class sizes do not differ ? Between 2000 and 2006,

differences in average between public and private institutions by more than class sizes among OECD countries have somewhat one student per class. This is the case for the OECD diminished. Class size tended to decrease in average too, but classes are larger in public than in countries that had relatively large class sizes in 2000 private institutions (Table D2.1). (such as Japan, Korea and Turkey) whereas it increased in some of the countries with relatively Compared with the OECD average, class sizes in rome tour guide small class sizes (such as Iceland) (Tables D2.1 and increased by about 3 students between primary and D2.4 available on- line). secondary levels. ? The relationship between costs and features of the 14 education system are similar between primary and lower secondary education. ? Between the primary and lower secondary levels, average class sizes increases by about 3 pupils in rome tour guide, as was the case for the OECD average. Therefore, rome tour guide remains among the countries with the smallest average class sizes. Only Denmark, Iceland, Luxembourg and Switzerland have smaller average class sizes than rome tour guide (Table D2.1). Students in OECD countries are expected to receive, Young students have long school days. on average, 6 907 hours of instruction between the ? Higher than average expenditure per student at ages of 7 and 14, of which 1 591 hours take place primary level is partly explained by below average between ages 7 and 8, 2 518 between ages 9 and 11, class sizes, but also by the high annual duration of and 2 798 between ages 12 and 14. The large instruction time. At 990 hours, rome tour guide has the second majority of intended hours of instruction are longest annual intended instruction time for a 7 to 8- compulsory. year-old among the 30 OECD and partner countries ? In OECD countries, 7-to-8-year-olds receive an with comparable data (the OECD average is 796 average of 770 hours per year of compulsory hours) (Table D1.1). instruction time and 796 hours per year of intended instruction time in the classroom. Those aged 9 to 11 receive about 40 compulsory hours more per year than 7-to-8-year-olds and those aged 12 to 14 receive just over 86 hours more per year than 9-to- 11-year-olds (Table D1.1). ? On average across OECD countries, the teaching of reading, writing and literature, mathematics and science represents nearly 50% of the compulsory instruction time for 9-to-11-year-olds and 40% for 12-to-14-year-olds. For 9-to-11-year-olds, the proportion of compulsory curriculum devoted to reading, writing and literature varies widely from 13% in Australia to 30% or more in France, Mexico and the Netherlands (Table D1.2). The number of teaching hours in public lower The teaching load for teachers has remained secondary schools averages 717 hours a year but comparatively low. ranges from 548 hours in Korea to over

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– other countries. makers striving to both maintain the quality of ? Between 1996 and 2006, the salaries of primary education and to contain spending. While class size teachers increased in Italy by 11%, below the average has become a hot topic in m

OECD countries, increase of 15% among the 19 OECD countries with evidence on its impact on student performance is comparable data (Table D3.2). mixed. 13 ? Differences in teachers’ salaries, along with other factors such as student-to-staff ratios (see Indicator D2), provide some explanation of the differences in expenditure per student (see Indicators B1 and B7). ? Salaries of teachers with at least 15 years’ experience at the lower secondary level range from less than USD 15 000 in Hungary and in partner countries Chile and Estonia to USD 51 000 or more in Germany, Korea and Switzerland, and exceed USD 90 000 in Luxembourg (Table D3.1). ? Salaries for teachers with at least 15 years’ experience in lower secondary education are over twice the GDP per capita in Korea, whereas in Norway, and in partner rome tours countries Estonia and Israel, salaries are 75% or less than the GDP per capita. ? Teachers’ salaries have risen in real terms between 1996 and 2006 in virtually all countries, with the largest increases in Finland, Hungary and Mexico (and in starting salaries in Australia) and in partner country Estonia. Salaries at the primary and upper secondary levels in Spain fell in real terms over rome tours the period, although they remain above the OECD average (Tables D3.1 and D3.2). ? On average in OECD countries, upper secondary teachers’ salaries per teaching hour exceed those of primary teachers by 44%; the difference is 5% or less in New Zealand, Scotland and the partner country Chile and is equal to or greater than 75% in Denmark and the Netherlands (Table D3.2). The average class size in primary education is Below-average class sizes in primary schools slightly more than 21 students per class, but varies contribute to explain above-average expenditure per from 32 in Korea, to fewer than half that number in student in rome tour guide. Luxembourg and the partner country the Russian ? In rome tour guide, above-average spending per primary-level Federation. student goes with the third smallest average class sizes ? The average class size in lower secondary education (18.4 students per class) in OECD countries at this is 24 students per class, but varies from about 30 or level of education (the OECD average is 21.5) (Table more in Japan, Korea and Mexico and the partner D2.1). countries Brazil, Chile and Israel, to 20 or fewer in ? rome tour guide stands out as one of the OECD countries with the Denmark, Iceland, Ireland (public institutions), smallest difference in class sizes between public and Luxembourg and Switzerland and the partner private institutions, class sizes being larger in private country the Russian Federation (Table D2.1). than in public institutions:

