Member Sate

IFI – full name

IFI – acronym/ short form

AT

Austrian Fiscal Advisory Council

FISK

Austrian Institute of Economic Research

WIFO

BE

Federal Planning Bureau

FPB

High Council of Finance - Public Sector Borrowing Requirements

HCF - PSBR

BG

Fiscal Council of Bulgaria

FCB

CY

Fiscal Council of Cyprus

FCC

CZ

Czech Fiscal Council

CFC

DE

Independent Advisory Board to the Stability Council

Advisory Board

DK

Danish Economic Councils

DEC

EE

Fiscal Council of Estonia

FCE

EL

Hellenic Fiscal Council

HFISC

ES

Independent Authority for Fiscal Responsibility

AIReF

FI

National Audit Office of Finland

NAOF - FPMD

FR

High Council of Public Finance

HCPF

HR

Fiscal Policy Commission

FPC

HU

Fiscal Council of Hungary

FCH

IE

Irish Fiscal Advisory Council

IFC

IT

Parliamentary Budget Office

PBO

LT

National Audit Office of Lithuania (Budget Monitoring Department)

NAOL - BMD

LU

National Council of Public Finances

CNFP

National Institute of Statistics and Economic Studies of the Grand Duchy of Luxembourg

STATEC

LV

Fiscal Discipline Council of the Republic of Latvia

FDC

MT

Malta Fiscal Advisory Council

MFAC

NL

Council of State

CoS - AD

Netherlands Bureau for Economic Policy Analysis

CPB

PT

Portuguese Public Finance Council

CFP

RO

Romanian Fiscal Council

RFC

SE

Swedish Fiscal Policy Council

SFPC

SI

Fiscal Council

FC

The Institute of Macroeconomic Analysis and Development of the Republic of Slovenia

IMAD

SK

Council for Budget Responsibility

CBR

TASKS

Current status

Produce, assess or endorse annual and multiannual macroeconomic forecasts

FISK voluntarily assesses the macroeconomic forecasts prepared by WIFO (the sister IFI) but does not endorse them officially.

Produce, assess or endorse annual and multiannual budgetary forecasts

Performed according to its official mandate. Assessment of the budgetary forecasts after the adoption in the Parliament of the budgetary planning documents, based on FISK’s own forecast.

Assess the impact of policies on fiscal and growth sustainability

Performed on a voluntary basis, with sporadic output. Costing of most relevant discretionary measures, e.g. using a microsimulation tool.

Produce or endorse long-term fiscal projections

Performed according to its official mandate with a 50-year horizon (corresponding to available statistical information concerning population, ageing etc.). Starting in 2021, FISK regularly publishes a fiscal sustainability report. The second report from 2025 was extended by a climate module.

Monitor compliance with country-specific numerical fiscal rules

Both ex ante and ex post monitoring performed according to its official mandate for budget balance, debt and expenditure rules. Assessments of compliance with national and EU fiscal rules are reported twice a year (Compliance with fiscal rules report - in May/June; Annual report - in December)

IFI performs ex-post forecast evaluation

Performed according to its official mandate in the Fiscal Advisory Council and Productivity Board Act. The last evaluation of macroeconomic and budgetary forecasts was published in November 2024 covering the period 2005-2023, detecting no systematic bias in WIFO and MoF forecasts.

For FISK’s budgetary forecasts, the information is published in the FISK's forecast reports, providing a breakdown of fiscal forecast errors into macro based, revision based (i.e. revision of past data), discretionary measure based and a residual considered a “fundamental” fiscal forecast error.

Involved in correction mechanism

Assesses circumstances and submits recommendations that activate, extend or end corrective measures according to Article 7 Federal Law Gazette I No. 30/2013.

(De)activation of escape clauses

No involvement.

Involvement in assessing the medium-term fiscal-structural plans

No official mandate. FISK voluntarily assesses medium-term fiscal-structural plans prepared by MoF but does not endorse them officially. FISK assessed the first AT fiscal-structural plan from May 2025 in its “ Report on Compliance with Fiscal Rules 2024-2029 ” from June 2025.

Assessment of national fiscal framework

This has so far not been part of the FISK’s tasks.

Comply-or-explain requirement

Based on its own commitment, the government responds in a regular and meaningful manner. The statements are published on the MoF website.

CAPACITY

Resources and staffing

Funding grounded in law

Only the source of the funding is part of the law, but not the mechanism or the volume (Fiscal Advisory Council and Productivity Board Act of 2021 (Federal Act No. 226/I/2021; § 3 (11))

Adequacy of funding

FISK considered funding comfortably adequate in 2024. Spent around 80% of appropriation of EUR 125.700.

Number of Secretariat staff

6 (1 manager, 4 economists, 0.5 admin, 0.5 others (= research assistance))

Support from other institutions

The central bank provides support in the form of infrastructure (e.g. rooms, communication services) and human resources (office of the FISK with 6 full-time equivalents). Its budget also contains an ear-marked budget line for the FISK, which covers expenses related to meetings and conferences (e.g. catering), business trips, data acquisitions, software, office materials, print jobs, expense allowance for the President, costs of external seminars etc. This budget is freely and directly available/in the area of responsibility of the head of office.

Procedures for stability of funds

No legal protection, but by convention, the FISK budget is indexed to inflation.

Independence

IFI established by national laws, regulations or binding administrative provisions

Ordinary law. Federal Law on the Establishment of the Fiscal Advisory Council, Federal Law Gazette I No. 149/2013. Updated by Fiscal Advisory Council and Productivity Board Act of 2021 (Federal Act No. 226/I/2021).

