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The Fiscal Councils – Independent Fiscal Institutions for Ensuring Fiscal Discipline

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  • Comăniciu Carmen

    (“Lucian Blaga†University of Sibiu)

Abstract

Ensuring the sustainability of public finances can only be achieved through substantial and relevant analysis and evaluation of the problems faced by the fiscal and budgetary fields. Thus, through independent tax institutions, based on opinions and recommendations issued, can be identified those decisions designed to ensure a responsible fiscal and budgetary policy. Without claiming an exhaustive approach, through this article we will identify basic principles of Fiscal Councils, the main features of the Fiscal Councils from the IMF member states and we will try to highlight the best practices. By identifying best practices, we will highlight the role of Fiscal Councils in the prudent management of public financial resources and fiscal and budgetary risks.

Suggested Citation

  • Comăniciu Carmen, 2017. "The Fiscal Councils – Independent Fiscal Institutions for Ensuring Fiscal Discipline," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 531-536, December.
    • Handle: RePEc:ovi:oviste:v:xvii:y:2017:i:2:p:531-536
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    References listed on IDEAS

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    5. Lars Calmfors & Simon Wren-Lewis, 2011. "What should fiscal councils do? [Fiscal policy when monetary policy is tied to the mast]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 26(68), pages 649-695.
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    Cited by:

    1. Sonia D. Gatchair, 2020. "Towards a Model for Independent Fiscal Policy Oversight in a Small Island State," Public Organization Review, Springer, vol. 20(4), pages 703-718, December.

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    More about this item

    Keywords

    fiscal council; fiscal discipline; fiscal performance; fiscal rules;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt

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