A New Revenue Sharing Act and a New Stability Pact for Austria – No Fundamental Changes
The new Austrian domestic Stability Pact aims at the achievement of a zero deficit until 2008. At the federal level, the Maastricht-relevant deficit is to be reduced to 0.75 percent of GDP, states and municipalities together are obliged to obtain a surplus of 0.75 percent of GDP in 2008. The new revenue sharing agreement will not change fiscal relations fundamentally. The weight of shared federal taxes will increase; most of them will be distributed according to uniform revenue shares. The revenues of the smallest municipalities from the horizontal apportionment of shared federal taxes will increase. The states' strong dependency on intergovernmental transfers will not be reduced, the tax autonomy of the subnational levels of government will remain low.
Medium-Term Budgetary Frameworks - Lessons for Austria from International Experience
The Austrian government is about to introduce a new fiscal management framework. The first step is to introduce a medium-term budgetary framework, including an expenditure rule. The paper focuses on this first step. The purpose is to describe and evaluate the Austrian model in light of other countries' experiences with their frameworks. An attempt is made to identify features that have proven to be effective elsewhere and that can be applied to the Austrian case. The paper also identifies potential challenges and possible trade-offs when implementing the framework.
Mesozoic rifting and basin inversion along the northern African Tethyan margin: an overview
Abstract The northern African Tethyan margin registered three major rifting episodes from the latest Palaeozoic-earliest Mesozoic to the earliest Cenozoic. Break-up of Gondwana was initiated in the late Carboniferous. Along the northern African-Arabian plate margin rifting propagated westward from the northeastern Arabian margin to Morocco during the Permian and Triassic, and was accompanied by Mid-Late Triassic-earliest Liassic extensive alkaline flow basalts. Rifting continued during the Liassic, e.g. in the Moghrebian Atlas troughs. A second stage of rifting occurred in the Late Jurassic and continued into, or was rejuvenated during, the Early Cretaceous. Along the east Mediterranean margin, some large E-W trending rifts formed, often with associated volcanism, e.g. southern Sirt and Abu Gharadig. Most researchers believe the oceanization of the eastern Mediterranean basin occurred at this time. Flexural subsidence affected the Moghrebian Atlas, including the Riffian-Tellian domain, where a thick flysch series was deposited. Two short-lived, but widespread and tectonically important, compressional or wrench-dominated events occurred during the Santonian and the latest Maastrichtian. From Morocco to Oman, most sedimentary basins were folded and inverted at these times. The Santonian event resulted from onset of the collision between the African-Arabian and Eurasian plates. New stress-fields favoured NE-SW extension along the African plate margin, generating or rejuvenating some rifts, e.g. in the Euphrates trough and in the Libya-Tunisia region (northwestern Sirt, Pelagian Sea). Rifting and magmatism continued in these regions into the Paleocene. During the Mesozoic, therefore, the northern margin of the African-Arabian plate registered both rifting resulting in the oceanization of the Tethys and rifting resulting from the initiation of the closure of the Tethys. The intraplate domain exhibited echoes of the tectonic events affecting the margin.