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Crown financial policy is concerned with how the government manages the Crown's assets and liabilities. The recently established New Zealand Superannuation Fund, which is projected to grow to around 45% of GDP over the next few decades, highlights that Crown financial policy is likely to become an important economic policy tool with potential to have a significant impact on New Zealand economic welfare. The policy framework of objectives, targets and instruments is adopted as a basis for organising the theory literature relating to Crown financial policy. Applying this framework, seven distinct policy objectives are identified as potentially relevant to the future development of policy. Applying qualitative assessment criteria, it is concluded that four of the seven objectives should be the main factors that inform the design of alternative policy options. The four objectives relate to minimising distortionary taxation, time-consistency of policy, agency costs of government, and downside efficiency risks. The three objectives considered less relevant relate to policy neutrality, missing markets and risk management services. The four main objectives imply a range of targets could be adopted for the Crown balance sheet, some of which would be conflicting. The objectives of minimising distortionary taxation suggests targeting the minimum risk portfolio by building up financial assets and net worth whereas the objective of minimising the agency cost of government suggests placing an upper bound on government operating surpluses and limiting the build up of financial assets. Time-consistency and agency cost objectives tend to conflict because the former suggests the level of debt should be kept low whereas the latter suggests high debt levels.

This report provides an updated overview of the environmental objectives and targets in EU policy and legislation for the period 2015-2050. The update is based on the 2020 Status of Environment Report (SOER) structure. ; Funded by the European Environment Agency, under the ETC/WMGE

AbstractConservation objectives and targets, which play a vital role in conserving freshwater biodiversity, have been developed on many different scales according to the roles and responsibilities of the organisations involved. The EU birds and habitats Directives, the national system of 'sites of special scientific interest'and the UK Biodiversity Action Plan, have all influenced the development of a new approach in defining conservation objectives and targets for designated sites in the UK. The UK conservation agencies have agreed common standards for setting conservation objectives and targets as part of an overall monitoring and reporting framework. The rationale behind the approach and the common standards are described, together with some examples relating to freshwater habitats and species. Challenges for the future are identified and discussed.

Augustus introduced many new laws influencing the internal life of the Roman families and under certain aspects subordinating individuals to public control. The most important were the lex Iulia de maritandis ordinibus and the lex Papia Poppaea. A new inscription from Troesmis at the lower Danube shows that Augustus tried to intensify the control formulated in the lex de maritandis ordinibus already in 5 AD by the proposition of the draft of a lex, called commentarius, published on 28 June. But by a strong resistance of larger parts of the Roman society he suffered a severe setback which he could only overcome several years after by the lex Papia Poppaea, which had more or less the same content as the commentarius. The aim of these social laws introduced by Augustus was essentially to increase the number of Roman citizens.

The aim of the present master's thesis is to represent the evolution of energy markets in the European Union from a fragmented monopolistic structure to a unified competitive form and the way in which a single energy market in the Union is gradually being established, through the adoption of common rules and the development of interconnections. This internal energy market which is named Target Model and constitutes one of the major intentions of the European Union, is being examined from a legal perspective in the following chapters. Specifically, the first chapter of the thesis attempts to represent an overview of the legislative framework that has been adopted in succession by European Commission towards the liberalization and unification of the energy market, namely the four energy legislative packages that have determined the structure and the operation of the European electricity market. In the second chapter we examine the basic forms of power markets depending on their degree of competition, as well as we examine the transformation of the energy markets to mandatory pool systems or power exchange models. The third chapter of the thesis consists of an analytical overview of the Target model operation, which is mainly based on the power exchange model, as well as the coupling of national markets. Chapter four refers to the establishment of the network codes, which have been enacted in order to facilitate and secure the well-functioning of the single market through common rules on market integration, operation and interconnection procedures. In chapter five, a more specific reference to the electricity system of Greece is made, while chapter six consists of a general conclusion over the progress that has been made so far in the energy field regarding the unification of the market, as well as over the obstacles that have to be overcome by European Union in order to finally realize the goal of a fully integrated electricity market.

