As state regions and municipalities within Europe increasingly embrace securitization as a financing alternative, a new debate has emerged over the fiscal and administrative relationship between central governments - which conduct their own transactions - and regional governments/municipalities, who are eager to maintain control over their own independent deals and expenditures.

The central governments, or states, are inclined to have these local entities removed from the concept of broader public administrations debt; alternatively, if the regions do remain under the auspices of the state, the central government would like to at least exercise some form of control over the expenditure of these entities.

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