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Iran: Criticism of Newly Proposed Budget

(Mar. 21, 2012) Iran's Parliamentary Research Center recently put forward three major criticisms of the government's budget bill for the upcoming year (1391/Mar. 20, 2012-Mar. 20, 2013), in addition to its previous critical assessment of numerous aspects of the bill in the form of 26 separate reports submitted to the Majles (Parliament), seeking that the […]

European Parliament: Agreement to Freeze Its Own Budget for 2013

(Mar. 1, 2012) On February 16, 2012, in response to the financial crisis that has hit the members of the euro zone, the European Parliament adopted a resolution, by a show of hands, to freeze its own budget for 2013. (Press Release, European Parliament to Freeze Its Own Budget for 2013 (Feb.16, 2012).) An important […]

European Union: Treaty on Fiscal Compact

(Feb. 3, 2012) On January 30, 2012, in the midst of Greece's desperate attempts to avert fiscal default, the European Union (EU) Members – except the United Kingdom and the Czech Republic – agreed on a new Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, otherwise known as the fiscal compact. […]

France: New Austerity Measures

(Nov. 16, 2011) On November 7, 2011, the French Council of Ministers announced new austerity measures aimed at further reducing the public debt and achieving financial balance by 2016. The government hopes to save €17.4 billion (about US$23.5 billion) during the period 2012 to 2016, in order to cut the debt by €65 billion ($87.75 […]

European Union: Framework Regulation on Financial Assistance to Third Countries

(July 11, 2011) On July 4, 2011, the European Commission adopted a proposal for a Framework Regulation for Macro-Financial Assistance (MFA) to third countries. According to a Commission press release, MFA is “a financing instrument under which exceptional financial assistance is granted to third countries close to the EU that are experiencing balance-of-payments difficulties.” (Press […]

Israel: Supreme Court Leading Decision on Constitutionality of Two-Year State Budget

(Apr. 12, 2011) On April 7, 2011, Israel's Supreme Court, sitting as a High Court of Justice in an extended bench of seven justices, unanimously rejected a petition to declare void the Basic Law: State Budget for the Years 2009 and 2010 (Special Provisions) (Temporary Application) (Amendment). The Amendment provides that the state budget for […]

France: Constitutional Reform to Balance the Budget

(Mar. 22, 2011) The French government has recently prepared draft provisions to be inserted in the 1958 Constitution that would amend in depth the governance of public finances. The proposal aims to balance the budget. (Projet de loi constitutionnelle relatif à l'équilibre des finances publiques, Legifrance online database (last visited Mar. 18, 2011).) Three types […]

Netherlands: 2011 Budget Proposals Include Some Austerity Measures

(Sept. 23, 2010) The Netherlands' 2011 draft budget was presented to the Lower House of Parliament on September 21, 2010. According to THE WALL STREET JOURNAL, the caretaker government's plan introduces “modest budget cuts to fix public finances” next year, but “will likely be superseded by a more austere package once a new government emerges.” […]

European Union: Finance Ministers Endorse Review of Domestic Budgets of EU Members

(June 11, 2010) On June 8, 2010, the finance ministers of the European Union, in an effort to prevent the economic crises encountered by Greece and other EU Members, endorsed a proposal to review each other's national budgets and to impose sanctions on those states that violate the EU's budgetary rules, known collectively as the […]

Peru: Constitution Amended to Improve Annual Presentation of the General Account

(Sept. 28, 2009) On September 7, 2009, President Alan García Pérez of Peru promulgated Law No. 29401, amending articles 80 and 81 of the Constitution to improve the system of presentation and evaluation of the General Account of the Republic. The amended article 80 states that the Minister of Economy and Public Finance is to […]