Fiscal policy in the service of sustainable growth

The post-2008 international investment climate is quite unfavourable to fiscal policy distur bances and growing budget deficits, much more so than in pre-crisis times. Growing investor sensitivity may make external financing of budget deficit and government debt quite diffi cult, but the growth perspectives of the national economy may also largely suffer. Rules-based fis cal policy models are increasingly considered helpful in preventing such disturbances, and this beneficial effect is usually enhanced by the exis tence of an independent office of fiscal policy analysis and monitoring. As of this day, four member countries of the EU maintain such an institution, including Hungary. Their positive experience has encouraged other countries (as the UK for example) to seriously consider the creation of such an institution.