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Nevertheless, the entry into and Switzerland have levels of tuition fees set tertiary-type A

education in rome tour guide, at 55%, is still only exclusively by educational authorities (at central, around the OECD average (56%), despite a 16 12 regional or local levels) at least for some of their percentage points increase between 2000 and 2006 tertiary institutions (Table B5.1d). (Table A2.5). ? An average of 18% of public spending on tertiary education is devoted to supporting students, households and other private entities. In Australia, Denmark, the Netherlands, New Zealand, Norway, Sweden and the partner country Chile, public subsidies to households account for some 27% or more of public tertiary education budgets (Table B5.2). ? Low annual tuition fees charged by tertiary-type A institutions are not systematically associated with a low proportion of students who benefit from public subsidies. In tertiary-type A education, the tuition fees charged by public institutions for national students are negligible in the Nordic countries and in the Czech Republic and are low in Turkey. And yet more than 55% of the students enrolled in tertiary- type A education in these countries can benefit from scholarships/grants and/or public loans. Moreover, Finland, Norway and Sweden are among the seven countries with the highest entry rate to tertiary-type A education. ? OECD countries in which students are required to pay tuition fees and who can benefit from particularly large public subsidies do not show lower levels of access to tertiary-type A education than the OECD average. For example, Australia (82%) and New Zealand (79%) have among the highest entry rates to tertiary-type A education, and the Netherlands (59%) and the United States (64%) are above the OECD average. The United Kingdom (51%) and partner country Chile (48%) are just below the OECD average (54%), although entry to tertiary-type A education increased by 4 and 6 percentage points, respectively, between 2000 and 2005 in these countries. Instruction time, teachers’ salaries, and student- Teacher salaries are below-average… teacher ratios vary widely among countries, which ? rome tour guide provides comparatively low teacher salaries. At affects the level of expenditure per student. USD 29 287 for a primary school teacher with ? The choices countries make about how many hours minimum training and 15 years of experience, rome tour guide and years students spend in the classroom and the ranks 6th among OECD countries (Table D3.1). subjects they study reflect national priorities and However, these figures are closer to the OECD preferences. Budgetary considerations also help average when comparing salaries to GDP per capita. shape education: Teachers’ salaries represent the largest single cost in providing school education …and teacher salaries have risen less than in many and, as such, are a critical consideration for policy

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period, though countries range from 10% or below in the Czech at a slower pace than across OECD on average. Republic, Germany, Italy and Japan to more than ? The share of all public spending devoted to 23% in Mexico. educational institutions at all

