text:
The "New" Stability and Growth Pact: More Flexible, Less Stupid?
ABSTRACT Since the beginning of the European single currency project, the adoption of fiscal binding rules, restraining the use of the single policy instrument left for national authorities, has been challenged by many authors and politicians. The discussion has been rekindled in recent years, following a period of economic recession or stagnation in several Member-Countries and some criticisms linking the Stability and Growth Pact (SGP) to the general economic situation. Some of the questions raised by those who criticised the initial framework for fiscal discipline may have been taken into account in the recent revision of the SGP (March 2005), which followed the suspension of the Pact for Germany and France and eventually made the SGP more flexible and "less stupid". In this paper, we evaluate the changes contained in the "new" SGP, by taking account of the properties for ideal fiscal rules put forward by Kopits and Symansky (1998) and comparing with some recently published studies on the same topic. The main result of our analysis points towards a clear increase in flexibility together with the probable emergence of new enforcement problems. In this context, an insufficient output in terms of fiscal discipline could arise, leading to the need for new improvements within the European framework for the definition and implementation of national fiscal policies.
- SourceAvailable from: Rui Henrique Alves
Article: Futuro da União Europeia: Organização Económica e Política no Contexto dos Desafios Pós-Euro[Show abstract] [Hide abstract]
ABSTRACT: Economia (sem parte escolar) DOCTORAL IN ECONOMICS A constatação da existência de um desequilíbrio importante entre as vertentes política e económica do processo de integração europeia, com a primeira num clima de debilidade e a seg unda quase no limite máximo, constitui o ponto de partida para a presente dissertação. Associando-se tal situação aos principais défices actuais da União Europeia (UE) de competitividade, crescimento e emprego, de peso político , de participação e legitimidade democrática, e de capacidade de decisão e acção e ao actual modelo de organização política, institucional e económica da União, argumenta-se a favor de uma profunda mudança no mesmo. Nesse contexto, são observados vários modelos sugeridos no passado recente, com base numa análise custo-benefício assente nas respostas dos mesmos aos binómios unidade/diversidade e flexibilidade/compromisso . Associando a ess a análise alguns elementos históricos e o êxito do modelo federal em sociedades com larga diversidade, argumenta-se a favor da evolução da UE para uma Federação de Estados-Nação fortemente descentralizada, baseada numa Constitu ição e com organização institucional federal, cujas características básicas são descritas. Nota-se adicionalmente que a mudança para este modelo deverá ser acompanhada por alterações importantes ao nível económico. Confrontando a literatura do federalismo fiscal com a actual situação ao nível da definição e implementaç ão das políticas orçamentais nacionais e ao nível da composição e aplicação do orçamento comunitário, conclui-se que a UE se encontra ainda bastante longe de uma situação de federalismo orçamental. Neste âmbito, procede-se a um c onjunto de sugestões de mudança a dois níveis temporais distintos. No médio e longo prazo, aponta-se para a necessidade de alargamento da dimensão e de alterações no modo de financiamento do orçamento comunitário, incluindo-se a sugestão de criação de um novo recurso próprio assente na tributaçã o do rendimento individual, como forma de possibilitar uma resposta eficiente aos novos desafios da União e de permitir algum exercício da função de estabilização macroeconómica ao nível central. No curto prazo, aponta-se para a necessidade de alteração ao enquadramento institucional relativo à coordenação das políticas macroeconómicas, de construção de um mecanismo limitado de absorção de choques assimétricos, e de uma r eforma mais credível do Pacto de Estabilidade e Crescimento, incluindo a possibilidade de diferenciação temporária das regras de disciplina orçamental, em função da dimensão e do nível de desenvolvimento dos Estados-Membros, e de tratamento mais favorável dos incentivos à Investigação e Desenvolvimento, sugestões assentes na apresentação e resolução numérica de um modelo de união monetária a dois países. The existence of an important disequilibrium between the two faces economic and political of the process of European integration is the departing point of this thesis. By associating such disequilibrium with the major present deficits in the EU of competitiveness, growth and employment; of political weight; of participation and democratic legitimacy; of capacity for decision and action and the present model of political, institutional and economic organisation, we argue for a profound change in such model. In this context, we analyse several models that have been suggested for the case of the EU in the last years. A cost-benefit analysis is thus carried and based on the capacity of these models to deal with two essential binomials unity/diversity and flexibility/compromise. By adding several elements from the European history and the success shown by federal models in societies with large diversity, we argue for an evolution of the EU towards a highly decentralised Federation of Nation-States . This Federation should be based on a true Constitution whose characteristics we describe, together with those of a federal organisation. We also note that the evolution towards this model should be accompanied with important changes at the economic level. By comparing the theory of fiscal federalism with the current situation in terms of the definition and implementation of national fiscal policies and of the composition and use of the European budget, we conclude that the EU is still far away from the case of fiscal federalism and that several changes should happen at two distinct temporal levels. In the medium to long term, we call for an important enlargement of the EU budget together with substantial changes in its financing, including the creation of a new own resource based on individual income taxation. This measure would raise the capacity of the EU to deal with its new challenges and allow the EU to have a significant role in terms of macroeconomic stabilisation. In the short run, we argue for a relevant change in the institutional framework for the coordination of macroeconomic policies, the creation of a limited shock-absorber mechanism and a more credible reform of the Stability and Growth Pact. This reform would allow for a temporary differentiation of fiscal discipline rules, by taking into account the economic dimension and level of development of the Member-Countries, and for a more favourable treatment of public expenses related to Research and Development, with these suggestions sustained by the numerical solution of a model of monetary union with two countries.
- [Show abstract] [Hide abstract]
ABSTRACT: The term "convergence" refers to two different macroeconomic issues: the cross-country convergence in the level of output, occurring as the result of the catch-up process, and the convergence of a set of macroeconomic fundamentals among a given set of countries, which can be seen as either a prerequisite for, or as the outcome of, a successful monetary integration agreement. This paper deals with the latter kind of convergence, whose theoretical foundations should be sought in the theory of the Optimum Currency Areas (OCAs). After reviewing the "old" and "new" theory of OCA, the paper singles out their implications in terms of "macroeconomic convergence" and "macroeconomic policy convergence", and discusses these implications both at a general level, and with reference to the CEMAC countries. The paper addresses in particular two questions: is CEMAC an OCA, or is it becoming an OCA through an "endogenous" process (as assumed by "new" OCA theory)? How successful has been the multilateral surveillance programme set up by the CEMAC treaty, and how consistent is it with the indications coming from economic theory? This analysis allows us to put the economic performance of CEMAC in the right perspective, and to single out some policy actions which could be taken in order to foster growth in the area. Keywords: F33 International monetary arrangements and institutions; F36 Financial aspects of economic integration; H60 National budget, deficit and debt E31 -Price level; inflation; deflation E32 -Business fluctuations; cycles Paper presented at the UNECA workshop "Enhancing the capacity of member States to achieve macroeconomic policy convergence in Central and Western Africa", Ouagadougou (Burkina Faso), June 29-July 2, 2010. The authors wishes to thanks the workshop participants and in particular Oumar Djallo, Kodjo Evlo and Patrizio Tirelli, for their useful remarks, as well as Séverin Kamgna for his valuable help in collecting the data. The usual disclaimer applies.
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ABSTRACT: We develop a general equilibrium endogenous growth model of a monetary union between two countries that differ in economic dimension and level of development. By solving transitional dynamics towards the steady state, we examine the impact of fiscal shocks that may lead to excessive deficits. Results suggest that the individual and the whole impact of such deficits depend on which country they occur. In such context, we argue that the small and less developed country should be allowed to temporarily run an excessive deficit, in order to improve economic convergence within the union.Applied Economics 01/2009; 41(7):849-858. · 0.46 Impact Factor
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Intereconomics, July/August 2007
DOI: 10.1007/s10272-007-0222-y
Rui Henrique Alves* and Oscar Afonso**
The "New" Stability and Growth Pact:
More Flexible, Less Stupid?
The doubts and criticisms with regard to the fi scal discipline imposed by the Stability and
Growth Pact (SGP) have been many and varied, and the SGP was revised as a result.
