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Economy Banking Featured Finance

Incomplete contracts and renegotiation in public procurement

Public procurement contracts worldwide often face high risks of cost overruns and project delays, raising questions about the scope for contract modifications. This column examines the impact of eased renegotiation rules on procurement outcomes in the Czech Republic between 2015 and 2020. Easing renegotiation rules did not substantially change procurement outcomes but led to a […]

Economy Banking Featured Finance World

Europe should innovate on defence, play it safe on debt

Strengthening existing safe assets should be a strategic priority for any new joint borrowing. Europe’s looming defence spending needs will put new demands on public policy and the public purse. To meet these demands, European Union member states and regional allies will need to work together for collective security. As new ways of building and […]

trade Featured News World

How to manage the economic trade-offs of public procurement policies in developing economies

Government procurement—the process in which public entities buy goods and services from private companies—represents between 5% and 20% of a country’s GDP, depending on the country. Public procurement policies allow governments to strategically support certain firms and sectors, for example, small businesses or eco-friendly products. In using public procurement systems, policymakers must navigate a trade-off: […]