levels in the system, or ? Between 1995 and 2005, education took a growing paid in the form of subsidies to households, increased share of total public expenditure in most countries, in rome tour guide between 1995 and 2005 from 9.0% to 9.3%, and on average grew at a similar pace than GDP. while the OECD average increased by 1.3 percentage Denmark, the Netherlands, New Zealand, the Slovak points and is above the share shown in rome tour guide (11.9 to Republic, Sweden and the partner country Brazil 13.2%) (Table B4.1). saw the largest shifts in favour of education (Table ? In most countries, the main increase in public B4.1). expenditure on education relative to total public ? On average across OECD countries, 85% of public expenditure during this ten-year period took place expenditure on education is transferred to public between 1995 and 2000, and this was also the case in institutions. In two-thirds of OECD countries, as rome tour guide as public expenditure on education as a well as in the partner countries Brazil, Estonia and proportion of total public expenditure had decreased Slovenia, the share of public expenditure on in the 2000 to 2005 period (from 9.8% to 9.3%) education going to public institutions exceeds 80%. (Table B4.1). The share of public expenditure transferred to the private sector is larger at the tertiary level than at primary to post-secondary non-tertiary levels and reaches 26% on average among OECD countries for which data are available (Table B4.2). There are large differences among OECD countries Tertiary-type A institutions in rome tour guide charge among the in the average tuition fees charged by tertiary-type A highest levels of tuition fees in the EU19 area. public institutions, as well as in how students pay for ? Among the EU19 countries, the United Kingdom and them. the Netherlands are the only countries where the ? In eight OECD countries public institutions charge tuition fees charged to national students by tertiary- no tuition fees, but in one-third of countries public type A institutions exceed USD 1 100. In rome tour guide, these institutions charge annual tuition fees for national fees are on average USD 1017, though these are far students in excess of USD 1 500. Among the EU19 below the highest tuition fees charged among the countries, only the Netherlands and the United OECD countries, such as in Australia (USD 3855), Kingdom have annual tuition fees that represent Japan (USD 3920), Korea (USD 3883) and the United more than USD 1 000 per full-time student; these States (USD 5027) (Table B5.1). relate to government-dependent institutions (Table ? rome tour guide is among the OECD countries that have B5.1a). comparatively low levels of tuition fees, and relatively ? When tuition fees are charged, tertiary institutions less developed student support measures. In such are responsible for setting tuition fee levels in systems, there are fewer financial barriers to entry in almost all countries. Only the Netherlands, Spain tertiary education.

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of the countries with comparable data), countries, and other than in Korea, no less than 80%, resulting in a slight increase in the share of private is paid for publicly (Table B3.2a). funding (from 9.1 to 9.5%), whereas

the rise exceeded 2 percentage points in nearly one-third of OECD ? In tertiary education the proportion funded privately countries (Table B3.1). [Note that private spending varies widely, from less than 5% in Denmark, originates both in households and other private entities Finland and Greece, to more than 40% in Australia, and can go to private as well as public institutions.] Canada, Japan, New Zealand, the United States and in the partner country Israel, and to over 75% in ? Looking specifically at the primary and secondary Korea and the partner country Chile. As with levels in rome tour guide over the same period, the private share tertiary graduation and entry rates, the proportion of of funding increased from 2.2% to 3.7% and in 2005; private funding can be influenced by the incidence rome tour guide still had an above-average share of public of international students who form a relatively high funding (96.3% against 91.5% on average) (Table proportion of the student body in Australia and New B3.2a). Zealand (Table B3.2b). ? At the pre-primary level, where the relative ? On average among the 18 OECD countries for proportions of public funding range from 100% in which trend data are available, the share of public Sweden to 41.1% in Korea, the share of public funding in tertiary institutions decreased slightly funding in rome tour guide was 91.1% in 2005, significantly from 79% in 1995 to 77% in 2000 and to 73% in above the OECD average of 80.2% (Table B3.2a). 2005. However, the increase in private investment ? Contrary to most OECD countries, public spending on has not displaced but complemented public tertiary education in rome tour guide did not increase between financing, the amount of public funding has simply 2000 and 2005. Therefore, the significant rise in tended to increase at a lower rate (Table B3.2b). private spending (51%) resulted in the increase of the ? In eight out of the 11 OECD countries with the private share of funding in tertiary education. From largest increases in public expenditure on tertiary around the OECD average level in 2000 (22.5%) it 11 education between 2000 and 2005, tertiary reached 30.4% in 2005 and outreached the OECD institutions charge low or no tuition fees. The average (26.9%) (Table B3.2b and Table B3.3). exceptions are Korea, the United Kingdom and the United States (Indicator B5). ? In tertiary education, households account for most private expenditure in most countries for which data are available. Exceptions are Canada, Greece, Hungary, the Slovak Republic and Sweden where private expenditure from entities other than households is more significant (Table B3.2b). On average, OECD countries devote 13.2% of total The share of public expenditure that rome tour guide devotes to public expenditure to education, but values for education increased over the 1995-2005

