Tag: finance

Control interno de las entitades del sector publico local

11 de marzo 2015, COSITAL

Hoy ha llegado oficialmente al Consejo General el texto del Proyecto de Real decreta,  por el que se regula el régimen jurídico del control interno de las entitades del sector publico local que ha elaborado el Ministerio de Hacienda y Administraciones Públicas en desarrollo de lo establecido en la Ley 27/2013  de 27 de diciembre, de racionalización y sostenibilidad de la Administración Local y sobre el cual el Consejo General de COSITAL, y otros interesados podrán formular alegaciones por plazo de quince días hábiles.

Conforme a lo dispuesto en el Reglamento de Régimen Interior del Consejo General se convocará sesión de la Junta de Representantes Autonómicos del Consejo General que se celebrará el próximo día 17 de abril, y de la Comisión Ejecutiva del Consejo para el día 18. Leer más >

What’s Wrong with Risk Models?

April 27, 2010, The New Yorker

First up, sincere apologies to the organizers and attendees of the Milken Global Forum, in Los Angeles, where I was due to appear this afternoon at a session about economic models of risk. I was looking forward to engaging the other panelists, who included Nobel laureate Myron Scholes, of “Black Scholes” fame; Colin Camerer, a Cal-Tech behavioral economist I’ve written about in the past; and Aaron Brown, a former Wall Street risk modeler.

What went wrong? It is now commonly said that the reason the models, especially the Value-at-Risk models, came a cropper is that they didn’t account for the possibility of “fat tails.” This is Nassim Taleb’s “black swan” critique, which goes back to Benoit Mandlebrot’s work in the early nineteen-sixties.

Read more >

Corruption risk in Spain

Mapping high-level corruption risks in Spanish Public Procurement

High-level corruption and fraud has had an increased impact on the social and political debate in Spain, especially since the beginning of the financial crisis when several cuts in social spending were made. Greater attention is being paid to where and how the government spends its public funding. This paper explores the extent and forms of political corruption in Spanish public procurement. Its main contribution is the rich analytical discussion of high- profile corruption scandals involving public procurement, such as the Gürtel case or the Palma Arena case, with particular focus on ‘red flags’ indicating likely corruption in public procurement procedures.

It also provides a comprehensive introduction to the Spanish public procurement institutional structure, a comparison with the European public procurement directives, and a broad statistical overview of public procurement in Spain. Another relevant feature of this paper is the in-depth description on how and where to access public procurement information, indicating the main issues that may arise which can be a risk to transparency. Deeper knowledge of the structure, regulatory framework and nature of Spanish public procurement allows, not only to understand the large amount of current corruption scandals in Spain, but also explores the failures and potential improvements.

Download report february 2015

EU policy guru: ‘Austerity plans risk stifling growth’

What risks are actual embedded in the approach of our public debt. It is clear that we should listen to one another, because one strategy seems not to fit all. Our public leaders Sarkozy, Obama and Merkel circle around the facts and the different strategies. This article shares a light on the different angles and aspects of the different approaches.

Source: EurActiv

“Austerity measures to cut public debt and rein in speculation on the euro are threatening to kill the fragile economic recovery, warned policymakers ahead of a summit aimed at strengthening budget discipline in the European Union. Maria João Rodrigues, former special advisor at the European Commission and an economics professor, spoke to EurActiv in an interview. Maria João Rodrigues was a special advisor to the European Commission on the Lisbon Strategy for growth and jobs.

EU leaders are meeting on Thursday to agree on the Europe 2020 agenda for growth and jobs. What do you see as the main advances of the new strategy compared to its predecessor, the Lisbon Agenda?
There was an effort to update the strategic priorities taking into account the extent of the challenge. The group of challenges is wider today than in 2000 because we are confronted with competitors from all around the world. There are lots of emerging economies, not just the United States and Japan. On the environment, the central challenge now is climate change and regarding demographic trends, the ageing problem is now deeper. ‘Europe 2020’ made an effort in coping with these challenges.” Read more >

An Unrealized Opportunity for Revenue, Risk Free

Source: ICMA (International City/County Management Association)
by Ron Blanquie

“It’s no wonder that risk management’s public role is often underused and misunderstood. Government entities have incorrectly concluded that risk management’s overall costs can only be tethered but not controlled or reduced.

Public entities in California today face an unprecedented challenge as they try to maintain the levels of public service that their citizens have come to expect. Given the current dismal global economic situation and its adverse trickle-down effect on local government, it’s a wonder that more California communities are not filing for bankruptcy.

Federal bailouts and proposed tax increases seem to be the only revenue-generating mechanisms left—or are they? Maybe an ever-present but unrealized opportunity for local governments exists—risk management!

Public entity risk management has historically been viewed as a necessary evil, an expense line item. Governments have viewed their risk management organization as a triad composed of society, the judicial system, and what the insurance industry has forced on them. This perception is further supported by inexplicable insurance premiums, arbitrary claim settlements, and frivolous lawsuits.” Read more >

Economic crisis forming a social crisis

The social crisis warrants as much political commitment as the banking crisis

Source: Committee of the Regions

03.06.2010 – Europe’s financial and economic crisis is increasingly becoming a social crisis too, and is testing European solidarity to the limit. The EU’s territorial cohesion and public confidence in European integration are both at stake. At their plenary session, to be held on 9 and 10 June 2010, the elected representatives of Europe’s regions and local authorities, meeting as members of the Committee of the Regions, will voice the public’s expectations for the European Union and its ability to deal with the current crisis.

The adoption of a resolution on the “Broad economic and employment guidelines 2010” will echo these concerns and underline the call from regions and local authorities for rigorous efforts by every level of government to ensure that the impact of the economic crisis on public finances does not lead to a social crisis, which could have devastating repercussions. In other words, what is needed is the same political decisiveness that was shown in the bailout of banks last year. Read more >

Eurozone in crisis

Source: BBC

One of the main causes of the currency crisis in the eurozone is that virtually all countries involved have breached their own self-imposed rules.

Under the convergence criteria adopted as part of economic and monetary union, government debt must not exceed 60% of GDP at the end of the fiscal year. Likewise, the annual government deficit must not exceed 3% of GDP. However, as the maps show, only two of the 16 eurozone countries – Luxembourg and Finland – have managed to stick to both rules. Read more >

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