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Finland: New Government Statement on Remuneration in State-Owned Companies

(Aug. 31, 2012) On August 13, 2012, the Government of Finland released a new statement on the remuneration of senior executive management in state-owned companies, which takes “openness and moderation” as its basic premises. The previous statement, which was adopted by the Cabinet Committee on Economic Policy, dated from 2009. (Press Release, No. 247/2012, Finnish […]

New Zealand: Legislation Enabling Partial Sale of Government Assets Introduced

(Mar. 8, 2012) On March 5, 2012, New Zealand's Minister for State-Owned Enterprises, Hon. Tony Ryall, introduced a bill that, if passed, will enable the partial sale of four state-owned energy companies. (Mixed Ownership Model Bill 7-1 (2012), New Zealand Legislation website; Mixed Ownership Model Bill, New Zealand Parliament website (last visited Mar. 7, 2012); […]

Italy: Unions of Municipalities

(Sept. 29, 2011) On September 14, 2011, the decree that the Italian government had issued in August on an “anti-crisis” package was converted into law by the Parliament. The law is designed to correct Italy's fiscal deficit of €45.5 billion (about US$64.8 billion) by imposing spending cuts and tax hikes. (Ulteriori disposizioni urgenti perla stabilizzazione […]

Honduras: Laws Create a New Legal Framework for the Promotion of Economic Development

(Sept. 7, 2011) Honduras passed a legislative package during 2010 aimed at boosting the economic development of the country. This package is composed of three major laws. The first is Legislative Decree 107-2010, containing the Law on Supplementary Income in Rural and Sub-Urban Areas, published in the GACETA OFICIAL (G.O.) on August 21, 2010. The […]

Nigeria: House of Representatives Approves Sovereign Investment Authority Bill

(May 20, 2011) The Nigerian House of Representatives approved the Sovereign Investment Authority Bill (Nigerian House of Representatives website (last visited May 17, 2011), which the upper house had passed on May 11, 2011, bringing the legislation one step closer to taking effect. (Nigerian Parliament Passes Wealth Fund Bill, REUTERS (May 17, 2011).) The bill […]

Nigeria: Senate Approves Sovereign Investment Authority Bill

(May 13, 2011) On May 11, 2011, the 109-member Nigerian Senate approved the Nigeria Sovereign Investment Authority Bill, 2010, which seeks to establish a sovereign wealth fund to manage excess profits from the country’s sale of crude oil. (Nigerian Senate Passes Sovereign Wealth Fund Bill, REUTERS (May 11, 2011)). Before it can take effect, the […]

European Union: Report on the Quality of Fiscal Data Provided by EU Members in 2010

(Apr. 18, 2011) One of the essential requirements in order for the European Monetary Union (EMU) to function properly is that the EU members must avoid excessive budget deficits. The Protocol on the Excessive Deficit Procedure provides that EU members must agree to adhere to two conditions: a) a deficit to Gross Domestic Product ratio […]

Greece: Update on Greece’s Economic Reform

(Feb. 25, 2011) On February 11, 2011, members of the European Commission, the European Central Bank, and the International Monetary Fund (IMF), or the “troika,” as the three bodies are often called, concluded a two-week visit to Athens to conduct their third review of the Greek government's economic program. To assist Greece in recovering from […]

Germany: Dawes and Young Plan Bonds Paid Off

(Oct. 28, 2010) On October 1, 2010, Germany paid off the last residual interest payments of the bond issues through which the Dawes and Young plans were privatized, thereby making its last payments on reparations imposed after World War I (Die letzte Rate von Versailles – Deutschland hat abbezahlt, FRANKFURTER ALLGEMEINE ZEITUNG, Oct. 2, 2010, […]

Germany: Contributions to European Financial Stability

(June 1, 2010) On May 7, 2010, Germany's President signed into law the Act on the Providing of Loan Guarantees to Support the Solvency of the Hellenic Republic Required to Maintain Financial Stability Within the Currency Union (BUNDESGESETZBLATT I at 537). Through this Act, Germany promises to provide a total of €22.4 billion (about US$27.5 […]