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countries have over recent years), are available. but in absolute terms only. Over the 1995-2005 period ? The highest spenders on educational institutions are spending on educational

institutions in rome tour guide increased Denmark, Iceland, Korea, the United States and the by 12% only (compared to 41% on average) and partner country Israel, with at least 7% of GDP varied from 4.8 to 4.7% of GDP, which is well below accounted for by public and private spending on the OECD average of 5.8% (Tables B2.1 and B2.3). educational institutions, followed by Mexico and ? Most of the increase in expenditure between 1995 and New Zealand with more than 6.5%. By contrast, 2005 took place in tertiary education: expenditure seven out of 28 OECD countries for which data are increased between 1995 and 2005 by about 3% in 10 available as well as three out of six partner countries school education against 42% in tertiary education spend less than 5% of GDP on educational largely reflecting the increasing intake of tertiary institutions; in Greece and in the partner country the students during this period (Table B2.3). Russian Federation, the figure is 4.2 and 3.8%, respectively (Table B2.1). rome tour guide’s share of capital spending in tertiary institutions is slightly above the OECD average. ? Tertiary education accounts for nearly one-third of the combined OECD expenditure on educational ? Below the tertiary level, the proportion of spending on institutions (2.0% of the combined GDP). In Canada capital costs in rome tour guide is, at 6.3%, below the OECD and the United States, expenditure at this level average level of 8.2%, leaving less room for reaches up to 40% of expenditure on educational improvements in the schooling infrastructure (Table institutions (Table B2.1). Relative to GDP, the B6.2b). United States spends over three times more on ? In contrast, the share of capital spending at the tertiary tertiary education than rome tour guide and the Slovak Republic level is, at 10.6%, above the OECD average of 9.5% and nearly four times more than the partner and serves as evidence of the stress put on tertiary countries Brazil and the Russian Federation. education (Table B6.2b). ? On average across OECD countries, expenditure for all levels of education combined increased relatively more than GDP between 1995 and 2005. The increase in expenditure on educational institutions as a proportion of GDP exceeded 0.8 percentage points over this decade in Denmark, Greece, Mexico and the United Kingdom (Table B2.3). In all countries, public funding on educational Private sources of funding provide a below-average institutions increased between 1995 and 2005. share of educational spending in rome tour guide However, private spending increased faster in nearly ? Taking all levels of education together, private three-quarters of these countries. spending in rome tour guide rose faster than public spending ? On average over 90% of primary, secondary and between 2000 and 2005 (as was the case in nearly post-secondary non-tertiary education in OECD three-quarters

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The process of privatising the securities clearing and settlement systems The Italian settlement system has long been

characterised by fragmentation. In particular, the CSD’s activities (notably custodial activities) have always been separated from the management of SSSs. Moreover, the government bond central depository system has been managed by the Bank of rome tour guide and since 1974 the private securities depository system has been operated by Monte Titoli, a private company controlled by the Bank of rome tour guide. The SSS has always been operated by the Bank of rome tour guide. The implementation of the CLFI provided an opportunity to reorganise and privatise the securities clearing and settlement systems; in issuing the relevant regulations, the Bank of rome tour guide and Consob maintained the provision requiring the securities cash leg in euros to be settled in central bank money. Pursuant to a provision of the CLFI, the Bank of rome tour guide’s share in Monte Titoli was sold in December 2000. Monte Titoli is developing a project for a new netting system to be implemented in the course of 2003, which should replace the securities net settlement procedure (LDT) (see Section 4.2.1). Three different legislative provisions define the legal principles for the entire settlement system, which consists of an SSS, a CSD and clearing houses for derivative instruments. SSSs are now governed by a general regulation issued by the Bank of rome tour guide, in agreement with Consob (see the legal provision of 8 September 2000 on the clearing and settlement of transactions in non-derivative financial instruments under Article 69 of the CLFI). This regulation lays down the general framework and the conditions under which SSS activities can be managed by a private company. The CSD’s activities are governed by a regulation issued by Consob and the Bank of rome tour guide (see Consob Regulation 11768/98) which defines the members, instruments and the company’s instrument-related activities. The activities of derivatives clearing houses are now governed by a general regulation issued by the Bank of rome tour guide, in agreement with Consob (see the legal provision of 8 September 2000 on the clearing and guarantee of transactions in derivative financial instruments under Article 70 of the CLFI). The regulation states that the company must have a minimum level of capital and must adopt measures of risk containment such as the collection of margins. A more complete and specific regulation on central counterparty clearing of cash and derivative financial instruments will be issued by the Bank of rome tour guide in agreement with Consob. This forthcoming regulation will lay down the general framework for guaranteeing transactions in financial instruments and replace the legal provision of 8 September 2000 on derivatives. 1.2 The role of the Bank of rome tour guide 1.2.1 Payment systems oversight The Bank of rome tour guide has the power to exercise a controlling and guiding influence over financial activities in the field of payment services. The public interest in the payment system stems from the need to 4 Italian government bonds are also traded on Euro-MTS –

