Public Investment and Fiscal Adjustment in Latin American Countries
Martner and Tromben consider the solutions which may reverse the decline of public investment occurred in Latin American countries in recent decades. The paper examines public investment trends and notes that in fiscal consolidation episodes there has been a bias against public investment – although this cannot be generalised to all countries. In some countries, the fall in public investment has taken alarming dimensions. The paper evaluates the solutions which can fill the infrastructure gap without endangering fiscal sustainability. It evaluates the golden rule and the broad adoption of the accounting principles of the Government Finance Statistics Manual. However, both these solutions present some problems in the Latin American context. Martner and Tromben also evaluate the exclusion of public enterprise operations from fiscal targets, in line with EU practice, and the role of Public Private Partnerships. They stress the importance of fiscal frameworks based on structural indicators, which can limit the need for painful fiscal consolidations. Finally, they examine the possibility to expand the role of multilateral development banks.
Cyclicality of Fiscal Policy in Latin America Over the Period 1990 ‐ 2015
Latin American countries experienced important changes in the 2000s. The implementation of fiscal reforms, public debt reduction and the high level of accumulated reserves gave them more policy space than in the past. As a result, Latin American countries were able to implement countercyclical policies to face the negative economic and social consequences associated with the recent macroeconomic shock. Some countries performed better than others. In particular, Social Democratic and Centrist governments enjoyed more fiscal space; they had realized larger budget surpluses over the good years and were able to cope with the crisis without impairing their fiscal conditions. Yet, Latin America has experienced a public finance deterioration in the most recent years. While governments are showing an increasing ability on taxation they are still facing some problems on the expenditure side. As a result, fiscal policy returned acyclical after the period of the crisis. The sustainability of public accounts may be strengthened increasing tax pressure on the richest, reducing tax evasion and improving current spending efficiency. However, the increasing political problems are putting many questions about future trends of public finance in the region.
The Area of Freedom, Security and Justice ten years on: Successes and future challenges under the Stockholm Programme. CEPS Paperbacks. June 2010
This book celebrates the tenth anniversary of the Area of Freedom, Security and Justice (AFSJ) by bringing together the views of key practitioners and policy-makers who have played an outstanding role in thinking about and shaping EU policies on freedom, security and justice. 
 
Ten years ago, the member states transferred competences to the EU for law and policy-making in the fields of immigration, asylum and border controls, and began the transfer process for criminal justice and policing. This decade of European cooperation on AFSJ policies has experienced very dynamic convergence, the enactment of a large body of European law and the setting-up of numerous EU agencies working in these domains. Such dynamism in policy-making has not been without challenges and vulnerabilities, however. As this collective volume shows, the main dilemmas that lie ahead relate to an effective (while more plural) institutional framework under the Treaty of Lisbon, stronger judicial scrutiny through a greater role for national courts and the Court of Justice in Luxembourg, better mechanisms for evaluating and monitoring the implementation of EU AFSJ law and a more solid fundamental rights strategy. The contributions in this volume address the progress achieved so far in these policy areas, identify the challenges for future European cooperation in the AFSJ and put forward possible paths for making more progress in the next generation of the EU’s AFSJ.