The following paper evaluates the changes contained in the "new" SGP by considering
the properties for ideal fi scal rules put forward by Kopits and Symansky. The analysis
points towards a clear increase in fl exibility together with the probable emergence of
new enforcement problems. In this context, the need for new improvements within the
European framework for the defi nition and implementation of national fi scal policies is
tional public intervention, given that monetary and
exchange policies are transferred from the sphere of
he creation of an Economic and Monetary Union
involves the loss of important instruments of na-
national decision-making to the level of community
The same situation does not necessarily occur re-
garding the defi nition and implementation of fi scal
policy, which can be maintained under the jurisdic-
tion of the national authorities. In this case, it becomes
the only instrument at their disposal for interventions
aimed at the stabilisation of the economy. Alternatively,
* Professor, Faculty of Economics, University of Porto, and Research-
er, CEMPRE, Porto, Portugal.
** Professor, Faculty of Economics, University of Porto, and Research-
er, CEMPRE, Porto, Portugal.
Page 2
Intereconomics, July/August 2007
a marked degree of centralisation could be observed
at this level, reducing national governments' margin of
control even further and transferring competences in
that fi eld to a "central" government.
The solution adopted within the framework of the
European Monetary Union (EMU) was to maintain fi s-
cal policy autonomy while limiting the space for creat-
ing public defi cits and extending public debt through
the adoption of (compulsory) fi scal rules, possibly
complemented by the coordination of national fi scal
This option was clear in the Maastricht Treaty, was
reinforced by the Stability and Growth Pact,1 and has
been the subject of strong criticism, both from poli-
ticians and academics, which has partly been taken
into account in the recent SGP reform.2
The analysis of this discussion and the assessment
of the "new" SGP are the fundamental points of this
paper. We start with a brief presentation of the main
characteristics of the European solution for fi scal dis-
cipline and outline the main contours of the discus-
sion. We then refer to the properties put forward by
Kopits and Symansky, in 1998, for defi ning "ideal" fi s-
cal rules.3 Next, we assess the original SGP in the light
of these properties and compare this analysis with
others in this area. We also refer to some proposals
for reformulating the SGP that have been put forward
by several authors. After that, we observe the main
changes that have occurred as a result of the SGP
reform and evaluate them, using again the classifi ca-
tion proposed by Kopits and Symansky. To conclude,
we present some elements of fi nal refl ection, discuss-
ing possible improvements in the framework for fi scal
policies in the eurozone.
The European Solution: from Maastricht
to the "New" SGP
As mentioned above, the Maastricht Treaty estab-
lished in 1992 the framework for national fi scal policies
within the EMU. Among other rules, the Treaty:
contained a recommendation/prohibition for the
member states to avoid creating and maintaining ex-
cessive fi scal defi cits (art. 104-C, no. 1);
established the criteria for classifying defi cits as ex-
cessive (public defi cit to GDP ratio greater than 3%
1 European Council: Resolution on the Stability and Growth Pact. Of-
fi cial Journal of the European Communities, C 236/1, 1997.
2 European Council: Presidency Conclusions, European Council Brus-
sels. Concl 1, 7619/1/05, 2005. Available at http://ue.eu.int/ueDocs/
3 G. Kopits, S. Symansky: Fiscal policy rules, Occasional Paper
162, Washington 1998, International Monetary Fund.
and/or public debt to GDP ratio greater than 60%,
apart from exceptional cases);
forbade the monetarisation of the public debt (art.
defi ned cooperation and coordination procedures
for non-monetary policies (art. 103), which, as they
were too complex and not compulsory, ended up a
long way from the proposal contained in the Delors
Report in 1989.
The option sanctioned by the Maastricht Treaty was
later reinforced through the signing of the SGP, follow-
ing strong German pressure. This defi ned a balanced
budget (or a slight surplus) as a fundamental objective
for the public accounts of each member state in the
medium run. In this way, states were ensured some
margin for manoeuvre in the event of a negative shock,
without affecting the fi scal discipline defi ned by the
rules determined in the Treaty.
In addition to this, and reinforcing the restrictive as-
pect of the rules and the non-commitment with regard
to the question of coordination, the SGP also estab-
lished that:
countries would be obliged to present stability pro-
grammes, which would indicate the budgetary ob-
jectives in the medium run, as well as the foreseen
method of adjusting possible imbalances and the
anticipated evolution of the public debt to GDP ra-
tio, with these programmes being examined by the
Council and by the Commission;
if a State, considered in excessive defi cit, did not
put into practice the Council's recommendations, it
could be the object of sanctions in the form of fi nes
with a fi xed element (0.2% of the GDP) and a vari-
able element (1/10 of the difference between the ef-
fective public defi cit to GDP ratio and the reference
value) and with a maximum level of 0.5% of the GDP
per annum; an exception was made for the case in
which the real GDP had decreased annually by at
least 2%, as this would justify non-compliance with
the 3% rule.4
This solution has been the object of intensive dis-
cussion and criticism in political and academic circles.
This does not generally involve questioning the need
for fi scal discipline, taken as an essential element for
creating a favourable environment for stability and
economic growth and as a means of avoiding nega-
tive external effects resulting from defi cient budgetary
4 If the real growth of GDP was between -0.75% and -2%, the Council
would decide on whether the 3% rule was to be imposed.
Page 3
Intereconomics, July/August 2007 220
behaviour.5 Instead, the discussion has been centred
around the way in which this discipline should be im-
plemented and controlled.
In the fi rst half of the 1990s, and even at the time
of the SGP discussion, the doubts and the criticisms
were already extremely varied in relation to the adopt-
ed solution.6
On the one hand, doubts and criticisms were raised
in relation to the approved framework, in particular:
the possibility that there could be too tight a focus
on the need for restrictive rules and too much incipi-
ence in the matter of coordinating fi scal policies;
the fact that such a choice seems to sanction the
main objective of low infl ation, without consider-
ing an alternative that could balance the weight of
the macroeconomic objectives in the context of the
the fact that the choice made presupposed the exist-
ence of negative effects resulting from fi scal policy,7
seemingly ignoring the potentially positive effects of
expansionist fi scal policies, in particular when coor-
On the other hand, doubts and criticisms arose as
to the way in which the need for fi scal discipline was
conveyed and the way of supervising and acting on
this matter or, rather, the established concrete fi scal
rules. At this level, the aspects questioned included:
the reference values themselves, taking into account
that there is no theoretical demonstration as to the
superiority of a public defi cit with a proportion of no
greater than 3% of GDP;
the fact that different initial situations and the dif-
ferent weight of each economy in the context of the
Union were not considered;
the possible inadequacy of rules in the case of eco-
nomic crisis or lower economic growth;
the insuffi cient attention paid to the criterion con-
cerning the public debt ratio;
the method of calculating the public defi cit relevant
to the assessment of criterion fulfi lment, not exclud-
ing fundamentally cyclical factors and public invest-
5 P. De Grauwe: The Economics of Monetary Integration, 6th edi-
tion, Oxford 2005, Oxford University Press.
6 W. Buiter, G. Corsetti, N. Roubini: Excessive Defi cits: Sense
and Nonsense in the Treaty of Maastricht, in: Economic Policy: a Eu-
ropean Forum, April 1993, pp. 58-100; O. Rubio, D. Figueras:
Federalismo y Unión Monetaria en Europa (Federalism and Monetary
Union in Europe), Instituto de Estudios Fiscales, P.T. No. 10/98, 1998.
7 R. Solow: Is Fiscal Policy Possible?, in: R. Solow (ed.): Structural
Reform and Macroeconomic Policy, 2004, Palgrave Macmillan.
ment expenses with reproductive infrastructural
the credibility of the sanctions themselves.
Between 1996 and 2000, this type of criticism dimin-
ished in a context marked by the optimism related to
the creation of the EMU and by the economic upturn.
Nevertheless, at the beginning of the present century,
critical discussion came to the fore once again as a
result of the economic diffi culties felt by some of the
major states and of the growing belief that the solution
adopted in terms of fi scal discipline could, in fact, be
hindering a more effective fi ght against the negative
effects of the economic crisis, or even worsening the
diffi culties.
In this period, opinions were voiced in favour of
greater fl exibility in the rules and a greater balance be-
tween nominal and real objectives, culminating in the
classifi cation of "stupid" being attributed to the SGP
by the President of the European Commission at that
time, Romano Prodi.
