New Limits Following Accounting Reforms 137
5.5.3 Necessity of State Approval 137
5.5.4 Judicial Review of Municipal Borrowing 138
5.5.5 State Obligation to Guarantee Municipality Debt? 138
5.5.5.1 No Municipality Claims Against Its State for Financial Support in Respect to Individual Debts 138
5.5.5.2 No Creditor Claims Against the States for Municipal Loans 139
5.6 Shortcomings of the “Debt Brake” 139
5.6.1 No Reduction of “Old Debt” 140
5.6.2 Danger of Circumvention 140
Appendix: Legal Texts 142
German Basic Law (Grundgesetz) 142
Article 109 [Budget Management in the Federation and the Länder] 142
Article 110 [Federal Budget] 143
Article 111 [Interim Budget Management] 143
Article 112 [Extrabudgetary Expenditures] 144
Article 113 [Increase of Expenditures] 144
Article 114 [Submission and Auditing of Accounts] 144
Article 115 [State Credit] 145
Act on the Implementation of Article 115 of the Basic Law (“Article 115 Act” of 10 August 2009) 145
Section 1 [Borrowing Authorizations] 145
Section 2 [Principles for the Budgeting of Borrowing to Cover Expenditures] 146
Section 3 [Adjustment for Financial Transactions] 146
Section 4 [Principles for Determining Permissible Structural Borrowing] 146
Section 5 [Cyclical Component] 146
Section 6 [Exceptional Situations] 147
Section 7 [Control Account] 147
Section 8 [Rights of Deviation in the Case of Supplements to the Budget Act and to the Budget] 148
Section 9 [Transitional Arrangement] 148
References 148
Chapter 6: Limitations on Government Debt and Deficits in Greece 149
6.1 Introduction 149
6.2 The Greek National Budget 151
6.2.1 The ‘State Budget’ in the Context of the Categories of Central Administration, Central Government, General Government and Public Sector 151
6.2.2 The Medium-Term Fiscal Strategy Framework (MTFS) and its Significance for the State Budget 153
6.2.3 The Content of the State Budget within the Framework set by the MTFS 157
6.2.4 The Budget Process 160
6.3 Legal Limits on the Ability of Greek Government to Incur Deficits in its National Budget or Debt 165
6.4 Autonomous Public Entities: Budget Authority, Deficits and Debt 172
6.5 Local Government: Budget Authority, Deficits and Debt 173
6.6 Measures Ensuring the Proper Implementation of the Budget and Sound Financial Management: Sanctions 175
6.7 Judicial Review of Legal Requirements for Expenditure and Borrowing 176
6.8 Current Developments 178
6.9 Perspectives 179
References 181
Chapter 7: From the Ideological Neutrality to the Neoclassical Inspiration: The Evolution of the Italian Constitutional Law of Public Debt and Deficit 183
7.1 Introduction 183
7.2 The Constitutional Law on the Public Budget: Minimum Procedural Requirements, Between Government and Parliament 185
7.2.1 The Budget and Spending Legislation, Procedural and Substantive Limits Under the Previous Version of Article 81 of the Constitution 187
7.3 Primary Legislation on the Public Budget: From the “Financial Law” to the “Stability Law” 193
7.3.1 The Financial Session in Parliament 195
7.3.2 From the “Stability Law” to the New Budgetary Law 197
7.4 The First Limits on Debt and Deficits: European Fiscal Rules and the Stability and Growth Pact (Reference) 198
7.5 The Reform of Article 81 and the New Budgetary Equilibrium 199
7.5.1 The New Framework for the Budgetary Law 202
7.6 Difficulties in the Justiciability of Rules on the Public Budget and the Parliamentary Budgetary Office 203
