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Italy: Amendments to the National Budget Law

(Oct. 6, 2016) On September 9, 2016, new legislation amending the national budget entered into effect in Italy. (Law No. 163 of August 4, 2016, Amending Law No. 196 of December 31, 2009, Concerning the Content of the Budget Law, Implementing Article 15 of Law No. 243 of December 24, 2012 (Law No. 163), GAZETTA […]

Israel: New Law on Encouragement of Competition in the Food Sector

(May 30, 2014) On March 19, 2014, the Knesset (Israel’s parliament) passed the Law for Encouragement of Competitiveness in the Food Sector, 5774-2014. The Law’s stated objective is to increase competitiveness in the food sector and in the area of consumer products manufacturing in order to achieve a reduction in consumer prices. (Law for Encouragement […]

Israel: Law on Minimizing Market Centralization and Promoting Economic Competition

(Dec. 18, 2013) On December 9, 2013, the Knesset (Israel’s parliament) passed the Law for Promoting Competition and Minimization of Centralization, 5774-2013 (Text of the Law [in Hebrew], Knesset website). In introducing the draft of the Law, Knesset Finance Committee Chairman Nissan Slomiansky expressed his expectation that it would substantially improve the Israeli economy by […]

European Union: Latvia Will Join the Euro in 2014

(June 14, 2013) On June 5, 2013, a press release presented the conclusion of the European Commission’s Convergence Report on Latvia that Latvia “has achieved a high degree of sustainable economic convergence with the euro area.” Based on the Convergence Report, the Commission proposed that the Council of the European Union reach a decision on […]

Denmark: Bill on Economic Growth Considered

(Apr. 24, 2013) On April 22, 2013, the Danish government and the opposition party Dansk Folkeparti agreed to a package of initiatives designed to boost growth and employment. The initiatives are contained in a bill that would cost 17 billion kroner (about US$3 billion) over the next seven years. Among the bill’s provisions are: · […]

Thailand: Transportation Infrastructure Megaprojects Loan Bill

(Apr. 19, 2013) The Thai government recently announced that it plans to invest two trillion baht (about US$68.8 billion) in infrastructure development megaprojects, most of them involving transportation, over the next seven years. The government plans to borrow the funds over that period, with repayment to be spread out over the next five decades. The […]

Egypt: Council of Ministers Approves Draft Law Allowing Issuance of Islamic Bonds

(Mar. 8, 2013) On February 27, 2013, the Egyptian Council of Ministers approved a draft law allowing the issuance by the government of Islamic bonds, known as “sukuk.” The intent behind the draft law was to help close the gap in the national budget deficit. It is also supposed to increase the foreign currency national […]

Indonesia: Affirmative Action Program Adopted for Papuan Businesses

(Dec. 18, 2012) On October 17, 2012, Indonesia’s national government issued a regulation that places a limit on which businesses may submit bids for government construction in Papua. Presidential Decree No. 84/2012 specifies that only companies owned by natives of Papua may make bids on infrastructure projects in the province valued at under Rp500 million […]

European Union: Annual Growth Survey Adopted

(Dec. 4, 2012) On November 28, 2012, the European Commission adopted the Annual Growth Survey (AGS), which serves to provide guidance to the European Union (EU) Member States to ensure that their budgetary and economic policies are in line with the Stability and Growth Pact. The Pact is designed to assist countries in the euro […]

Israel: Deficit Reduction Law Passed

(Nov. 8, 2012) On July 25, 2012, the Knesset (Israel’s parliament) passed the Reduction of Deficit and Limitation of Budgetary Expenses (Amendment No. 12) Law, 5772-2012. The amended Law provides caps for public spending and limits the level of Israel’s state budget deficit based on a percentages of its GDP, as follows: 2013: up to […]