International audience ; This research investigates if the stringent 2020 and 2050 overarching CO2 mitigation objectives set out by the European Union dominate its 2010 to 2020 targets specific to the transportation arena, specifically its biofuel penetration objectives and gram CO2 per kilometre emission caps. Using a dynamic recursive general equilibrium model, IMACLIM-R, we demonstrate that these overarching targets do not dominate the interim transportation targets when the carbon policy triggering compliance with the mitigation objectives boils down to the theoretical least-cost option of uniform carbon pricing. Ground transportation is confirmed as quite insensitive to high carbon prices, even when such prices are applied over a long term. It is tempting to conclude that pursuing the mitigation objectives specific to transportation will impose unnecessary costs. However, because of the second best conditions prevailing in actual economies, and of the risk of lock-in in carbon intensive trajectories, we conclude with the urgent need for some ambitious transport-specific policy design research agenda.

International audience ; This research investigates if the stringent 2020 and 2050 overarching CO2 mitigation objectives set out by the European Union dominate its 2010 to 2020 targets specific to the transportation arena, specifically its biofuel penetration objectives and gram CO2 per kilometre emission caps. Using a dynamic recursive general equilibrium model, IMACLIM-R, we demonstrate that these overarching targets do not dominate the interim transportation targets when the carbon policy triggering compliance with the mitigation objectives boils down to the theoretical least-cost option of uniform carbon pricing. Ground transportation is confirmed as quite insensitive to high carbon prices, even when such prices are applied over a long term. It is tempting to conclude that pursuing the mitigation objectives specific to transportation will impose unnecessary costs. However, because of the second best conditions prevailing in actual economies, and of the risk of lock-in in carbon intensive trajectories, we conclude with the urgent need for some ambitious transport-specific policy design research agenda.

International audience ; This research investigates if the stringent 2020 and 2050 overarching CO2 mitigation objectives set out by the European Union dominate its 2010 to 2020 targets specific to the transportation arena, specifically its biofuel penetration objectives and gram CO2 per kilometre emission caps. Using a dynamic recursive general equilibrium model, IMACLIM-R, we demonstrate that these overarching targets do not dominate the interim transportation targets when the carbon policy triggering compliance with the mitigation objectives boils down to the theoretical least-cost option of uniform carbon pricing. Ground transportation is confirmed as quite insensitive to high carbon prices, even when such prices are applied over a long term. It is tempting to conclude that pursuing the mitigation objectives specific to transportation will impose unnecessary costs. However, because of the second best conditions prevailing in actual economies, and of the risk of lock-in in carbon intensive trajectories, we conclude with the urgent need for some ambitious transport-specific policy design research agenda.

International audience ; This research investigates if the stringent 2020 and 2050 overarching CO2 mitigation objectives set out by the European Union dominate its 2010 to 2020 targets specific to the transportation arena, specifically its biofuel penetration objectives and gram CO2 per kilometre emission caps. Using a dynamic recursive general equilibrium model, IMACLIM-R, we demonstrate that these overarching targets do not dominate the interim transportation targets when the carbon policy triggering compliance with the mitigation objectives boils down to the theoretical least-cost option of uniform carbon pricing. Ground transportation is confirmed as quite insensitive to high carbon prices, even when such prices are applied over a long term. It is tempting to conclude that pursuing the mitigation objectives specific to transportation will impose unnecessary costs. However, because of the second best conditions prevailing in actual economies, and of the risk of lock-in in carbon intensive trajectories, we conclude with the urgent need for some ambitious transport-specific policy design research agenda.

International audience ; This research investigates if the stringent 2020 and 2050 overarching CO2 mitigation objectives set out by the European Union dominate its 2010 to 2020 targets specific to the transportation arena, specifically its biofuel penetration objectives and gram CO2 per kilometre emission caps. Using a dynamic recursive general equilibrium model, IMACLIM-R, we demonstrate that these overarching targets do not dominate the interim transportation targets when the carbon policy triggering compliance with the mitigation objectives boils down to the theoretical least-cost option of uniform carbon pricing. Ground transportation is confirmed as quite insensitive to high carbon prices, even when such prices are applied over a long term. It is tempting to conclude that pursuing the mitigation objectives specific to transportation will impose unnecessary costs. However, because of the second best conditions prevailing in actual economies, and of the risk of lock-in in carbon intensive trajectories, we conclude with the urgent need for some ambitious transport-specific policy design research agenda.