Coordinating Audit Functions in the European Union
Edited by Milagros Garciá Crespo
Chapter 9: Towards the coordination of financial reporting at the different levels of public administration in Europe
9. Towards the coordination of ﬁnancial reporting at the diﬀerent levels of public administration in Europe Vicente Montesinos Julve Although it is at the heart of growing controversy, the fact is that globalization appears to be a sign of our times, a phenomenon deriving from the growing internationalization and interdependence of economies. Fiscal austerity, privatization and market liberalization have been, for the World Bank and International Monetary Fund (IMF), the three basic pillars of sustainable economic growth, especially in the case of developing countries (Stiglitz, 2002). However, the truth is that liberalizing mechanisms have, in many respects, not worked in the way they should have done, leading to the emergence of justiﬁed criticisms of the globalization process, especially concerning economically weaker countries. In spite of the criticisms and controversies caused by the deﬁcient operation and undesirable eﬀects of liberalizing mechanisms, globalization is a phenomenon from which, for the moment, there appears to be no way back. Therefore, the mechanisms required for its proper functioning must intervene, eliminating barriers and privileges and introducing transparency and competitiveness as essential features.1 In this context, the availability of quality information appears to be a clear requirement: the comparability of ﬁnancial information seems more necessary, the availability of analytical information becomes more urgent with a view towards the modernization of public administrations, and complete, systematic and reliable macroeconomic information is essential. Only in this way will the globalization process be really eﬀective, in that only transparency can make reasonably just...
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