This paper aims to explain the Crisis of Eurozone in terms of instituional failures, by focusing on the Treaty on Stability, Coordination and Governance (TSCG), signed on March 2nd 2012 by the member states of the Eurozone. After Maastricht and Lisbon, it marks the beginning of a third chapter in the history of the euro. This new Treaty has brought about major changes in the functionning of the Eurozone, by imposing the balanced budget rule, that is unique to the Eurozone, including a structural deficit not exceeding 0.5% of GDP, a rule limiting public debt to 60% of GDP, an automatic correction mechanism, etc. Instead of making up for the failure of coordination between states that has been so outstandingly apparent throughout the crisis, by setting up mechanisms of consultation and deliberation in bodies endowed with real decision-making powers, the new Treaty, in terms of coordination, has established (or strengthened)automatic mechanisms for restoring budget balance. Consequently, instead of helping to "repair" the institutional failures on which the Eurozone is built, the Treaty strengthens them and further weakens the construction, without real economic coordination, common budget or active policy of transfers to contribute to the convergence of the countries and regions within the zone. All in all, the TSCG, far from rethinking an institutional architecture that has proved to be a failure, in order finally to provide the Eurozone with suitable foundations, appears above all as an attempt to "toughen up" the mechanisms and standards whose immense failings have been revealed by the financial crisis, without modifying either their nature or their spirit. We thus believe that this goes a long way to explaining the current difficulties of the Eurozone and the inability of most member states to extricate themselves from the crisis. If the Eurozone is to survive, other institutional devices than those currently in force must be introduced, to modify certain essential points in the type of governance imposed by the new Treaty.

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先進諸国では要介護者の増加が見込まれているが，保険会社が特に高齢期の要介護状態を保障するような商品を提供しようとすると，価格が高くなってしまうという問題に行き当たる。
そうした課題について，米国では，個人年金と長期介護保障特約を組み合わせて終身年金と介護保険の逆選択効果の相殺を利用することで，より魅力的な価格で商品提供を行っている例がある。また，そうした組み合わせ商品を含む介護商品への優遇税制措置も検討されている。
一方，英国では一般的に重大疾病保険が要介護状態を保障しており，保険会社は重大疾病保険と死亡保障保険を組み合わせる（アクセレレーション）ことでより安い価格で商品提供を行っている。

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During the periods of high economic growth, outmigration from agricultural and mountain villages to urban areas increased rapidly. As a result overpopulation in the urban areas and depopulation in rural areas have become social problems.
The rural areas play a very important role particularly in supplying food, conserving national land, cultivating the head sources of a stream and conserving the natural environment. However, it has become difficult to manage the community and these areas have not been able to play the abovementioned roles in depopulated areas. Therefore, the Japanese government has taken a number of measures to promote rural areas and alleviate some of the problems. In this paper the depopulation problem is considered from the viewpoint of local finance. Attention is paid particularly to the role of intergovernmental grants.
Firstly, using a concept of local public goods, the inefficiency which results from free migration is considered. If in moving from one region to another a migrant does not account for the effect of his moving on the tax price of the public good of residents in the region he leaves or enters, Tiebout type of decentralized free market equilibria may not be Pareto-efficient. And if this externality is not internalized by centralized decision-making, the one region may be overpopulated and the other underpopulated. In the framework of a simple model the source of inefficiency of resource allocation is shown. Using the same model the analysis is extended to consider the role for intergovernmental grants in the face of such inefficiencies. And it is suggested that the central government may be justified in using a system of intergovernmental grants to overcome these inefficiencies.
In order to explore the role of intergovernmental grants, the model is applied to Agatsuma district of Gunma Prefecture, a district which includes a number of the depopulated towns and villages. Firstly, settled accounts of revenue and expenditure from 1965 F. Y. to 1982 F. Y. are investigated. The percentage of transfer payments including grants from both the Japanese government and the government of Gunma Prefecture has become very large since the laws of the depopulated areas enforced. Secondly, principal expenditures are determined for each town and village. In each town expenditure on education and promotion for agriculture and construction account for a very large percentage of total expenditure. Finally, the level of components which constitutes residents' utility is examined. There is still a difference between the levels of many components in this district and those in the other region.
From the above results it is shown that the situation is going to a desired direction by various measures, particularly intergovernmental grants. However, in some areas there is still a possibility of the situation deteriorating. Therefore, it is necessary to allocate intergovernmental grants carefully as well as encouraging each local government to work autonomously.

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