The request for greater fl exibility was based mainly
on the idea that a restrictive fi scal policy in a context
of crisis would be counter-productive: in this context,
the simple work of the automatic stabilisers probably
generates higher budget defi cit; if the government re-
sponds to this through budget cuts, it makes the eco-
nomic crisis worse, and in doing so it may aggravate
budgetary problems even further. On the other hand,
only situations of severe crisis (real GDP growth be-
low -2%) would automatically exempt the country
from compliance with the 3% rule: such an exception
would be insuffi cient, seeing as there was no consid-
eration of situations of accumulated production loss
resulting from periods of stagnation or low economic
growth. In the third place, the time-period for correct-
ing situations of excessive defi cit could be too short,
highlighting the undesirable pro-cyclical tendency of
the restrictive policies to be taken.
The suspension of the SGP for two large European
countries, France and Germany, which occurred in
November 2003,8 determined the demise of its original
form and the appearance of a "new" SGP after March
8 Note that this political decision went against the Commission's pro-
posals [European Council: '2546th Council Meeting Economic and
Financial Affairs (Press Release)', 14492/1/03 REV 1 (en), Brussels
2003, available at: http://www.consilium.europa.eu/ueDocs/cms_
Data/docs/pressData/en/ecofi n/78051.pdf]. Later on, the European
Court of Justice would annul the Council's decisions on those coun-
tries [Offi cial Journal of the European Union: Order of the Court (2004/
C 228/33), 11 September 2004, pp. 16-17].
Page 4
Intereconomics, July/August 2007
Properties of "Ideal" Fiscal Rules
An analysis of the need (or not) for changes to the
original SGP and of the possible improvements in-
troduced with its recent reform can be made by con-
sidering the classifi cation put forward by Kopits and
Symansky, concerning the defi nition of "ideal fi scal
rules". Reasonable consensus for this classifi cation
has been reached among authors with different posi-
tions regarding the kind of rules and their supporting
According to this classifi cation, for a set of fi scal
rules to be seen as "ideal", they would have to be:
"clearly defi ned" in terms of the indicators to be
used, the institutional cover and the specifi c escape
clauses, in such a way as to avoid ambiguities and
defi ciencies in practical application;
"transparent" in terms of the set of governmental
operations, including accounting, forecasting and
institutional arrangements, so as to obtain "popular
"simple", so that they could be fully understood by
the public;
"enforceable" in the sense that there are legal or
constitutional rules through which to enforce them,
as well as credible sanctions for cases of non-com-
pliance and the defi nition of the competent authority
to apply them;
"fl exible" in order to deal with exogenous shocks, i.e.
situations beyond the authorities' control;
"adequate" in relation to the specifi c objectives;
"consistent" with each other, as well as with other
macroeconomic policies and other policy rules;
"effi cient", so that they could be seen as catalysts
of fi scal reform that would be, to a certain extent,
necessary to ensure the sustainability of the budget
These eight requisites cover a mixture of economic
and political concepts. In particular, the fi rst four are
of a more political nature, while the other four are
more economic in nature. On the other hand, not on-
ly is it diffi cult for any set of fi scal rules to meet the
eight requirements, but some trade-offs are inevitable
between them: at the economic level, for example,
between transparency and fl exibility or between sim-
9 M. Buti, S. Eijffinger, D. Franco: Revisiting EMU's Stabil-
ity Pact: A Pragmatic Way Forward, in: Oxford Review of Economic
Policy, Vol. 19, No. 1, 2003, pp. 100-111; J. Creel: Ranking Fiscal
Policy Rules: the Golden Rule of Public Finance versus the Stability
and Growth Pact. Documents de Travail de l'OFCE 2003-04, Observa-
toire Français des Conjonctures Économiques, July 2003.
plicity and possibility of application; at the political lev-
el, for instance, between transparency and simplicity.
In any case, they are based on a set of target prop-
erties for defi ning fi scal rules and making them cred-
ible, and in each concrete case, a choice will have to
be made according to preference for some of these
requirements: "choosing among the alternative trade-
offs remains a political choice".10
It must also be taken into account that this classifi -
cation was put forward in order to assess the quality
of fi scal rules within a national framework. As stated
by Buti et al.,11 the multinational nature of the rules in
the European case affects their design and implemen-
tation. On the one hand, there are questions related
to subsidiarity and to national sovereignty, implying
that the rules must be as neutral as possible in view of
the social preferences of each member state. On the
other hand, the nature and relevance of the mentioned
trade-offs may differ: for example, with the successive
enlargements of the Union, the heterogeneity and dis-
persion of preferences have increased and it has be-
come even more diffi cult to fi nd optimal uniform fi scal
An Evaluation of the Original SGP
Using the properties defi ned by Kopits and Syman-
sky, some authors have assessed the performance
of the SGP in a very positive way. Table 1 shows the
assessment made by Buti el al. in 2003, based upon
which only slight changes to the SGP rules would be
justifi ed. These changes should reinforce its capac-
ity for application and for incentive to fi scal reforms,
the fi elds in which the European fi scal rules obtained
the worst classifi cation, according to the same au-
thors. Also according to them, an attempt to change
the rules radically would involve a severe political and
economic problem.12
This optimistic view was not shared by various au-
thors, such as Creel in 2003, nor is it shared by us, as
shown in Table 1.
In the fi rst place, the SGP proved incapable of be-
ing "enforceable" or even of promoting some change
in the behaviour of the transgressors by raising the
costs of public debt subsequent to a loss of credibil-
ity. Particularly enlightening at this level are examples
10 J. Creel, op. cit., p. 6.
11 M. Buti, S. Eijffinger, D. Franco, op. cit.
12 "The obvious risk is that of ending up in a vacuum in which the old
rules are called into question while the agreement on a new set of
rules fails to materialise. Venturing the EMU without fi scal rules would
be a leap in the dark. At the same time, given the current level of politi-
cal integration, the conditions for a federal system of public fi nances
do not seem to exist." Ibid., p. 28.
Page 5
Intereconomics, July/August 2007
such as the suspension of the SGP, the fact that some
countries successively transgressed the rules without
being sanctioned or the null impact on long-term in-
terest rates when Ecofi n adopted an excessive defi cit
procedure for France in 2002/2003.
Then, the capacity to encourage countries to carry
out structural reforms also proved to be very low, which
did not allow counter-cyclical policies to be adopted
at a time of recession or of weak economic growth,
except at the expense of transgressing the rules.
On the other hand, fl exibility also proved to be only
apparent. It is certain that although the mechanism in-
corporates exception clauses and it would be possible
to let the automatic stabilisers act without going into
transgression if member states began with an initial
situation of balance. But the truth is that these clauses
seem to be too severe and the starting-point for some
countries was already very close to the limit situation.
Finally, adequacy to the fi nal objective of fi scal dis-
cipline and consistency with other macroeconomic
policies fell short of what is desirable:
some of the countries did not fulfi l their stability pro-
the pact did not encourage coordination, and did not
even refer to it;
the coherence between a counter-cyclical fi scal pol-
icy and a more expansionist monetary policy within
a framework of low probability of infl ationist conse-
quences also does not seem to have been ensured.
In this context, the removal of the weaker points
would require a deeper reform of the fi scal rules. In
fact, the discussion in most recent years has pro-
duced various proposals for procedure reform and, in
some cases, for the supporting indicators themselves.
Amongst them, the following are worth mentioning.
Casella proposed that the aggregate budget bal-
ance of the eurozone should be taken into account,
together with a market system of defi cit assign-
ment.13 In this way, the maximum limit established
for the proportion of public defi cit to the GDP would
be valid only for the eurozone as a whole, with each
member state individually being able to exceed this
limit, by exchanging (on the market) rights to create
defi cits. In these circumstances, a country that was
hit by a negative shock could use fi scal policy in a
counter-cyclical way, buying rights from countries
with a surplus.
Several authors, including Mills and Quinet, Brunila,
von Hagen, Fitoussi and Creel, and Creel,14 have
proposed the introduction of a rule relating to the
composition and quality of public expenditure or the
change to the "golden rule" of public fi nance. The
focus on the side of public expenditure, rather than
the budget balance, would offer the advantage of
greater possibility of control, since this depends less
on the economic cycle than the fi scal revenue. The
adoption of the "golden rule" would allow intertem-
poral dilution of the costs of public investment and
could, according to Creel, generate better results in
the light of the criteria of the aforementioned ideal
fi scal rules.
