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By European Commission

Because the eu Union (EU) launches its universal foreign money (the Euro), relevant ecu (CE) countries are seeking top practices in public legal responsibility administration as a way to gentle their integration into the european. This paintings addresses that trouble, analyzing borrowing regulations, establishment construction, portfolio optimization, and the consequences of the Euro and ecu accession for public debt administration. to assist the CE nations in achieving their objectives, the realm financial institution and the ecu fee held a two-day seminar in Brussels in mid-December 1997. ecu Union Accession provides the papers added at that seminar which used to be attended through all ten ecu applicant international locations: Bulgaria, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, the Slovak Republic, and Slovenia. The workshop pursued the next targets: 1. to enquire the results of the release of the Euro and of the ecu accession on financial prudence and at the borrowing options of CE nations; 2. to facilitate the dissemination of the easiest public liabilities administration innovations built around the world; and three. to discover believable preparations to advertise prudent public liabilities administration in relevant Europe via a nearby services community.

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It has forced governments to give more weight to the long-term impact of spending and tax decisions, and it has led to more sustainable fiscal policy. It has significantly enhanced the credibility of the government's economic strategy. This, in turn, has helped encourage strong private capital inflows into New Zealand. Page 12 Management Strategy of the Belgian Public Debt with Regard to the European Monetary Union: The Challenges of the Transition. Louis de Montpellier The accession to the Monetary Union confronts the managers of public debt across Europe with a major challenge: an integrated financial market under the European Monetary Union (EMU) means that each issuer, and especially a sovereign issuer, will lose the natural protection of its domestic currency, as investors, whether domestic or foreign, will be able to diversify into a much broader credit universe denominated in the same currency.

Sergei Shatalov; and Mr. Don Reisman from the Office of the Publisher. We would also like to express our gratitude to Messrs. Marcelo Selowsky and Hafez Ghanem, both of whom provided invaluable advice and support. We also would like to thank the authors of the various papers presented in this publication, who were among the distinguished speakers at the Brussels workshop: Ms. Hana Polackova; and Messrs. Marcelo Selowsky, Homi Kharas, Hafez Ghanem, Graeme Wheeler (the World Bank), Mario Blejer (International Monetary Fund), Louis de Montpellier (Treasury of the Kingdom of Belgium), Dieter Glatzel (EUROSTAT), and Francesco Forte (University of Rome).

Borrowing for consumption can be an indication of an unsustainable boom, whereas borrowing for investment is more sustainable. Also, if the short-term capital inflows are reversed, as has been happening in many countries, it is easier to make the necessary adjustments to reduce the current account deficit if the borrowing has been used to finance investment expenditures, because these are easier to cut than consumption. Page 30 Table 2. Changes in Gross Domestic Saving (percent of GDP)Country19921997Bulgaria 16 15Czech Republic n/a n/aEstonia 32 17Hungary 16 27Latvia 48 15Lithuania 18 13Poland 17 18Romania 23 23Slovak Republic 24 28Slovenia n/a n/a Table 2 shows that, except for the Baltic countries, gross domestic saving rates have been either stable or increasing in the CEECs.

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