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Medium-Term Budgetary Frameworks in the EU Member States

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  • Monika Sherwood

Abstract

Effective budgetary management requires medium-term planning, by which the horizon for fiscal policymaking is extended beyond the annual budget cycle. All EU Member States have some sort of a Medium-Term Budgetary Framework (MTBF) in place but these frameworks differ substantially across countries in terms of political commitment, planning horizon, coverage, level of detail, formulation of targets, exclusion of certain items, carryover arrangements and binding nature. The experience of the recent crisis shows that allowing for more flexibility in the design of the MTBFs might be warranted. This, however, should be accompanied by more transparency in adjusting of the budgetary targets and increased role for independent monitoring of government's fiscal policy and execution.

Suggested Citation

  • Monika Sherwood, 2015. "Medium-Term Budgetary Frameworks in the EU Member States," European Economy - Discussion Papers 021, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    • Handle: RePEc:euf:dispap:021
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    File URL: https://economy-finance.ec.europa.eu/publications/medium-term-budgetary-frameworks-eu-member-states_en
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    Cited by:

    1. Panagiotis Liargovas & Vasilis Pilichos & Anastasia Angelopoulou, 2021. "Fiscal governance and forecasting Bias: a case study of Greece during the economic crisis," Bulletin of Applied Economics, Risk Market Journals, vol. 8(2), pages 75-95.
    2. Cristiana Belu Manescu, 2021. "Public Investment Management in the EU Key Features and Practices," European Economy - Discussion Papers 154, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    3. Cezara Vinturis, 2019. "A multi-speed fiscal Europe? Fiscal Rules and Fiscal Performance in the EU Former Communist Countries," Working Papers hal-03097483, HAL.

    More about this item

    JEL classification:

    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General

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