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1、外文翻譯FiscalSurveillanceinEMU:NewIssuesChallengesMaterialSource:wldbankAuth:HanaPolackovaBrixiWhyContingentLiabilitiesNeedtoBeTakenintoAccountExperiencehassuggestedthatgovernmentsincludingthoseinNewMemberStatesmaybeaccumul

2、atingsignificantobligationsinthefmofcontingentliabilitiesthatareneitherrecdednanalyzedinfiscaldocuments[1].PerhapsnoneoftheNewMemberStatesonlyfewofthelongstingEUMembershavetheinstitutionalframewkscapacitiestoeffectivelyc

3、ontrolmanagecontingentliabilities.NewMemberstateshoweverhavebelongedtothecountriesperhapsmostpronetotheaccumulationofcontingentliabilitiesrelatedfiscalrisk.Firstthehighcostoftransitionstructuralrefmshasinvitedthecreation

4、ofschemesthatinvolvegovernmentcontingentliabilities(whichareeitherexplicitimplicitasillustratedinFigure1)shiftpartofthecostintothefuture.Secondtheprivatizationofstatefunctionsdrivenbythefiscalconstraintaswellasbyefficien

5、cyreasons(finstanceinpensionsinfrastructure)hasdemedcontingentgovernmentsupptagaineitherexplicitimplicittoenticeprivateinterest.ThirdasalsotheexperienceofthelongstingEUmemberscanattestthepursuitofdeficittargetsgeneratesi

6、ncentivesfgovernmentstofavoffbudgetfmsofgovernmentsupptthatdonotrequireimmediatecashthatatleastfsometimehidetheunderlyingfiscalcost–whilecreatingcontingentliabilities.Similarlythepursuitoffiscaladjustmentdeficittargetsma

7、yelevatethelongtermfiscalrisksasitcomplicatesstructuralrefmsinthesocialaswellasenterprisesects.Finallythegrowingdevelopmentalroleautonomyoflocalgovernmentsmaybeassociatedwiththeelevationoflocalgovernmentcontingentliabili

8、tiesdebt.Suchlocalgovernmentobligationsoftenrepresenteitheranexplicitimplicitcontingentliabilityfthenationalgovernment.InasmuchmarketsintheNewMemberStatesarestill“emerging”inthesensevaluationmethodologies.Thispaperdrawsl

9、essonsfromthisexpingrangeofexperience.Perhapsthemainprobleminfullyincludingcontingentliabilitiesinthefiscalsurveillanceframewkisimplementation.Effectiveimplementationoffiscalsurveillancewithrespecttocontingentliabilities

10、dependsonthewillingnessofgovernmentstoexposerelevantinfmation.Contingentliabilitiesmayariseinmanydifferentfmsinvolvedifferentlevelsofgovernmentmaynotbedetecteduntiltheyfalldueeventhenabailoutmightbechestratedthroughafina

11、ncialinstitutionfinstanceratherthanthegovernmentitself.Manycontingentliabilitiesremainunknownunlessthegovernmentexposesthematitsowninitiative.Somemaynotbeevenknowntothegovernmentasawholeunlessthegovernmentmonitsallitspos

12、siblesourcesoffiscalriskincludingfinstancecontingentliabilitiesoflocalgovernmentsstateownedutilities.Ifthewillingnessofgovernmentstocooperateinrevealingcontingentliabilitiesisimptantthenobviouslyincentivesenfcementmatter

13、.IneffectarecountriesrewardedftransparencypunishedSomeexperienceamongNewMemberStatessuggeststhatcountriesmaybepunishedatthetimewhentheyrevealcontingentliabilitiesbutnotpunishedatthetimewhenhiddencontingentliabilitiesfall

14、due.Finstancein1997theMinisterofFinanceoftheCzechRepublicvolunteereddetailedinfmationaboutuntilthenunknowncontingentliabilitiesarisingfromthesocalledtransfmationinstitutions[4]offbudgetfunds.Meanwhiletheseentitieshavebee

15、neitherdismantledscheduledfdismantlingbroughtundertheMaastrichtfiscalframewk.FromthemomentwhentheCzechMinistryofFinanceopenedapublicdiscussionaboutcontingentliabilitieshowevermanyinternationalinstitutionsalongwithsoverei

16、gncreditratingagenciesothershavebeenexpressingconcernaboutcontingentliabilitiesintheCzechRepublic.TheirfocuswasnotonthefactthattheCzechRepublichasfinallybecomedeterminedtobringitscontingentliabilitiesundercontrol.Rathert

17、hancommendingonthefablestepstowardfiscaltransparencydisciplineanalystsrangthebellsofwarning.TakingcontingentliabilitiesintoaccountinfiscalsurveillancetheCommissionmayhavetheleveragetoencouragedisclosureappropriatetreatme

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