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This article examines the budget process in Montenegro. After discussing some general legal, political and economic characteristics of the country, recent institutional reforms are surveyed. The section on the budget formulation process pays special attention to the budget structure and classification, the annual budget preparation cycle, medium-term planning, long-term fiscal sustainability, the organisation of the Ministry of Finance, and the funding of local government. Section 3 addresses the parliamentary approval process, including the role of the budget committee, the annual parliamentary budget cycle, and the impact of Parliament. Section 4 focuses on budget execution, in particular the organisation of the executive process, cash management, and reallocation. Section 5 looks at the supply side of the budget process – public administration and service delivery by the central government as well as by local governments – and at public procurement, public employment, the civil service, and the public enterprise sector. Section 6 examines accounting and audit, including financial reporting, internal audit and external audit.
This research suggests that no single country conforms entirely to classical liberalism. Fragile states – many of which have long communist, socialist and patrimonial histories – exhibit a cocktail of economic personalities. They may best be referred to as “liberal-hybrids”. Research shows that while such states are highly exposed to global transmission channels for liberal market policies, many of these liberal hybrids fared better through the global financial crisis because of their adaptive mechanisms. There is, therefore, a great need to deepen understanding of the drivers of fragility and resilience in fragile states, and redefine proscriptive ideological approaches that drive economic and development policies in different directions. This paper focuses on four key pillars of liberal order policies: financial liberalisation, trade liberalisation, foreign direction investment and exchange rate management. These aspects are fundamental to growth, but “test” fragile institutions and societies too severely in many cases – aggravating fragility and creating inequitable growth patterns. Policy responses to mitigate risks and maximise benefits from adoption of these liberal order policies in fragile contexts have been stronger in theory (as the Post-Washington consensus era draws to a close) than in practice; fragile states are still subject to blueprint prescriptions and competitive political pressures.
Drawing on country examples, this paper proposes future avenues for international research and action: (i) grouping fragile states according to a new set of vulnerability criteria on which to base support; (ii) developing a set of leading or proxy indicators to close the action-research time gap for fragile states; (iii) modelling fragile state responses to global risks towards early warning; (iv) integrating economic and development policies at national level; (v) staggering liberalisation policies to keep pace with institutional capacities; and (vi) prioritising internal economic cohesion. To create the analytical base, three fragile state case studies could be produced exploring liberalisation adoption from ideology and prescription to uptake pattern over time. Results could be synthesised by a newly established Global & Fragile Systems Contact Group, empowered to create the new metrics required to turn the New Deal into the “real deal” for fragile and conflict-affected states.
Bond exchanges and buyback operations serve two main purposes. First, by reducing the outstanding amounts of bonds close to maturity, exchanges and buybacks help in reducing roll-over peaks and thus lowering refinancing risk. Second, exchanges and buybacks allow debt managers to increase the issuance of on-the-run securities above and beyond what would otherwise have been possible. The resulting more rapid build-up of new bonds enhances market liquidity of these securities. This in turn should eventually be reflected in higher bond prices. Hence, bond exchanges and buybacks are aimed at lowering refinancing risk. In addition these operations may also contribute to lower funding costs for governments.
In doing so this paper aims at emphasising the need for policy makers, innovators and power plant operators to quickly complete the development of the CCS technology and to identify key countries where retrofit applications will have the biggest extent and impact.
This paper* was prepared as a background reference document for the APF Special Session on Climate Change in Addis Ababa, 3 September 2009. It reviews institutional and capacity barriers to carbon finance in Africa as well as clean development mechanism procedures and financial barriers. It then goes on to discuss new and innovative funding for climate change in the region.
France
Judgement of the European Court of Human Rights on the Right to a Fair Trial, in the Litigation Collectif Stop MELOX and MOX versus France (2007)
Decision of the Council of State Quashing a Decree Concerning a Nuclear Installation in Brennilis, for the Want of Public Information and Consultation (2007)
South Africa
Judgement of the Cape High Court in the Case of McDonald and Others versus Minister of Minerals and Energy and Others (2007)
United Kingdom
Decision of the Wick Sheriff Court Fining UKAEA for Plutonium Exposure (2007)
United States
Judgement of the US Court of Appeals on Environmental Analysis of the Effects of Terrorism (2006)
Vacatur of US Court of Federal Claims Decision Regarding Price-Anderson Compensation of Costs in a Private Tort Claim (2007)
Canada
Appellate decision upholding nuclear regulatory licensing process and practices for consultation with aboriginal groups: Fond du Lac Denesuline First Nation v. Canada (Attorney General)
France
Court of Appeal of Nîmes regarding the SOCATRI incident in July 2008 Conseil d’État regarding the association Réseau « Sortir du nucléaire »
Switzerland
Judgement of the Federal Administrative Court in the matter of Balmer-Schafroth a.o.v. BKW FMB Energy Ltd on the repeal of the time limitation with respect to the operating licence for the Mühleberg nuclear power plant
United States
Judgement of a US District Court granting a permanent injunction against the State of Vermont in order to prevent certain State laws from prohibiting Vermont Yankee nuclear power plant’s continued operation
Canada
Judicial review of Darlington new nuclear power plant project
Appeal decision upholding criminal convictions related to attempt to export nuclear-related dual-use items to Iran: Her Majesty the Queen v. Yadegari
European Commission
Greenland cases
France
Chernobyl accident – decision of dismissal of the Court of Appeal of Paris
Slovak Republic
Aarhus Convention compliance update
United States
Judgement of a US court of appeals upholding the NRC’s dismissal of challenges to the renewal of the operating licence for Oyster Creek Nuclear Generating Station
The report builds on SIGMA Paper No. 44 (2009), which assessed the sustainability of civil service reforms in the new EU member states of Central and Eastern Europe after their accession to the European Union (henceforth EU) in 2004. SIGMA Paper No. 44 found that Central and Eastern European states had made significant progress towards the establishment of professional and impartial civil service systems before joining the EU. Yet after accession only a minority of countries, namely the Baltic States, continued to invest in the professionalisation of the civil service.
Accordingly, the paper examines, first, the degree to which civil service systems ‘fit’ the European principles of administration and, second, the drivers of civil service professionalisation, in order to gain insights with regard to the sustainability of reforms in the Western Balkans.
The review examines entrepreneurship, SMEs and local development in the Negev in the south of Israel, where there is strong potential for the growth of significant clean-tech industry cluster activity, involving a critical mass of firms, human capital, research organisations, support infrastructure and associated formal and informal linkages.
This report looks at the ways in which such capacity can be strengthened by public policies, including investment in centres of research excellence and specialised testing facilities, creation of spaces for innovation exchange, and the introduction of a green strategy and eco-city approach. The analysis provides guidance and policy recommendations on how best to support the emergence and expansion of clean-tech cluster activity that will enhance economic development capacity in the region while contributing to national green growth objectives.