7.6.1 The Balanced Budget Principle and the Constitutional Review of Legislation 205
7.7 Financial Coordination Between the State and the Local Authorities 207
References 209
Chapter 8: Limitations on Government Debt and Deficits: The Netherlands 215
8.1 Introduction 215
8.2 Revenues and Expenditures 216
8.3 The State Budget 217
8.3.1 Several Budget Acts 217
8.3.2 Ministerial Accountability 218
8.3.3 Budget Sectors 220
8.4 Budget Cycle 220
8.5 Preparation of the State Budget 221
8.5.1 Departmental Preparation 221
8.5.2 Coordinating Role of the Minister of Finance 222
8.5.3 Draft Budgets and the State of the National Economy 223
8.6 The Adoption of the State Budget 224
8.6.1 Consideration of the Budget Bills in the House 225
8.6.2 Consideration of the Budget Bills in the Senate 227
8.7 Budgetary Rules 229
8.7.1 The Sustainable Public Finances Act 229
8.7.2 Dutch Budgetary Rules: Trend-Based Budgetary Policy and the Rules on Budgetary Discipline 231
8.7.3 European Budgetary Rules: Medium-Term Objective, Norms on Deficits and Debt 233
8.7.4 Trend-Based Budgetary Policy and European Budgetary Rules: Can These Be Reconciled? 234
8.8 Enforceability of the Budgetary Rules 235
8.8.1 Judicial Enforceability 235
8.8.2 Political Enforceability 238
8.8.3 High Councils of State 239
8.8.4 Codification of Budgetary Rules: Added Value? 242
8.9 Limits on Local Government Debt and Deficits 242
8.9.1 Local Government in the Netherlands 242
8.9.2 The Budget Authority of Provinces and Municipalities 243
8.9.3 Budget Control by the National Government 244
8.10 Summary 247
References 248
Chapter 9: Limitations on Government Debt and Deficits in Romania 250
9.1 Introduction 250
9.2 The Budgetary Process 252
9.2.1 Preparing Central Budgets 252
9.2.2 Expenditure Included in the National Budget 257
9.2.3 Submission of Amendments to Draft Budget Within Parliamentary Debates 258
9.2.4 Procedure for Budget Approval. Budget Rectifications 259
9.3 Legal Limits on the Ability of the National Government to Incur Deficits in Its Annual Budget 260
9.4 Legal Limits on the Ability of the Government to Borrow Money or Incur Debt 264
9.4.1 Acceptable Purposes for the Public Debt 264
9.4.2 Limitations on Outstanding Debt 265
9.4.3 Decision Process for Debt Issuance or for Exceeding the Debt Limits 266
9.4.4 Enforcement of Legal Limitations Concerning Public Debt 267
9.5 Budgets of Autonomous Public Entities. Deficit and Debt. Government Guarantees 267
9.6 Local Government Deficits and Debt 268
9.6.1 Local Budgetary Autonomy 268
9.6.2 Limits to Local Budget Deficits 269
9.6.3 Limits to Local Public Debt 270
9.6.4 Government Guarantees for Local Debt. Government Control of Local Budget and Local Debt 271
9.6.5 Enforcement of Local Debt Limitations 272
9.7 Conclusions 273
References 274
Chapter 10: The Swiss “Success Story” of Sustainable Public Finance: Debt Restrictions and Budgeting Processes in the Swiss Confederation 275
10.1 Introduction 276
10.2 Concept of Financial Sustainability in Swiss Law and beyond 277
10.3 Debt Situation 279
10.3.1 Definition of Debt 279
10.3.2 Development of the Debt 281
10.3.3 Management of the Federal Debt 283
10.3.4 No Bailout 284
10.4 Fiscal Instruments 285
10.4.1 Automatic Stabilizers 285
10.4.2 Discretionary Fiscal Measures 286
10.4.3 Austerity Measures 287
10.5 Debt Brake 288
10.5.1 Historical Background 289
10.5.2 Mechanism 289
10.5.2.1 Target Size and Size Control 290
10.5.2.2 Output Maximum 290