Voicing the opinion that the objectives conveyed in
the maximum limit of 3% for public defi cit to GDP
and in the budget balance in the medium and long
run would be arbitrary and inconsistent with an ad-
equate budget position,15 Buiter and Grafe proposed
a change in assessing structural balance and intro-
duced the idea of a "permanent balance rule".16 The
permanent budget balance would be the difference
between the average long-term future value of fi s-
cal revenue (constant) and public expenditure. The
adoption of this indicator would enable less restric-
tion on the performance of fi scal policy for countries
13 A. Casella: Tradable Defi cit Permits: Effi cient Implementation
of the Stability Pact in the European Monetary Union, in: Economic
Policy, Vol. 29, 1999, pp. 323-361.
14 P. Mills, A. Quinet: The Case for Spending Rules, in: Fiscal
Rules, Banca d'Italia, 2001, pp. 319-330; A. Brunila: Fiscal Policy:
Coordination, Discipline and Stabilization, Discussion Paper No 7-
2002, Helsinki, Bank of Finland; J. von Hagen: More Growth for Sta-
bility – Refl ections on Fiscal Policy, ZEI Policy Paper, June 2002; J.
P. Fitoussi, J. Creel: How to Reform the European Central Bank,
Centre for European Reform, 2002; J. Creel, op. cit.
15 Similar, in fact, to the criticisms of the Maastricht rules that Buiter et
al. (op. cit.) had already formulated in 1993.
16 W. Buiter, C. Grafe: Patching up the Pact: Some Suggestions
for Enhancing Fiscal Sustainability and Macroeconomic Stability in an
Enlarged European Union, in: Economics of Transition, Vol. 12, No. 1,
2004, pp. 67-102.
Table 1
Comparison of the SGP Rules with the Properties
of the "Ideal Rules"
Key: +++ "very good"; ++ "good"; + "adequate"; – "weak"
"Ideal" fi scal rules Buti et al. in 2003 Creel in 2003 Our Analysis
(1) "Clearly defi ned"
(2) Transparent
(3) Simple
(4) Flexible
(5) Adequate for the
fi nal objective
(6) Enforceable
(7) Consistent
(8) Effi cient
Page 6
Intereconomics, July/August 2007
with greater potential for economic growth and a
higher rate of infl ation.
Considering that budget sustainability depends es-
sentially on the stock of public debt and not on the
individual values of the public defi cit, Pisani-Ferry
suggested the introduction of a Debt Sustainability
Pact.17 Such a pact would oblige the presentation
of medium-term programmes that would reveal the
medium-term objectives for the proportion of public
debt to GDP and would enable the states in which
this indicator was less than 50% to be exempt from
the procedures of excessive defi cit and the associ-
ated sanctions. Fiscal discipline would be oriented
according to a longer time perspective and based on
the long-term sustainability of the budget situation.
Believing that the numerical rules in force did not at-
tack at source the problem of possible fi scal indisci-
pline and that the SGP would need a more credible
application, less dependent on the decisions of the
parties at which it is aimed, several authors, includ-
ing Wren-Lewis, von Hagen, and Wyplosz,18 sug-
gested reinforcing fi nancial market discipline and
adopting procedural and institutional reforms. In this
area, it is particularly worth mentioning the sugges-
tions put forward by Wyplosz to create independent
"National Committees for Fiscal Policy", responsible
for ensuring supervision of fi scal discipline and debt
Finally, it should be pointed out that each of these
proposals would also present some diffi culties in terms
of concrete defi nition or implementation.19
The "New" SGP: Evaluating Changes
As mentioned above, the inversion of the economic
situation at the beginning of the 21st century and the
worsening of real problems, associated with the loss
of competitiveness and employment, prompted re-
newed debate and criticism, in both the academic and
political fi elds.
This discussion culminated in the SGP reform, with
the aim of greater fl exibility of application, without af-
17 J. Pisani-Ferry: Reforming the SGP: Does it matter? What
should be done? in: R. Liddle and M. J. Rodrigues (eds.): Eco-
nomic Reform in Europe - Priorities for the next fi ve years, Policy Net-
work, 2004.
18 S. Wren-Lewis: Changing the Rules, in: New Economy, Vol. 10,
2003, pp. 73-78; J. von Hagen, op. cit.; C. Wyplosz: Fiscal Policy:
Institutions versus Rules, in: National Institute Economic Review, Vol.
191, 2005, pp. 70-84.
19 A good description of them can be found in M. Buti, S. Eijffi nger, D.
Franco: The Stability Pact Pains: A Forward-Looking Assessment of
the Reform Debate, CEPR Discussion Paper No. 5216, 2005.
fecting the maintenance of fi scal discipline. In the con-
text of this reform, the following were established:
the extension of the period for implementing and
making effective the measures for correcting exces-
sive defi cits, possibly up to 4 (or even more) years,
instead of 1 and 2 years as it was before;
the relevance of the structural correction in periods
of effective product growth above its potential lev-
el, taking as a reference the decrease in structural
defi cit by around 0.5% per annum, enabling more
margin for manoeuvre in periods in which economic
diffi culties arise;
the attribution of greater relevance to the criterion re-
lating to the proportion of public debt to GDP (practi-
cally ignored until now), as a means of assessing the
sustainability of the budget position in the medium
and long run;
the extension of circumstances that may allow the
country to have a public defi cit over 3% of GDP,
including situations of negative real GDP growth
(instead of below -2%) and cases of accumulated
production losses during an extended period of
considerably weak growth in relation to potential
the possibility of including different "pertinent" fac-
tors when taking decisions on the situation of ex-
cessive public defi cit, enabling the consideration of
various forms of public expenditure as justifying fac-
tors for a public defi cit ratio superior to the maximum
limit (namely expenses in areas such as defence, so-
cial security reform, policies supporting innovation,
research and development, European reunifi cation
– particularly in the case of Germany – etc.)
It is now important to assess the terms of this "re-
form" in the light of the theory and, in particular, of the
properties of the "ideal" fi scal rules, in order to con-
clude whether the SGP has become "more fl exible
and less 'stupid' ".
As can easily be identifi ed, some of the criticisms
and reform proposals may have been taken into ac-
count at the time of the "review", in particular in terms
of the need for greater fl exibility of the rules. In fact,
both the extension of the period for correcting exces-
sive defi cits and the extension of the escape clauses,
or even the possibility of considering different attenu-
ating factors or a situation of apparent excessive defi -
cit, seem to provide the states with a wider margin for
manoeuvre in the event of a situation of exogenous
shock, due to changes in circumstances that are be-
yond governmental control.
Page 7
Intereconomics, July/August 2007
In this area, the assessment of the "new" SGP, ac-
cording to our interpretation of the criteria defi ned by
Kopits and Symansky, is more favourable in the as-
pects relating to fl exibility, going from a classifi cation
of "adequate" to "very good" (Table 2). The analysis
made by Buti et al. in 2005 points in the same direc-
tion, though within a somewhat different framework to
the original analysis.
In our opinion, it seems equally possible to give this
"new" SGP a more favourable rating in two other ar-
eas, albeit with some reservations. In the fi rst place,
in terms of the criterion of "adequacy" relative to the
fundamental objective, in which the qualitative clas-
sifi cation would go from "weak" to "adequate": if the
renewed attention to fulfi lment of the criterion relative
to public debt is credible, some creative accounting
and the putting of some expenses off-budget could be
discouraged, as well as possibly raising the long-term
sustainability of the budgetary positions. In any case,
the doubts as to the credibility of this change, taking
into account its track record and the reduction in the
degree of "enforcement", due to the inclusion of sev-
eral attenuating factors, could make the classifi cation
maintain its former negative value.
Secondly, in terms of the criterion of "effi ciency": in
this case, the reference to the importance of structural
balance and the need for structural corrections in peri-
ods of effective economic growth above the potential
level could lead governments to redouble their atten-
tion to the necessary taxation and public spending
reforms, which would change the classifi cation in this
area from "weak" to "adequate" (or even "good"). In
any case, the fact that the "new" rules could lead to
too much fl exibility might not result in an alteration to
the rating in this area.
The most negative element of the recent SGP reform
seems to be the excessive and particularly subjective
number of attenuating situations for non-compliance
with the maximum ratio of 3% between the public
defi cit and GDP. If some of these attenuating circum-
stances seem clearly pertinent, namely with regard
to some public investment expenses or in relation to
the clearance for certain kinds of structural reforms at
the level of social security, the inclusion of others, ap-
parently at the choice of each state in the eurozone,20
seems once again to raise the problem of creativity at
the level of public accounting, as well as diffi culties in
the practical application of fi scal discipline rules.