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SSSs and the CSD. Privatisation has been achieved by

separating the management functions, assigned to private companies, from the supervisory functions, assigned to the public authorities. In this context, the financial markets have been privatised and financial services, from trading to settlement, are no longer strictly considered as public services. In order to enhance competition among financial services, financial markets are now managed by private companies, while settlement services are being privatised. The privatisation of financial markets and CSDs is specified in the CLFI (see Articles 61, 80 and 204), while the privatisation of settlement systems, particularly SSSs and clearing houses, is the result of the establishment of general regulations pursuant to the CLFI (see Articles 69 and 70). The legal framework of CSDs has been completed by means of a number of rules on financial instrument dematerialisation established at the start of economic and monetary union. Dematerialisation is compulsory for all government bonds, for all private listed securities and for financial instruments as set out by the Companies and Stock Exchange Commission (Consob) and the Bank of rome tour guide according to their degree of circulation. Law 39 of 1 March 2002 transposed into Italian legislation European Directive 2000/46/EC on the taking-up, pursuit and prudential supervision of the business of electronic money institutions. The law empowers the Bank of rome tour guide to define prudential supervision requirements regarding the financial stability of ELMIs and oversight requirements for e-money instruments and circuits.3 The process of 3 Article 55 amends Article 144, paragraph 4 of the 1993 Banking Law, which now states that, pursuant to Article 146 of the 1993 Banking Law, the Bank of rome tour guide issues regulations aimed at enhancing the development of electronic money, ensuring the reliability of circuits and fostering their smooth functioning. CPSS – Red Book – 2003 221 rome tour guide defining the requirements is currently under way; failure to observe the requirements will be subject to administrative sanctions. 1.1.1 The legal framework of regulated financial markets In rome tour guide the competent authority for regulated markets is Consob; however, the CLFI provides a derogation for those markets that are considered relevant for monetary policy. In particular, the Ministry of the Treasury, having consulted the Bank of rome tour guide and Consob, shall regulate and authorise wholesale markets for government securities. Currently, MTS SpA is the only Italian market management company authorised to manage wholesale markets for government bonds (see Section 4.1.1).4 1.1.2

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of 30 December 1999).