10.5.2.3 Exceptions 291
10.5.2.4 Equalization Account and Sanctions 292
10.5.2.5 Amortization Account 293
10.5.3 Outside the Scope of the Debt Brake 293
10.5.4 Supervision of Budgetary Rules 294
10.6 Financial Management 295
10.6.1 Key Players 295
10.6.2 Principles of Financial Management 296
10.6.3 Instruments 296
10.6.3.1 Medium Term 297
10.6.3.2 Long Term 299
10.6.3.3 Annual: The Budget 300
Principles 300
Competences and Procedures 301
10.6.3.4 Short-Term Instruments: Expenditure Brake and Funding Block 303
10.7 Conclusion 303
References 305
Chapter 11: Limitations on Government Debt and Deficits in the United Kingdom 306
11.1 Introduction 306
11.2 The Annual National Budget 307
11.2.1 Taxation and the Finance Bill 308
11.2.2 Public Borrowing 309
11.3 Public Spending 310
11.3.1 Constitutional Scrutiny of Expenditure 311
11.3.2 Planning Public Expenditure 313
11.4 Legal Limits on Deficits and Debts 316
11.5 The Extended State 319
11.6 Local Government 321
11.7 The Devolved Nations of the UK 324
11.8 Conclusions 326
References 328
Chapter 12: Limitations on Government Debt and Deficits in the United States 331
12.1 The Federal Budget Process and Limits on Federal Debt and Deficits 331
12.1.1 Introduction 332
12.1.2 Process for Adopting a Budget 333
12.1.3 Legal Limits on Debt and Deficits and the Enforcement of These Limitations 337
12.1.3.1 Legal Limits 337
12.1.3.2 Enforcement of Limitations on Debt and Deficits 339
12.1.4 Influence of U.S. Political Institutions on the Debt Debate and Proposed Solutions to the U.S. Debt and Deficits Situation 342
12.1.4.1 Influence of U.S. Political Institutions on U.S. Debt and Deficits 342
12.1.4.2 Potential Solutions 344
12.2 Debt Limits for States and Municipalities 345
12.2.1 Introduction 345
12.2.2 The Federal Government’s Involvement in the States’ Budgetary Processes 345
12.2.3 Limitations on the Authority of States and Municipalities to Incur Debt 346
12.2.4 State Balanced Budget Requirements 349
12.2.5 Potential Solutions 350
12.2.5.1 Applicable Constitutional Provisions 351
United States Constitution, Article I, Section 9 351
United States Constitution, Amendment XIV, Section 4 351
References 351
Appendix: The Questionnaire for National Reporters 354
Topic IV.B. (Constitutional Law) 354
Les limitations de la dette et du déficit public / Limitations on government debt and deficits 354
Sujet IV.B. (Droit Constitutionnel) 356
Les limitations de la dette et du déficit public / Limitations on government debt and deficits 356
| Erscheint lt. Verlag | 11.8.2016 |
|---|---|
| Reihe/Serie | Ius Comparatum - Global Studies in Comparative Law | Ius Comparatum - Global Studies in Comparative Law |
| Zusatzinfo | XII, 353 p. 4 illus. |
| Verlagsort | Cham |
| Sprache | englisch |
| Themenwelt | Recht / Steuern ► EU / Internationales Recht |
| Recht / Steuern ► Öffentliches Recht ► Verfassungsrecht | |
| Wirtschaft ► Volkswirtschaftslehre | |
| Schlagworte | Budgetary Planning and “Debt Brakes” • Budgeting and Issues of Indebtedness • Crisis of the Economic and Monetary Union • European Union • Eurozone • Governmental Deficits and Debt • International Monetary Funds • international treaties • Legal Frames of the Financial System • Process of Budgeting • Public deficit and debt |
| ISBN-10 | 3-319-41205-1 / 3319412051 |
| ISBN-13 | 978-3-319-41205-4 / 9783319412054 |
| Haben Sie eine Frage zum Produkt? |
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