欧洲货币联盟的财政监督：新问题和新挑战外文翻译.doc

外文翻译 Fiscal Surveillance in EMU: New Issues and Challenges Material Source: worldbank Author: Hana Polackova Brixi Why Contingent Liabilities Need to Be Taken into Account Experience has suggested that governments, including those in New Member States, may be accumulating significant obligations in the form of contingent liabilities that are neither recorded nor analyzed in fiscal documents[1]. Perhaps none of the New Member States, and only few of the long-standing EU Members, have the institutional frameworks and capacities to effectively control and manage contingent liabilities. New Member states, however, have belonged to the countries perhaps most prone to the accumulation of contingent liabilities and related fiscal risk. First, the high cost of transition and structural reforms has invited the creation of schemes that involve government contingent liabilities (which are either explicit or implicit as illustrated in Figure 1) and shift part of the cost into the future. Second, the privatization of state functions driven by the fiscal constraint as well as by efficiency reasons (for instance in pensions and infrastructure) has demanded contingent government support, again either explicit or implicit, to entice private interest. Third, as also the experience of the long-standing EU members can attest, the pursuit of deficit targets generates incentives for governments to favor off-budget forms of government support that do not require immediate cash and that, at least for some time, hide the underlying fiscal cost – while creating contingent liabilities. Similarly, the pursuit of fiscal adjustment and deficit targets may elevate the long-term fiscal risks as it complicates structural reforms in the social as well as enterprise sectors. Finally, the growing developmental role and autonomy of local governments may be associated with the elevation of local government contingent liabilities and debt. Such local government obligations often r