The Development of Fiscal Councils in the European Union Within the Context of Budget Stability
The Development of Fiscal Councils in the European Union Within the Context of Budget Stability

Author(s): Svetla Boneva, Filip Petkov
Subject(s): Economy, Supranational / Global Economy, Public Finances
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: Independent Fiscal Institution; Fiscal Council; Fiscal Discipline; Fiscal Union; Fiscal Integration; European Union; Economic and Monetary Union
Summary/Abstract: The objective of this paper has been to discuss the idea of better coordination between the national fiscal councils within the EU. An effective focal point would be feasible solution for limiting the impact of negative spillovers between the countries as some governments might have intentionally or unintentionally taken on policies which effect would be experienced negatively by other partnering countries. The institutional solution of this challenge was established back in September 2015, almost immediately after adopting the legislation for the establishment of independent fiscal councils in the member states. The formal agreement on EU Independent Fiscal Institutions network (EUIFI) was signed between 23 independent fiscal institutions from: Austria, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Spain, Sweden and the United Kingdom.

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