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Israel - PowerPoint PPT Presentation


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’ Debt Brake‘. Israel. Germany. public debt: € 54 bn (≈ $ 78 bn ). public debt: € 2,000 bn (≈ $ 2,908 bn ). population : 7.6 m. population : 82 m. ≈ € 7,000 per capita. ≈ € 24,000 per capita. 2. ’ Debt Brake‘. Hierarchy of Norms (national level ). Constitution.

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slide2

’Debt Brake‘

Israel

Germany

public debt: € 54 bn

(≈ $ 78 bn)

public debt: € 2,000 bn

(≈ $ 2,908 bn)

population: 7.6 m

population: 82 m

≈ € 7,000 per capita

≈ € 24,000 per capita

2

slide3

’Debt Brake‘

HierarchyofNorms

(national level)

Constitution

ParliamentaryActs

otheractsof State

3

slide4

’Debt Brake‘

Art. 115 par. 1 Basic Law (version 1969)

[…] Revenue obtained by borrowing shall not exceed the total of investment expenditures provided for in the budget…

… exceptions shall be permissible to avert

a disturbance of the overall economic equilibrium.

FCC: wide range of discretionfor the budgetary legislator

4

slide5

’Debt Brake‘

Art. 126 par. 1 TFEU (Lisbonversion 2009)

  • annual deficit limited to 3% GDP
  • overall debt restrained to 60% GDP

Problem: lack of enforcement

5

slide6

’Debt Brake‘

Art. 109 par. 3 Basic Law (version 2009)

The budgets of the Bund and the Länder shall in principle be balanced without revenues from credits.

(applicability: 2016 [Bund], 2020 [Länder])

Exceptions:

  • deficits in times of downswing to balance the effects of market developments that deviate from normal conditions
  • unusual emergency situations beyond governmental control and substantially harmful to the state’s financial capacity

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Thank you

for your attention!