This Public Expenditure andInstitutional Review (PEIR) aims to help the government ofthe Federal Republic of Yugoslavia (FRY) in taking theirpublic expenditure reforms further. It analyzes publicexpenditure practices, and institutions of the two Republics- Serbia and Montenegro - and of the Federal Government,and, evaluates their decision-making, and implementationprocesses. The cross-cutting topics of the PEIR are:sustainability of public expenditures; strategic allocationof public spending, to maximize growth and welfare withinfiscally sustainable limits; and, accountability of thepublic expenditure system, needed to maintain domestic, andinternational support for the reconstruction programs of thetwo Republics. The success of reforms depends on difficultstrategic choices: 1) the inherited, distorted fiscalsystems, and inefficient budget management practices, callfor a realistic focus in selecting the goals of reform; 2)the best solution choice must be derived from the existingstructures, and practices; and, 3) the Governments of Serbiaand Montenegro should focus on deepening the reforms alreadyinitiated, rather than launching a number of new ones. Thefirst volume provides an overview of the public expenditurereform agenda; volume two focuses on the Republic of Serbiaand the Federal Government, while volume three discussespublic expenditure management issues in Montenegro. Thepublic expenditure problems of the Federal level receive asomewhat limited treatment, as the contours of the futureunion government takes shape. Similarly, challenges offiscal decentralization below the Republic level, receiveonly a brief treatment, actually only in the Serbia volume.
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