Multi-level Finance and the Euro Crisis
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Multi-level Finance and the Euro Crisis

Causes and Effects

Edited by Ehtisham Ahmad, Massimo Bordignon and Giorgio Brosio

Representing a unique contribution to the analysis and discussion of the unfolding Eurozone crisis in terms of the relationship between central and local government, this book addresses a number of important fiscal and political economy questions. To what extent have local and regional governments contributed to the crisis? To what degree have subnational services and investments borne the brunt of the adjustments? How have multi-level fissures affected tensions between different levels of government from the supranational to the local? This volume covers these and many other critical issues that have been largely ignored despite their relevance.
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Chapter 2: Political economy of information generation and financial management for sub-national governments: some lessons from international experience

Ehtisham Ahmad


The issue of managing sub-national liabilities is not only important in the EU, but is also a major concern in other parts of the world, including South Asia, China and Brazil, as much of the public investment needed for sustainable development is taking place at the sub-national level. Different countries and regions have used alternative mechanisms to control subnational liabilities, ranging from the fiscal rules in the EU and Brazil, to administrative control mechanisms in China, cooperative arrangements in Austria and market-based controls in North America (see Ter-Minassian, Chapter 1 in this volume). Although coordination and control mechanisms vary from country to country, none will work effectively without full and timely information on the nature and timing of the liabilities. Indeed, effective management of the liabilities is critical also to ensuring a better buy-in from the private sector and a more credible environment for greater stability for contracts (Minervini and Vinella, Chapter 13 in this volume).

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