The apparently exaggerated set of "escape valves"
could thus make the new version of the SGP even less
"enforceable" than the former, which would naturally
harm the rating in almost all the properties of the "ideal
rules", in particular in terms of "applicability" (where
the negative classifi cation is maintained, with the pos-
sibility of becoming even more negative), of the "ad-
equate defi nition" and of "transparency" as well as,
under certain circumstances and such as indicated
above, of the "effi ciency" and of the "adequacy" to the
fi nal objective.
It is worth noting that somewhat identical concerns
were raised by Buti et al. in 2005, leading to a signifi -
cant convergence between our appraisal and the as-
sessment developed by these authors, which was not
the case for the original SGP. At the same time, au-
thors clearly critical of the original SGP also express
concerns about the potential for the opportunistic use
of the exceptions and the fact that the true roots of the
problem are not tackled.21
Finally, there does not seem to be any reason for
changing the classifi cation given to the remaining two
areas: of "simplicity" ("very good"), since the support-
ing indicators are the same and are perfectly under-
standable to the general public; and of "consistency"
("weak"), since there continues to be no obligatory
and sanctioned reference to the coordination of na-
tional fi scal policies. Consequently, there seems to be
no reason for more effective coherence between the
various national fi scal policies and between these and
the common monetary policy.
Concluding Remarks
In this paper we assess the rules of the "new" SGP,
bearing in mind the properties established by Kopits
20 R. H. Alves: European Union and (Fiscal) Federalism, in: John Mc-
Combie, Carlos Rodriguez (eds.): The European Union, 2007, Palgrave
Macmillan, forthcoming.
21 For example, W. Buiter: The 'Sense and Nonsense of Maastricht'
Revisited: What Have We Learnt About Stabilization In EMU? CEPR
Discussion Paper No. 5405, 2005; B. Coeuré, J. Pisani-Ferry: A
Sustainability Pact for the Eurozone, in: L. Tsoukalis (ed.): Govern-
ance and Legitimacy in EMU, European University Institute, 2005.
Table 2
Comparison of the Original SGP with
the "New" SGP (2005) – Our View
Key: +++ "very good"; ++ "good"; + "adequate"; – "weak"
"Ideal" fi scal rulesSGP (1997)SGP (2005)
(1) "Clearly defi ned"
(2) Transparent
(3) Simple
(4) Flexible
(5) Adequate for the fi nal objective
(6) Enforceable
(7) Consistent
(8) Effi cient
+/– (?)
+ (?)
Page 8
Intereconomics, July/August 2007
and Symansky in 1998 and the framework of the dis-
cussion of the last two decades on the method of im-
plementing fi scal discipline in the eurozone.
Our analysis clearly indicates that the changes that
occurred in March 2005 have made the Pact "more
fl exible and less 'stupid' ", enabling more time for
adjustment in the face of diffi cult budget situations
and, at least theoretically, encouraging structural re-
forms and the good use of favourable economic situ-
ations in order to reorganise public accounts. Equally,
by increasing the number of circumstances in which
the 3% rule may be overcome, including situations
of stagnation or weak economic growth or favouring
incentives to R&D activities,22 the Pact has become a
better "friend" of growth, without harming stability.
The main criticism now seems to centre round "en-
forcement", since the fact that there is a vast set of
factors that allow the non-classifi cation of a defi cit as
excessive would seemingly lead to situations of less
compliance and even to the repetition of creative and
lax behaviour in some countries, just as in the past.
In this context, certain suggestions could be put
forward so as to enable some improvement in the con-
ditions of SGP application:
These suggestions would certainly improve the clas-
sifi cation given to the fi scal discipline rules of the SGP.
However, they would not end the discussion on the
ideal fi scal discipline framework within the euro area.
One of the most important issues that are still open is
the question of how to provide an adequate policy mix
in the context of the EMU, as the mere adoption of fi s-
cal rules, even if well classifi ed in terms of the former
properties, will hardly do it.
Admitting that a situation of great (political) diffi culty
would be involved if fi scal "centralisation" were pro-
moted, the solution could involve a signifi cant degree
of fi scal policy coordination. In accordance with the
relevant literature, this solution would tend to produce
welfare gains when compared with non-cooperative
solutions,23 although it would also continue to show
some diffi culties.24
It is worth noting that at the level of economic lit-
erature itself, the analyses of the coordination of mon-
etary policies continue to predominate, with a much
lower number of studies aimed at the coordination of
fi scal policies (and these with monetary policies), even
though the European case has encouraged develop-
ment in this area.25 In this context, this area appears
to be potentially fertile ground in terms of future re-
Finally it should be said that, despite the greater fl ex-
ibility resulting from the change in some rules, it is not
clear that an environment suitable for combating the
negative effects resulting from specifi c or asymmet-
ric shocks has been created. Within this framework,
the creation of a limited mechanism of absorption of
this type of shock could enable a more satisfactory
solution, possibly without requiring a very signifi cant
budgetary increase.
Such a solution would result in an attempt to pro-
mote some form of "insurance", typical of federations
with a single currency and advised, for instance, by
the relevant literature in the context of the optimal cur-
rency areas. At this level, and for the European case,
some proposals have been already made, namely fol-
lowing the pioneering works presented in the 1990s
by Italianer and Vanheukelen, and Italianer and Pisani-
Ferry, constituting another potential fi eld for future re-
24 Among others, see the arguments developed by Frankel and
Rockett, Miller and Salmon, Maillet and Tabellini. Cf. J. Frankel, K.
Rockett: International Macroeconomic Policy Coordination When
Policymakers Do Not Agree on the True Model, in: American Eco-
nomic Review, Vol. 78, 1988, pp. 318-340; M. Miller, M. Salmon:
Policy Coordination and Dynamic Games, in: W. Buiter and R.
Marston (eds.): International Economic Coordination, 1985, Cam-
bridge University Press; P. Maillet: La Politique Économique Dans
l'Europe d'Après 1993, Paris 1992, Presses Universitaires de France;
G. Tabellini: Domestic Politics and the International Coordination of
Fiscal Policies, in: Journal of International Economics, Vol. 28, 1990.
25 Taking the case of the European Union as a base, it is worth consult-
ing Beetsma and Bovenberg, Uhlig, or Muscatelli et al. Cf. R. Beet-
sma, A. Bovenberg: Designing Fiscal and Monetary Institutions
for a European Monetary Union, in: Public Choice, Vol. 102, Nos. 3-4,
2001, pp. 247-269; H. Uhlig: One Money, but Many Fiscal Policies
in Europe: What Are the Consequences?, CEPR Discussion Papers,
No. 3296, April 2002; V. Muscatelli, P. Tirelli, C. Trecroci: Fis-
cal and monetary policy interactions: Empirical evidence and optimal
policy using a structural New-Keynesian model, in: Journal of Macr-
oeconomics, Vol. 26, No. 2, 2004, pp. 257-280.
26 A. Italianer, M. Vanheukelen: Proposals for Community Sta-
bilisation Mechanisms: Some Historical Applications, in: European
Economy, special edition on 'The Economics of Community Public
Finance', 1992; A. Italianer, J. Pisani-Ferry: The regional-sta-
bilisation properties of fi scal arrangements, in: J. Mortensen (ed.):
Improving economic and social cohesion in the European Community,
New York 1994, St. Martin's Press, pp. 155-194.
22 Note, for instance, that recently Afonso and Alves suggested that
temporarily excessive defi cits should be allowed for the small and less
developed countries within the euro area, in order to let the govern-
ment subsidise R&D activities and, thus, reduce the level of develop-
ment gap. O. Afonso, R. H. Alves: «To Defi cit or Not to Defi cit»:
Should the European Fiscal Rules Differ Among Countries?, FEP
Working Papers, No. 219, July 2006.
23 There is a great deal of literature on this subject, starting with the
seminal works of Niehans, Cooper and Hamada. Cf. J. Niehans:
Monetary and Fiscal Policies in Open Economies Under Fixed Ex-
change Rates: an Optimizing Approach, in: Journal of Political Econ-
omy, Vol. 76, 1968; R. Cooper: The Economics of Interdependence,
New York 1968, McGraw-Hill; K. Hamada: A Strategic Analysis of
Monetary Interdependence, in: Journal of Political Economy, 1976.


