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Independent Fiscal Institutions in the Revised Legal Framework State of Play

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  • Oskar Grevesmühl

Abstract

Independent fiscal institutions, sometimes also called Fiscal Councils, are an important component of any national fiscal framework. As a result of the economic governance review at EU level, the role of IFIs in EU legislation was strengthened. In particular, the amended Directive on national budgetary frameworks, adopted on 29 April 2024, includes provisions regarding their independence, their compulsory tasks and also contains a provision on the comply-or-explain principle with regard to IFI assessments. This paper takes stock of where IFIs in the EU currently stand in relation to these provisions, which need to be implemented, based on information available by May 2024. The picture that emerges is heterogeneous, with some provisions already being well covered by most Member States, whereas for other provisions, virtually all Member States need to take action, in particular with regard to the new aspects of the EU legislation. The situation also varies across Member States, with some being more advanced than others.

Suggested Citation

  • Oskar Grevesmühl, 2025. "Independent Fiscal Institutions in the Revised Legal Framework State of Play," European Economy - Discussion Papers 223, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    • Handle: RePEc:euf:dispap:223
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    More about this item

    JEL classification:

    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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