Features of IFIs in selected EU countries Tanja

Transcript:Features of IFIs in selected EU countries Tanja:
Features of IFIs in selected EU countries Tanja Kosi Antolič IMAD ljubljana, July 8, 2015 The recently strengthened EU fiscal framework has increased the minimum requirements for the national fiscal frameworks, including independent fiscal institutions (IFIs) EU Fiscal Rules (EU legislation & Fiscal Compact) National Fiscal Rules European Commission & EU Council Fiscal Councils & other Independent Fiscal Institutions EU Fiscal (Governance) Framework National Fiscal Framework The number and features of IFIs differ across EU countries... IFIs in selected EU countries Fiscal councils (FC) in selected EU countries Tasks of IFIs foreseen by the EU legislation and Fiscal Compact: Effective and timely monitoring of compliance with fiscal rules → all 6 CTRs Monitoring and assessment of a corrective mechanism → all 6 CTRs Increasing transparency and communication with the public → all 6 CTRs Production or endorsement of macroeconomic forecasts Production by another IFI: AT (WIFO), BE (FPB), NL (CPB), DE (JEF – only for DBP) Non-binding assessment by FC: LV Endorsement by another IFI: SK (Macroeconomic Forecasting Committee) Mandate of fiscal councils /1 Mandate of fiscal councils /2 Other tasks: Surveillance of subnational governments (DE) Analysis of long-term fiscal sustainability (AT, BE, SK, NL-CPB) Analysis of the quality of public finances (AT) Identification of fiscal policy options and formulation of recommendations (AT, BE, DE) Policy costing (SK, NL-CPB, AT-Parliamentary Budget Office) Organization and financing of fiscal councils Fiscal councils' size Appointment and term of FC members Channels of political influence by FCs Reports of all fiscal councils are available to the public on their webpages Shaping public opinion Government's response to FC's assessment and recommendations Challenges in establishing a fiscal council Broad political commitment & consensus about its design Appointment of FC members independence academics / policy experts / civil servants Stand-alone institution vs. attachment to an existing non-executive institution access to relevant information administrative and analytical support established relations with other institutions (domestic & international) Stability in financing → protection of FC‘s budgets from arbitrary cuts Media & policy impact credibility, reputation clear messages, limited number of concrete recommendations Thank you for your attention