Annex: Fiscal Councils overseas
Source: Professor Simon Wren-Lewis [109]
Austria
The Public Debt Committee established in 2002,
receives financial support from the Austrian Central bank. It
provides recommendations on the direction of fiscal policy, and
the overall fiscal stance.
Belgium
The Federal Planning Bureau, established in 1994,
provides a range of services along similar lines to the CPB in
the Netherlands. In addition, the High Council of Finance, which
was reformed in 1989, oversees the coordination of regional and
national fiscal policy. It sets medium term objectives for regional
and national budget deficits, and proposes annual targets, which
form the basis for government negotiations. The High Council is
chaired by the Minister of Finance, but has representatives from
inside and outside government. Although it has no formal decision
making power, it does exert considerable influence.
Canada
The Parliamentary Budget Office provides independent
analysis to Parliament on the state of the nation's finances,
the government's estimates and trends in the Canadian economy,
and upon request estimates of the financial cost of any specific
proposals.
Denmark
The Economic Council, established in 1962, prepares
economic reports and forecasts on a range of issues including
fiscal policy.
Hungary
The Fiscal Council of the Republic of Hungary was
set up in 2009 as 'an independent state institution that endeavors
to ensure the responsible management of public resources.' It
prepares macroeconomic forecasts which represent the baseline
for budgetary decisions. It also provides comment and advice on
fiscal planning more generally, within the context of existing
fiscal rules.
Netherlands
The Netherlands Bureau for Economic Policy Analysis
(CPB) was founded in 1945. It is an independent research institute
and has its own independent external advisory body. It provides
economic and fiscal forecasts as inputs into the budgetary planning
process. It also evaluates (at the parties' request) the election
programme of government and opposition parties. The Bureau also
provides economic expertise over a wide range of specific issues,
such as labour market reform.
Slovenia
The Public Finance Act of 2009 requires the creation
of an independent advisory body to provide assessments of the
public finances.
Sweden
The Swedish Fiscal Council was established in 2007.
It consists of eight members and is assisted by a secretariat
with four employees. The mission of the Council is to provide
an independent evaluation of the Swedish Government´s fiscal
policy.
United States
The Congressional Budget Office (CBO) has a mandate
to provide the United States Congress with 'objective, nonpartisan,
and timely analyses to aid in economic and budgetary decisions
on the wide array of programs covered by the federal budget and
information and estimates required for the Congressional budget
process.' Established in 1974, it provides objective and impartial
assessments ('scoring') of policy proposals that have a significant
influence on decision making. It also provides an overall assessment
of the likely path of deficits and debt into the medium term.
However, the requirement of impartiality that is crucial for its
influence at the microeconomic level restricts its scope to offer
clear advice on the macroeconomic stance of fiscal policy.
109 http://www.economics.ox.ac.uk/members/simon.wren-lewis/fc/fiscal_councils.htm Back
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