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THE SWEDISH FISCAL POLICY COUNCIL – Experiences and Lessons

  • Calmfors, Lars

    ()

    (Institute for International Economic Studies, Stockholm University)

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    The Swedish Fiscal Policy Council, established in 2007, has small resources but a broad remit. In addition to monitoring the long-run sustainability of fiscal policy, the council evaluates the short-run fiscal stance from a cyclical perspective. The council also analyses long-run employment and growth developments. Another task is to evaluate the motives, explanations and research basis for government policies. There is no unique best set-up of a fiscal policy council. Instead, it has to be adapted to the special characteristics of each country. The set-up of the Swedish council appears consistent both with the preexisting institutional framework, with also other bodies making detailed budget evaluations and macroeconomic forecasts, and with a strong tradition of academic participation in the policy debate. The broad remit could lead to less focus on the fiscal watchdog role. On the other hand, the council plays a "supervisory" role in the general economic policy debate, helping to raise the standards of the discussion, which is a fundamental democratic objective.

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    Paper provided by Stockholm University, Institute for International Economic Studies in its series Seminar Papers with number 764.

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    Length: 36 pages
    Date of creation: 18 Mar 2010
    Date of revision:
    Handle: RePEc:hhs:iiessp:0764
    Contact details of provider: Postal: Institute for International Economic Studies, Stockholm University, S-106 91 Stockholm, Sweden
    Phone: +46-8-162000
    Fax: +46-8-161443
    Web page: http://www.iies.su.se/
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