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Is a Fiscal Policy Council needed in Poland?

Author

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  • Łukasz Janikowski
  • Balazs Romhanyi

Abstract

Unsustainability and procyclicality of fiscal policy are problems that many developed countries face. The public debt crisis revealed that fiscal rules are a useful but insufficient instrument for mitigating them. A large and growing group of economists are calling for the creation of ‘fiscal policy councils’ – independent collegial bodies made up of experts whose role is to act as independent reviewers of government policy and advise the government and parliament on fiscal policy. Such councils currently exist in at least 40 countries. Poland is the only EU country that does not have a fiscal policy council. The aim of this paper is to address the issue of whether a fiscal policy council is needed in Poland and what kind of additional contribution such a council might make to the public debate on fiscal policy.

Suggested Citation

  • Łukasz Janikowski & Balazs Romhanyi, 2018. "Is a Fiscal Policy Council needed in Poland?," mBank - CASE Seminar Proceedings 0157, CASE-Center for Social and Economic Research.
    • Handle: RePEc:sec:mbanks:0157
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    File URL: https://case-research.eu/files/?id_plik=5746
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    More about this item

    Keywords

    fiscal council; fiscal rules; fiscal policy; sustainability; cyclical stance;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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