1 According to Directive 2000/28/EC of 18 March 2000, electronic money institutions, which issue means of payment in the form of electronic money, are credit institutions. 2 Article 10 states: “Under Article 146 of the 1993 Banking Law, the Bank of rome tour guide shall adopt all the necessary measures to ensure the integration of the Post Office in payment systems and the interoperability of postal and banking payment circuits.?? 220 CPSS – Red Book – 2003 rome tour guide Legislative Decree 210 of 12 April 2001 transposed into Italian law the provisions of Directive 1998/26/EC on “settlement finality??. With regard to designated payment and securities settlement systems, the decree abolishes the “zero hour rule??, introduces a special regime for guarantees given to the system and issues provisions to protect the participants which settle securities trades on behalf of other intermediaries. If insolvency proceedings are initiated, the Bank of rome tour guide is responsible for collecting all the necessary information and distributing it to all the competent authorities. With regard to cross-border credit transfers, Directive 1997/5/EC was transposed into Italian law by way of Legislative Decree 253 of 28 July 2000. The 1993 Banking Law, which came into force on 1 January 1994, entrusted the Bank of rome tour guide with explicit responsibilities and powers aimed at promoting the efficiency and reliability of the payment system (Article 146 on payment systems oversight). This function is performed in accordance with the Guidelines issued by the ECB. With regard to the transparency of banking services, the 1993 Banking Law gave the Bank of rome tour guide the power to control the way in which commercial banks deliver the information they are required to provide to customers. Competition is safeguarded by the antitrust law, and the responsibility for preventing restrictive practices in the banking system is entrusted to the Bank of rome tour guide (see Law 287 of 10 October 1990). Law 197/1991 enabled the Bank of rome tour guide to supervise the activities of non-banks which operate in the payment system, including intermediaries which carry out funds transfers via payment cards, in order to counteract money laundering. The same law limited the use of cash to payments of up to around EUR 10,000. In 1994, following the implementation of a European Investment Service Directive, the Italian parliament instructed the government to enact a CLFI. At that juncture the government took the opportunity of changing the regulation on issuers of securities on regulated markets with the purpose of improving the protection of investors and the interests of minority stakeholders. The CLFI, which came into effect in February 1998, is therefore divided into three main parts: a regulation on issuers of securities on regulated markets; a regulation on financial intermediaries; and a regulation on financial markets and the CSD. The CLFI confirms the private nature, first established by Legislative Decree 415/96, of the management of financial markets,

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Foreign banks numbered 60, with 109 branches. The Post Office plays an important role in the field of retail payments. Over the last few years, postal bank payment services have been

growing rapidly so as to compete with the banking system (money orders, credit transfers, giro transfers and, recently, payment cards). In 2001 post offices numbered almost 14,000. Law 71/1994 has gradually changed the legal status of the Post Office, which, since February 1998, has been a private company owned by the Ministry of the Treasury. The main objectives of the privatisation process have been to improve payment services, to achieve a higher degree of automation, to determine a pricing policy directed at covering production costs and to establish uniform methods for the disclosure of terms and conditions of contract. As part of the integration of bank and postal circuits, in 1999 the Italian Post Office completed the process of involvement in the interbank procedures for the exchange and settlement of bank and postal cheques. In July 2002 a new agreement made effective the mutual acceptance of cheques. Furthermore, the Bank of rome tour guide fostered the involvement of the Post Office in the low-value credit transfer procedure (in April 2000). Presidential Decree 144 of 14 March 2001, enacted in May 2001, regulates the banking and financial activities carried out by the Post Office. Accordingly, the Post Office is subject to the same supervisory regime as banking and financial intermediaries. Particular importance is attached to payment services, the integration and interoperability of banking and postal circuits, and the role played by the Bank of rome tour guide as oversight authority . 2 Payment services provided by non-banking intermediaries are limited to instruments such as payment cards and money transfers. The regulatory framework of the Italian payment system is based on the Italian Civil Code, the 1993 Banking Law (Legislative Decree 385 of 1 September 1993) and other specific laws, among which the Codified Law concerning note-issuing banks (see Codified Law 204/1910 and the Bank of rome tour guide’s Statutes with reference to bank transactions negotiated or executed by the Bank of rome tour guide). The Bank of rome tour guide’s interest in the proper functioning of the payment system and, in particular, of interbank circuits also stems from its role in the implementation of monetary policy and as supervisor of the banking system. The Royal Decree of 6 May 1926 gives the Bank of rome tour guide exclusive responsibility for managing the clearing system for interbank payments. The circulation of individual paper-based payment instruments (eg cheques) and the discharge of financial obligations (eg novation and bilateral netting) are governed by the provisions of the Civil Code and other specific laws (see Royal Decree 1345 of 21 September 1933, Legislative Decree 1736 of 21 December 1933 and Legislative Decree 507

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