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I finally got my proxy. I was a little worried whether I would get it, since my stock had been held up in probate for several years and my mother sold it to me immediately after she acquired clear title. But it finally came and I am prepared to do what I can to help shareholder equity and employee morale.So, Captain, how should I vote?#1 Easy-- vote the bums out, right?#2 Independent accountants-- How should I go on this one?#3 Shareowner proposal-- Management is against it, so it seems that I should be supporting it, right? Just tell me how to vote on this one, Captain, and I'll do it.
Thank you for asking.Here is the recommendations on voting your Tenneco proxy:Item #1 (election of 4 Directors): Recommend voting WITHHELD.If you don't like Dana Mead and all he represents this is an easy one. But the WITHHELD status should be given equally tothe other three directors. Look at Page 28 of the proxy booklet and you own eyes should be able to detect that the (managementsupplied even) performance graph of TEN has been below both the Peer Group and the S&P 500's performance since 12/1996. So if youvote for this group of 4 scalawags you are telling Dana that you approve of the previous year's performance under his helm.Obviously you don't want to convey that message. Of the group of 4, two had been appointed by the Board in January 1998, and one (Ms.Eickhoff) appears to be brand new. In light of the sub-standard performance, it is far better to reject (with a WITHHELD vote) theentire group, since the 3 "reasonably new" persons have been handpicked by the current Board (i.e., Dana).Vote WITHHELD to reject what the Board has done with Tenneco in th past year. (Unfortunately the wording of the ballot does not permit a more appropriate "Reject" vote; WITHHELD is as close as it gets.)Item #2 (Independent Accountants): Recommend voting AGAINST.Arthur Anderson is a fine accountancy; However, the proxy statement booklet provides you (the stockholder) on Page 31 withno clue at all of how many consecutive years Anderson has been the accountant for TEN. Every five to ten years independentpublic accountants should be changed, just so you have the feeling that they are really "independent". A long term relationshipwith your auditor just has got to build up a cozy relationship. A change of auditors would naturally have the new firm questionsome of the methods and procedures built into the financial picture of a company. It just seems to be a good idea to change oncein a while; and it will keep the in-house auditors more on thier toes.Item #3 (Shareholder Proposal): Recommend a vote FOR. Stockholder J. Quilter (God Bless him) uses his right as a stockholder to put to a vote of the stockholder something thathas bothered him. Currently some number of shareholders apparently just sign and date the proxy and send it in; this allowsmanagement (under their current rules) to vote the proxy the way they want. This proposal will only allow proxies to be counted the waythey are explicitly voted. This certainly makes sense, even though management's arguement is that substantially all other publiccompanies do it this way. It's time to change.Finally --- to further hammer home a message to management, you have my permission to print this message and include it with your proxy. This message is available to everyone on the Internet worldwide. God Bless the Internet for ease of communications and sharing of thoughts.
If the reasons listd in the Captain's message aren't enough, take a good look at the cash position of the company. It mayappear on the surface to be adequate, however at the end of each quarter, they will approach major customers asking to prepayreceivables in the millions of dollars prior to the quarter's end. At the beginning of the next quarter, they will give the account themoney back in the form of a roll over of receivables for 3-6 months; always careful to have the payments conclude within thecalendar year. Always a nice way of making the picture at the quarter's close much rosier. Also may want to ask how many new patents have been applied for or issued within the automotive group. Would suspect very few as most of the company's emphasis has been placed on reducing costs (ha ha) and maintaining or growing share in an ever decreasing market. They continue to put a new dress on an old gal (no offense ladies) to mask the lack of innovation.Ride control aftermarket, all manufacturers, was 52,000,000 units in 1982. !997 market was 32,000,000. Look to MEMA (Motor Equipment Manufacturers Association) for additional and more current info.
Thanks for the advice, Captain. Your logic was impeccable. When there is so much employee bitterness, and the stock is merely treading water in the midst of a raging bull market, that indicates to me that the management should be tossed out. I'm sorry I have only 48 votes to cast, but that's all we got from probate, and I have been reluctant to buy any more at the present time given all the negativism that surrounds the company. I certainly hope that things will begin to change for the better.


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Category: Environmental Management ×
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Advantic Sistemas y Servicios S.L
based in Alcobendas, SPAIN
ADVANTICSYS is a privately-owned high-tech SME which has an important background in information and communication technologies specializing in the field of wireless sensor networks (WSN) and other industrial remote monitoring systems. Since 2009, ADVANTICSYS contributes to the ICT market expansion across technological innovation development, applying new concepts, ideas, ...
Meteorological Solutions Inc. (MSI)
based in Salt Lake City, UTAH (USA)
Meteorological Solutions Inc. (MSI) is an air quality and meteorological consulting company with a strong emphasis on near-field dispersion modeling, far-field dispersion modeling, and air permitting. We can provide complete meteorological and air quality monitoring services including initial site selection and permitting, monitoring systems integration and installation, ...
Hydrocomp Inc.
based in Menlo Park, CALIFORNIA (USA)
Hydrocomp, Inc. develops and distributes continuous hydrologic simulation software (HFAM) and provides consulting, specializing in hydrologic modeling and analysis. Our goal is to provide innovative methods for the management of water resources. Hydrocomp has its origins in research on mathematical modeling of hydrologic processes at Stanford University . In the past ...
PM_TEN srl
based in Genova, ITALY
The establishment of PM_TEN (Physical Methods and Technologies for Environmental Needs) has been developed as part of the Spin-Off project of the University of Genoa. PM_TEN offers a connection between the world of academic research and the business market, from one side proposing applications of results of research, in particular the activity developed in the ...
Schlumberger Water Services
based in Kitchener, ONTARIO (CANADA)
Schlumberger Water Services provides innovative groundwater monitoring and sampling instruments, field data acquisition accessories, and software for environmental data management, analysis, visualization, conceptual modeling and simulations, with a complete range of training and support services for environmental consultants, government agencies, industry, and ...
EHS Data Ltd.
based in Newark-on-Trent, UNITED KINGDOM
We develop and implement world leading Environment, Health and Safety data management systems to save time, improve planning, quality, analysis, awareness and reporting.A dedicated Implementation Consultant will work with you to deliver services which include database creation, legacy data transfers and custom report design, plus on-site or on-line training. We then offer ...
Novatek International
based in Montreal, QUEBEC (CANADA)
Novatek International provides a new breed of all-encompassing, process-driven laboratory information management system (LIMS) and other software solutions that target the pharmaceutical, biotech and other healthcare industries. Our unique portfolio of out-of the-box, easy to use software solutions features specialized modules that help you manage all aspects of your ...
Westlakes Scientific Consulting Ltd
based in Moor Row, UNITED KINGDOM
Westlakes Scientific Consulting Ltd (the commercial arm of Westlakes Research Institute) provides research and consultancy services to the environmental sector, both in the UK and overseas. Our work is characterised by high quality robust scientific investigation from project conception to completion. A broad range of fully integrated services is provided including: - ...
Locus Technologies
based in Mountain View, CALIFORNIA (USA)
Headquartered in Mountain View, California, Locus' principal focus is environmental and energy information management offered through a Software as a Service (SaaS) platform.Since its founding in 1997, Locus has believed in the power of the Internet to manage all aspects of the environmental business, leading us to invest in the development of a comprehensive suite of ...
Aquamec Ltd.
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The environmental Watermaster Classic dredger offers versatile and effective solutions for different kind of water works. Dredging Machines are manufactured in Finland. We are proud of our quality and the Watermaster production plant has the internationally recognized ISO 9001 Quality certificate and ISO 14001 Environmental certificate from Lloyd`s Register. Our Service ...


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The name of this organization is Accreditation Board for Engineering and Technology, Inc., hereinafter referred to as "ABET".
Amendments to the Constitution may be proposed at any meeting of the Board, by the President or by at least 15% of the Member Societies acting through their representative chief staff officers. . Proposed amendments shall be circulated with the agenda of the next Board meeting.
Approval of amendments requires a majority vote of the Board and subsequent ratification by the governing boards of at least two-thirds of the Member Societies.
The ABET corporation may be dissolved in accordance with the law of the State of New York.
Smith College was the first women's college to have an ABET-accredited program. Its engineering science program has been accredited since 2003.


