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The new book Multi-level Finance and the Euro Crisis - Causes and Effects is a significant collection of contributions that effectively shed light on the mentioned relations in a fairly large group of countries. This book raises a number of crucial fiscal and political economy questions, such as, what was the role of local and regional governments in the crisis? How did conflicts between different levels of government contribute to the worsening of fiscal indicators and deepening of the crisis? Is there any golden rule to solve the fiscal problems and the situation from the supranational to the local? The publication contains these and many other important issues that have been mostly neglected, regardless of their relevance.

Las Micro, Pequeñas y Medianas empresas se pierden de manera acelerada, por lo que en la presente investigación se realiza un estudio de la fiscalidad a la que se enfrentan respecto de las aportaciones de seguridad social. Esto permite observar el objeto de estudio desde los elementos que componen la relación jurídico-tributaria. Es decir, desde el punto de vista del patrón, del trabajador y del Instituto Mexicano del Seguro Social, ante el problema específico de cierre de un alto porcentaje de estas unidades económicas, que provocan la pérdida considerable de empleos, trabajadores condenados a una vejez sin seguridad social y a un Instituto Mexicano del Seguro Social con problemas financieros. Por ello se listan algunas de las problemáticas de la MIPYME no porque sean específicas de ésta, sino porque la grande empresa tiene características diferentes. Así mismo se presenta la propuesta de posibles soluciones. This research is an analysis of the fiscal problems facing the Micro, Small and MediumEnterprises (MIPYME) in Mexico for social security contributions which allows to observe the object of study from the elements of the juridical and tax, from thestandpoint of the employer, the worker and the Mexican Social Security Institute (IMSS), to the specific problem of closing a high percentage of these economic units, which cause considerable loss of jobs, workers facing old age without security social and a Mexican Social Security Institute with financial problems, it lists some of the problems faced by the MIPYME not because they are specific to it, but because big business has different characteristics, so it appears the proposed possible solutions.

This paper proposes a new measure of public expenditure force that policy makers and budget analysts should track in detail over time in routine fiscal monitoring. The paper suggests that adopting the measure will not only warn policy makers of possible impending fiscal pressures, but will help them to differentiate between those budgetary pressures that are temporary and those that may require reforms. The main utility of the expenditure force measure will be in country fiscal analysis. Measuring force across the entire budget allows practitioners to monitor and decompose the micro drivers of public spending pressure, watch out for rapidly expanding spending lines, and identify priorities for reform before these pressures lead to macro fiscal problems. Yet by its construct, spending force is internationally comparable, and independent of expenditure levels or spending types. This could allow global monitoring comparisons and global research into the drivers of public spending force across particular types of country characteristics and economic conditions. In time, and as more data become available, researchers can use the force measure to compare and contrast the dynamics of expenditure types across countries. For example the measure can be used to explore what gives some spending types an initial impulse; whether underlying factors cause different public spending categories to grow faster than average, or to accelerate over time; and what successful countries have done to manage rising force without damaging public services. Since force seems to be a decent predictor of fiscal episodes, it is suggested that “speed limits” for spending might be a feasible component of fiscal rules.

This policy paper is motivated by the Government's 'Pakistan: framework for Economic Growth (FEG) 2011' which places weak corporate governance at the top of the 'software' constraints to growth. The efforts to reform the State-Owned Enterprises (SOEs) have stalled in Pakistan for almost five years with significant negative implications not only in terms of fiscal losses, but also deteriorated and cost-ineffective service delivery. The paper suggests a number of urgent policy measures designed to improve the efficiency and effectiveness of SOEs. These include basic governance reforms, revamped commercialization processes and enhanced market regulations. The paper also provides some perspectives on international experience on SOE reforms combined with some suggestions on how the Government can move forward.

The Poverty Reduction Support Credit (PRSC) instrument was put to use at an opportune juncture in 2003 when, after a period of economic crisis, macroeconomic stability had been restored to Ghana and a reform process had been mapped out. The Bank used this instrument to signal strong support to the Government for the reform process, which was at risk of being derailed in the run up to the 2004 elections. The PRSC was perceived as a clear departure from previous adjustment lending, which was characterized by acrimonious negotiation of conditions. Following independence from Britain some 50 years ago, Ghana experienced rapid economic growth, spurred by commodity exports and industrialization linked to import-substitution policies. But by the early 1980s, standards of living had declined sharply, and Ghana had joined the ranks of other low-income African countries. Ghana's economic reform program, launched in 1983, marked a notable change in policy direction and a shift from a state-controlled economy to a more market-driven system. Ghana made progress in regaining macroeconomic stability and achieved its Highly Indebted Poor Country (HIPC) initiative completion point by 2004. Even so, progress was uneven, and the economy remained vulnerable. Ghana was among Africa's top 10 performers in the 2008 doing business report, and its ranking on corruption indicators is the best of low-income African countries. A recent national survey found that 75 percent of households regard corruption as a serious national problem, and 80 believe it has worsened in recent years.

During the past two decades Colombia has been developing and improving its National Results-Based Management and Evaluation System (SINERGIA). The development of this system has been a focal point in Colombia's state reform towards performance-based management, particularly at the central administration. After 15 years of progress, overcoming the effects of institutional, political, and fiscal obstacles, SINERGIA has achieved one of the highest levels of development and customization, and it is held up as an example of best practices by multilateral organizations, donor agencies, and other governments. The monitoring and evaluation (M&E) system that Colombia adopted sought to promote a results focus on both planning and budgeting processes, simultaneously. However, during implementation the results-based planning model superseded the budgeting model, owing principally to the architecture of Colombia's central administration and to the institutional placement of SINERGIA within the Department of National Planning. Compared with similar experiences in other countries, the process by which SINERGIA advanced institutionalization is notable for the way it combined high-ranking, wide ranging, and formal mechanisms with the development of informal practices in key areas of the public sector. Many lessons for other countries are identified in this paper. Some of the key factors in Colombia's success are as follows: 1) the importance of having a central governmental department act as a champion supporter, and using an opportunistic approach to include the M&E system as a key pillar on public sector reform agendas; 2) the kind of regulatory and incentives framework on which the M&E system is based, and the sustained effort in promoting 'cultural' change and developing evaluation capacities; 3) the political role of the President in the system's institutionalization process; 4) the powerful part that technically defined methodologies and dissemination mechanisms have played in the system's institutionalization strategy; 5) the collaborative approach used to strengthen evaluation practices and to enhance the community of evaluators; and 6) the demand-driven approach for introducing M&E at the regional level.

Colombia's National Results-Based Management and Evaluation System (SINERGIA) is one of Latin America's outstanding results-based monitoring and evaluation initiatives. With 15 years of progressive development, SINERGIA has endured the countries' institutional, political, and fiscal problems and has attained one of the highest levels of development and customization in Latin America. Based on its accomplishments it has been held up as an example by multilateral organizations, donor agencies, and other governments. This paper examines the experience of institutionalizing Colombia's monitoring and evaluation (M&E) system, from the perspective of a former SINERGIA manager: Manuel Fernando Castro, Director of Public Policy Evaluation, and Department of National Planning. This study is meant to complement previous studies by other authors with an insider's account, description, and analysis of the obstacles encountered and the results obtained. Likewise, it presents recommendations on how to ensure further institutionalization and identifies several lessons that might be of interest to professionals who are developing evaluation systems in other countries.