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Independent Fiscal Councils and Their Possible Role in Greece

  • Vassilis Th. Rapanoss

    (University of Athens)

  • Georgia Kaplanoglou

    ()

    (Bank of Greece)

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    There is a growing interest in the role of independent fiscal councils in strengthening the incentives for fiscal discipline and improving fiscal performance. This paper discusses the motivation for the establishment of such councils and draws on the existing literature and the range of fiscal councils in OECD countries to discuss their key functions. In light of the recent fiscal crisis in Greece, the paper examines the potential role of such a council in enhancing fiscal transparency and accountability in the conduct of fiscal policy and sets out the conditions under which this role can be played effectively.

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    File URL: http://www.bankofgreece.gr/BogEkdoseis/econbull201005.pdf
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    Article provided by Bank of Greece in its journal Economic Bulletin.

    Volume (Year): (2010)
    Issue (Month): 33 (May)
    Pages: 7-20

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    Handle: RePEc:bog:econbl:y:2010:i:33:p:7-20
    Contact details of provider: Web page: http://www.bankofgreece.gr

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    1. Panayiotis P. Athanasoglou & Ioannis Asimakopoulos G. & Konstantinos Siriopoulos P., 2006. "External Financing, Growth and capital structure of the firms listed on the Athens Exchange," Economic Bulletin, Bank of Greece, issue 26, pages 59-77, January.
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    4. Pavlos Petroulas, 2008. "Foreign Direct Investment in Greece: Productivity and Spillover effects," Economic Bulletin, Bank of Greece, issue 31, pages 31-48, November.
    5. Theodoros S. Papaspyrou, 2004. "EMU strategies for new Member States: the role of Exchange Rate Mechanism II," Economic Bulletin, Bank of Greece, issue 23, pages 7-25, July.
    6. Sophia LAZARETOU, 2010. "Money Supply and Greek Historical Monetary Statistics: Definition, Construction, Sources and Data," Economies et Sociétés (Serie 'Histoire Economique Quantitative'), Association Française de Cliométrie (AFC), issue 41, pages 47-68, January.
    7. Gibson, Heather D. & Lazaretou, Sophia, 2001. "Leading inflation indicators for Greece," Economic Modelling, Elsevier, vol. 18(3), pages 325-348, August.
    8. Athanasios Tagkalakis, 2009. "Fiscal adjustments and asset price movements," Working Papers 104, Bank of Greece.
    9. Sofia Lazaretou, 2004. "Monetary System and Macroeconomic Policy in Greece, 1833-2003," Economic Bulletin, Bank of Greece, issue 22, pages 33-65, January.
    10. Ioannis Theodosiou & Konstantinos Pouliakas, 2005. "Socio-economic differences in the job satisfaction of high-paid and low-paid workers in Greece," Economic Bulletin, Bank of Greece, issue 24, pages 83-115, January.
    11. Nikos G. Zonzilos & Zacharias G. Bragoudakis & Georgia I. Pavlou, 2009. "An analysis of the reliability of first (flash) quarterly national account data releases for Greece," Economic Bulletin, Bank of Greece, issue 32, pages 39-51, May.
    12. Panayiotis P. Athanasoglou & Sophocles N. Brissimis, 2004. "The effect of mergers and acquisitions on bank efficiency in Greece," Economic Bulletin, Bank of Greece, issue 22, pages 7-31, January.
    13. Balfoussia Hiona, 2008. "Stock market integration-the athens exchange in the european financial market," Economic Bulletin, Bank of Greece, issue 30, pages 29-55, May.
    14. Panayiotis Kapopoulos & Sophia Lazaretou, 2007. "Foreign bank presence: the experience of South-East European countries during the transition process," Economic Bulletin, Bank of Greece, issue 29, pages 7-35, October.
    15. Christos Papazoglou, 2009. "Is Greece's export performance really low?," Economic Bulletin, Bank of Greece, issue 32, pages 27-37, May.
    16. Theodore M. Mitrakos & Nicholas G. Zonzilos, 2006. "The impact of exogenous shocks on the dynamics and persistence of inflation: a macroeconomic model-based approach for Greece," Economic Bulletin, Bank of Greece, issue 26, pages 37-57, January.
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