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How to Hire a House Sitter for Extended Stays
A fantasy of mine would be to do the Grand Tour of Europe like wealthy young people did during the Victorian. Of course, I'm neither young nor wealthy, so a traditional extended year tour of the Continent is probably out of the question. The idea of spending a few a months in a country living […]Read more


text: Back in February, things started to look dire for the Romney campaign's ability to attract female voters. Every day brought another story about Republican attacks on reproductive rights: attacks on insurance coverage for contraception, transvaginal probes, all-male panels called in Congress to discuss contraception, attacks on Planned Parenthood's funding, and the candidate himself increasingly afraid to say a positive word about contraception when asked directly in the debates. A gender gap opened up between the candidates in the polls, with Obama outpacing Romney with women by 19 points. The Romney campaign responded by trying to change the subject, to jobs and the economy. But if Romney wants to close the gender gap, he should rethink that strategy. After all, the polling data suggests that his stance on economic issues – specifically the size of the safety net and amount of economic support the government provides to citizens – is what's really hurting him with female voters.


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Lee county may send out another round of requests for proposals on what to do with City of Palms Park, the former spring training home of the Boston Red Sox. Commissioners talked over the park for more than 1 and a half hours Monday afternoon. One wants to keep talking about a swim center.
"I want to be able to tell the staff to sit down one more time with the National Swim Center people and try to work it out, if it can be," said Commsr. Ray Judah. The group from Texas has proposed a swim center at the park, but some county officials believe the group wants Lee to pay at least 50-million dollars to convert from baseball to aquatics.
"That's totally out of the question. We do not have bonding capacity for 50-million, or even 10," said Commsr. Tammy Hall. "I think the talks with the swim center people are over, done."
However, commissioners agreed to hold a formal vote, up or down, on some kind of a swim center proposal, at some point in time. If the vote is no, the county probably will put out requests to developers to send in ideas for the park. However, the requests would make it clear, the developer would pay to convert t he park to another use. The county has no money to put into a deal, according to the discussion on Monday.
In the meantime, amateur baseball events will take place at the stadium in Ft. Myers.
Discussion revealed that the county has talked with Washinton, Milwaukee and Toronto about having their major league baseball spring training at the park. However, talks have not progressed and any hopes for a new, major league tenant, could be years off.


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Rules for protecting the resources we love.
Don't count on gaining much from your moment in the sporting sun.
Side-by-side photos of the city then and now.
The unlikely but unmistakably American intersection of bow hunting, pest control and hunger relief.
Local vendors will replace the embattled Olympics security company at soccer venue St. James' Park.
There still isn't a common language or science of cities for the 21st century, but that could change.
Boris Johnson hopes to quiet his naysayers.
Despite what the LOCOG chief said on the radio, Pepsi and Nike gear will not be banned at the London games.
Compound interest can really compound when you leave a loan unpaid for 500 years.
The left-leaning city council may have lost legislative power, but it is regaining its influence as the sole chink in Britain's official policy of Olympic boosterism.
Also, Atlanta outlaws smoking in public parks and a Massachusetts town stops feeding the bears (after one licks a human).
Voters in Troy, Michigan, still seem annoyed at their leader's refusal to accept federal funding.
Many U.S. cities cannot access the skilled workers they need.
Upset over being excluded from the lanes, some 200 London cab drivers blocked traffic in Parliament Square.
With a City Council vote on NYU 2031 imminent, a look back at four classic town-gown confrontations.
The London Games have been an exercise in image control, but that has only encouraged the jokers.
How America's biggest metro areas stack up.
Dozens of G4S staff failed to turn up for guard duty at a Manchester hotel hosting Olympic athletes.
The number of people evacuated from their homes on Japan's Kyushu island due to floods.


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2013 Distinguished Dunwody Lecture in Law
Please join us for the 2013 Dunwody Distinguished Lecture in Law Who Won the Obamacare Case (and Why Did So Many Law Professors Miss the Boat)? Presented by Randy Barnett Carmack Waterhouse Professor of Legal Theory at the Georgetown University … Continue reading
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Lauren Rehm, A Proposal for Settling the Interpretation of Florida's Proposals for Settlement
Although created to encourage settlement, few rules have generated more collateral litigation than Florida's proposals for settlement provisions. While Florida Statutes section 768.79 creates a substantive right to attorney's fees, Florida Rule of Civil Procedure 1.442 provides a procedural enforcement … Continue reading
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Nicole Kuncl, Seeing Red: The Legal Backlash Against Red-Light Cameras in Florida
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Derek W. Black, Civil Rights, Charter Schools, and Lessons to be Learned
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Ben Trachtenberg, Confronting Coventurers: Coconspirator Hearsay, Sir Walter Raleigh, and the Sixth Amendment Confrontation Clause
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The optimal allocation of authority among executives, directors, and shareholders of public companies has been debated as long as there have been public companies, and the issue now seems further from resolution than ever. In recent years Sweden has changed … Continue reading
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November 28, 2014
More than 2 million kids across the country have been diagnosed with Attention Deficit Hyperactivity Disorder.
ADHD is most often treated with drugs like Ritalin.
A local program on the James Madison University Campus called Jump Start is helping these kids.
The goal is to build a toolbox of skills for the kids who normally have trouble organizing themselves and paying attention in class.
"Its a metaphor for a lot of different things that we teach our campers during that two weeks," says Sheryle Moore the director of the camp.
And like real life tools, almost anyone can use them...
"Its kind of interesting most of everything we do can apply to everyone, they're not skills that children without ADHD wouldn't benefit from having."
But the camp uses learning techniques around that content that is specialized for kids with ADHD.
Classrooms settings and activities are changed often throughout the day.
They also use a point system that gives points for useful participation and takes points away for calling out.
"Teaching them directly and being very explicit and recognizing those skills help them especially with ideas of organization and note taking are some of the strongest things that help a great deal."
And it's not just the skills that are important.
"One of the things that we try very hard to do during the week of camp is make it a very positive experience and offer our campers lots of areas where they can experience success because often students with ADHD don't meet with success often."
The ideas and strategies used in the camp were learned right here in the valley.
The Alvian C. Baird Attention and Learning Disabilities center worked in local schools, and got feedback from local parents to put the "toolbox" together.
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A couple weeks back we held our final Reading the World Conversation Series event of the season, featuring Thomas Pletzinger (author of Funeral for a Dog) and German translator Ross Benjamin (translator of Funeral for a Dog, Roth's Job, and others).
The event was really interesting—Thomas and Ross have a great rapport—and was punctuated by a pillow fight turned thunderstorm in the middle . . . Which is only the third reading of Thomas's that got a little crazy. First there was a group of streakers in the library. Then an audience member passed out due to the queasily detailed section he read (she broke her jaw). And now, Rochester brings soaked students pounding each other with wet pillows. Yes.
Antoine Volodine's vast project (40 plus novels) of what he calls the post-exotic remains mostly untranslated, so for many of us, understanding it remains touched with mystery, whispers from those "who know," and guesswork. That's not to say that, were. . .
It hasn't quite neared the pitch of the waiting-in-line-at-midnight Harry Potter days, but in small bookstores and reading circles of New York City, an aura has attended the novelist Elena Ferrante and her works. One part curiosity (Who is she?),. . .
From the late 1940s to the early 1950s, Egypt was going through a period of transition. The country's people were growing unhappy with the corruption of power in the government, which had been under British rule for decades. The Egyptians'. . .
Miruna is a novella written in the voice of an adult who remembers the summer he (then, seven) and his sister, Miruna (then, six) spent in the Evil Vale with their grandfather (sometimes referred to as "Grandfather," other times as. . .
Kamal Jann by the Lebanese born author Dominique Eddé is a tale of familial and political intrigue, a murky stew of byzantine alliances, betrayals, and hostilities. It is a well-told story of revenge and, what's more, a serious novel that. . .
While looking back at an episode in his life, twenty-year-old Taguchi Hiro remembers what his friend Kumamoto Akira said about poetry.
Its perfection arises precisely from its imperfection . . . . I have an image in my head. I see. . .
The central concern of Sorj Chalandon's novel Return to Killybegs appears to be explaining how a person of staunch political activism can be lead to betray his cause, his country, his people. Truth be told, the real theme of the. . .
Spoiler alert: acclaimed writer Stefan Zweig and his wife Lotte kill themselves at the end of Lauren Seksik's 2010 novel, The Last Days.
It's hard to avoid spoiling this mystery. Zweig's suicide actually happened, in Brazil in 1942, and since then. . .
To call Kjell Askildsen's style sparse or terse would be to understate just how far he pushes his prose. Almost nothing is explained, elaborated on. In simple sentences, events occur, words are exchanged, narrators have brief thoughts. As often as. . .
After a mysterious woman confesses to an author simply known as "R" that she has loved him since she was a teenager, she offers the following explanation: "There is nothing on earth like the love of a child that passes. . .


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I have mentioned before that I plan out my menus so that way I know what I'm going to make during the week. Its great. It takes a lot of the guess work out of making dinner. That is until I decide that I don't want to make what I had planned. That is what happened to me yesterday, I originally planned to make some kind of turkey burgers but they just didn't sound good yesterday. I was in more of a meatball kind of mood. A spicy meatball mood to be more exact.
Ever go to a Thai restaurant and have the server ask you how spicy you want your Pad Thai on a scale of 1 – 4? Well is it just me or are these rarely accurate? If you give me a scale of 1 – 4 and I order 4 I am thinking 4 is "I can't feel my face hot" not "oooh this has a nice kick to it hot" which is what I tend to get. Then again I like spicy. With that in mind, on my scale of 1 – 4 I give these a 3 as in "my tongue is a little tingly and my throat is a little hot but I can't stop eating". If that sounds too hot for you cut back the sriracha to a tablespoon.
If we are ever together at a party, you would most likely find me hovering over the food. More specifically, you'd find me hovering over the charcuterie board. All the different kinds of meats, cheeses, spreads, crackers and breads. So many different flavor combos to create. So much deliciousness to enjoy. It is my most [...]
This time of year has always been super busy for me but add two little ones to the mix and now I can barely remember to brush my hair in the morning. And with Christmas about a month away now, it's only going to get busier around here. That is why when the nice people [...]
While the big meal is certainly what we all look forward to on Thanksgiving, the appetizers are one of my favorite parts too. We've always had trays of salami and cheese, pickles and olives, deviled eggs and, my favorite, the dips. This year, I thought I'd throw a new one in the mix with this [...]
A rustic stuffing with crusty bread, kale, bacon and Parmesan cheese.
A delicious, colorful salad, perfect for your holiday spread.
Tangy goat cheese, cream cheese, sweet garlic and crispy bacon make this cheeseball perfect for the holidays!
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My name is Des. I'm a Mom to Kellan and Preston. Wife to Ryan. Dog mom to Pumpkin and lover of all things food. Whether it is cooking it, eating it, shopping for it or watching TV about it, food is one of my favorite things. Read more »
Have new recipes emailed to you.


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Admittedly, this is a lot better than the other songs released. Draiman's voice sounds really good here, as does Lzz Hale's.
The duet sounds pretty good.
Digging: Bloodbath - Grand Morbid Funeral
album leaked and it rules
^ agreed. The tracks after Close Your Eyes Forever are quite different from the ones they pre-released. People really cant say they sound like disturbed. Draimans vocals are similar/pretty much the same, but the overall album is very different.
Yeah the album gets more industrial after this track
I would say my favorite track after the ones they already released would be Haze. Just something about it I love. Opinion is pretty awesome as well. But there is something too like in most of them really. It will have its haters I'm sure.
It'll have haters because it's got Draiman. Simple as that.
• Faith No More, motherfucker• Upon A Burning Body & Ice-T colla..• Brand New in studio• Periphery debut new track• Periphery detail Juggernaut• Full Of Hell/Merzbow stream new s..• Northlane reveal new vocalist, de..• Jeff Loomis joins Arch Enemy• Second To Sun share new single• SOiL stream unreleased track
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I've been adopted!
Hi everyone. I know what you are saying..."Wow! That's one of the cutest bunnies I have ever seen." And, you'd be right.
I am a sweet,easy going and unassuming guy. I'm modest and not at all full of myself. I've heard that dwarf bunnies are often cranky, high strung and squirmy. But that's not me. I am the rare exception.
SaveABunny took me in from the Chico animal shelter which is located about 5 hours away. The shelter people were nice, but they do not have any place for rabbits, so I came to SaveABunny. No one knows exactly how old I am, so we are all guessing at about 3 years old.
Since I arrived at SaveABunny I have had a few surprises. The first of which was getting neutered. Where'd "they" go? One minute they were here and then "POOF!" the next minute they were gone! I'm ok with that though because I love my new life, second chance and feel much better.
Just reflecting on my words, perhaps that was "TMI" (too much information), but hey, I am an honest guy who believes in telling the truth. I am a friendly guy who enjoys meeting all kinds of new friends. Please visit me soon.
Gorgeous hand-gilded frame with free form tempered glass and found objects mosaic. The story is one of freedom---breaking our of out patterns to rejoice and enjoy what life has to offer-right now.


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WEDNESDAY, May 5 (HealthDay News) -- Although researchers have obtained important information about the natural history and clinical management of 2009 H1N1 virus infection, considerable research gaps remain, according to a review published in the May 6 issue of the New England Journal of Medicine.
The Writing Committee of the World Health Organization Consultation on Clinical Aspects of Pandemic (H1N1) 2009 Influenza reviewed virologic, epidemiologic, and clinical data on 2009 H1N1 infections, and summarized significant issues for clinicians around the world.
The committee confirmed that the virus is susceptible to the neuraminidase inhibitors oseltamivir (Tamiflu) and zanamivir (Relenza) but is usually resistant to amantadine and rimantadine, and that therapy with a neuraminidase inhibitor is especially important for patients with underlying risk factors (such as pregnancy) and severe or progressive clinical illness. However, they identified major gaps in the understanding of viral transmission, disease pathogenesis, genetic and other host factors that have a role in susceptibility or disease severity, as well as ideal management of severe illness.
"Available findings highlight the importance of early use of antiviral drugs and antibiotics in the treatment of serious cases and of the potential value of influenza-specific and pneumococcal vaccines for prevention. Both the gaps in knowledge and the experience to date underline the urgent need for better international collaboration in clinical research, particularly in the case of diseases with pandemic potential, for which rapid detection, investigation, and characterization of clinical syndromes are prerequisites for improved mitigation of their public health consequences," the authors write.
One committee member disclosed a financial relationship with Roche related to studies of oseltamivir, and another member disclosed financial relationships with Baxter, Novartis, and GlaxoSmithKline.
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text:
Creole genealogy group to hold weekend conference
Published: Monday, November 10, 2008 at 3:54 p.m.
Last Modified: Monday, November 10, 2008 at 3:56 p.m.
THIBODAUX The Louisiana Creole Research Association, a non-profit organization intended to assist Creoles in researching their ancestry, will host its fourth annual conference Saturday and Sunday at the DoubleTree Hotel, 300 Canal St. in New Orleans.
This years conference is themed, Louisiana Creoles of Color: Resistance and the Cause of Racial Equality and will feature panel discussions, exhibits, speakers and a Sunday jazz brunch.
Speakers include members of the Sisters of the Holy Family and Sisters of the Blessed Sacrament, Henriette Delille and St. Katherine Drexel and a panel discussion with representatives of New Orleans historic Creole newspapers like the Louisiana Weekly.
Conference registration is $35 and includes all events. Brunch is $40 by reservation only and seating is limited.
For information contact Jennifer Ellsworth at 504-241-1439 or email@example.com, Lolita Cherrie at 504-453-5922 or firstname.lastname@example.com or visit the organizations Web site at http://www.lacreole.org.
Reader comments posted to this article may be published in our print edition. All rights reserved. This copyrighted material may not be re-published without permission. Links are encouraged.
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text:
November 27, 2014
Stay up-to-date with KAKE News:
Friday, August 23, 2013
Public health warnings have been issued for seven Kansas lakes because of dangerous levels of toxic blue-green algae. Less restrictive advisories have also been issued for two additional lakes.
The warnings from the Kansas Department of Health and Environment prohibit swimming, wading, skiing or other direct contact with the water.
Lakes now under warnings include Colwich Memorial Park Lake in Sedgwick County, Hiawatha City Lake in Brown County, Lake Warnock in Atchison County, and Logan City Lake in Phillips County. Also listed are Memorial Park Lake in Barton County, Riggs Park Lake in Sedgwick County and Rose's Lake in Johnson County.
The agencies posted advisories for Atchison County Park Lake in Atchison County, and South Park Lake in Johnson County. The advisories allow boating and fishing but strongly discourage direct water contact
Click Here to access the online Public Inspection File
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.com.