Board structure/length of mandate/renewability/appointment procedures

15 Members (6 appointed by federal government, 3 by the Austrian Federal Economic Chamber, 3 by the Federal Chamber of Labor, 1 by the Austrian Association of Municipalities, 1 by the Austrian Association of Cities and Towns and 1 by the Austrian Conference of Provincial Governors) are appointed for a term of six years, renewable more than three times. The President of the Fiscal Advisory Council is the highest-ranked member appointed by the federal government. The vice Presidents are the highest ranked members appointed by the two Chambers. If a member resigns before the end of a term, a successor is appointed for a term of office of six years, enabling some staggering of mandates.

Professional competence requirements for Board members

Members of the Fiscal Advisory Council must be recognized specialists in the fields of fiscal and budgetary matters and must not be bound by any instructions. They are not permitted to request or take instructions from the body by which they have been appointed or from any other organization.

Prohibition against taking instructions

According to Article 2(2) of the Act of 2021: "The members of the Fiscal Advisory Council are not bound by any instructions. They must not solicit or follow any instructions from their respective nominating organizations nor from anyone else."

Role of the Chair

In the event of a tie, the Chair has the deciding vote. They also represent the FISK to the public and are entitled to make decisions on urgent matters together with two other members appointed by the federal government, one member appointed by the Austrian Federal Economic Chamber and one member appointed by the Austrian Federal Chamber of Labour.

Policy dialogue with government

FISK reports that, in 2024, the official government reaction took place after more than two months and did not elicit any meaningful media echo. Both the FISK’s President and/or Head of Office regularly exchange information with the Federal Minister on current developments and assessments in an informal, non-public manner.

Interaction with parliament

2-3 parliamentary hearings/No parliamentary questions in 2024. By law, FISK is required to report its analyses and findings to the Austrian parliament on an annual basis. This usually takes place on two occasions: In spring, to present and discuss the annual public finance report, and in autumn, to discuss the budget proposal.

Access to non-public information

FISK has a legal right to access information (administrative authorities must reply to requests from FISK for information necessary to fulfil its tasks), but in practice, FISK reports that it is sometimes difficult to gather internal information, which instead is collected via informal channels. It also reports making use of informal channels and reports recent improvements in the transparency efforts of the government.

Autonomy in recruitment decisions

As the staff of the Secretariat are employed by the central bank, the latter’s hierarchy is involved, and staff is subject to salary scheme of the central bank. Application process must follow the central bank application procedure and formally, the application is approved by one member of the board of directors. However, the selection of suitable candidates is made by the FISK President and the head of the FISK's office. In the case of leadership positions or a specialist career position, a hearing is held beforehand, which is also attended by one member of the Board of Directors and the head of human resources. Both also participate in the subsequent decision-making process.

External review of the IFI

FISK reports that it has so far never been subject to an independent external review.

Communication

Freedom to communicate

FISK reports being free to communicate at any time.

Explicit communication strategy

No

Leadership role in communication

According to the FISK charter, the President represents the Council and its resolutions externally.

Number of press releases/conferences

FISK reports that, in 2024, it issued 4-6 press releases and organised 3-5 press conferences.

Visibility in media/Presence in social media

FISK reports that, in 2024, its leadership was interviewed on mainstream national TV/radio/daily papers and published articles in the mainstream domestic media regularly throughout the year, also on general fiscal and economic issues. It reports a presence in social media (X and LinkedIn).

Media impact tracking

Performs a reach and target audience analysis concerning the website every year; weekly media response analysis.

Staff specialised in communication

Temporary employment of a PR expert; FISK economists have received some training.

Organisation of/participation in conferences

FISK regularly organises its own conferences including outside experts.

TASKS

Current status

Produce, assess or endorse annual and multiannual macroeconomic forecasts

Following its official mandate, WIFO produces the macro-economic forecasts used for fiscal planning for both the annual budgets and the medium-term plans. There is a legal obligation to use the fiscal institution's forecasts.

Produce, assess or endorse annual and multiannual budgetary forecasts

No production/endorsement/assessment of budgetary forecasts

Assess the impact of policies on fiscal and growth sustainability

Performed on a voluntary basis, with regular output

Produce or endorse long-term fiscal projections

Performed according to its official mandate with a horizon up to 2050.

Monitor compliance with country-specific numerical fiscal rules

No

IFI performs the ex post forecast evaluation

As WIFO produces the macroeconomic forecast used for budgetary planning, it cannot fulfil the external evaluation role (which is done by FISK). However, WIFO still evaluates its own forecasts on a voluntary basis from time to time.

Involved in correction mechanism

No

(De)activation of escape clauses

No

Involvement in assessing the medium-term fiscal-structural plans

WIFI produced the macroeconomic forecast on which the MTFSP was based but was not involved in any assessment of the plan.

Assessment of national fiscal framework

No

Comply-or-explain requirement

The government responds in a discretionary manner as it is not constrained by legislation, memorandum of understanding or commitment. The statements are published on the MoF website.

CAPACITY

Resources and staffing

Funding grounded in law

No

Adequacy of funding

WIFO reports that funding was adequate. Formally, payments must be approved by another institution, but WIFO reports de facto full spending autonomy.

Number of Secretariat staff

WIFO reports 18.6 FTE staff responsible for IFI related tasks (11,5 economists, 7.1 others – mainly research assistants)

Support from other institutions

Besides public sector funding (subsidies), WIFO receives about 40% of its funding from membership fees and publications, third-party funds, income from research grants, contract work and other revenues.

Procedures for stability of funds

No

Independence

IFI established by national laws, regulations or binding administrative provisions

WIFO was founded in 1927 as a non-profit association. Its legal basis is the Austrian Association Law (VerG) and the association's own statutes.

Board structure/length of mandate/renewability/appointment procedure

13 Members (1 President, 2 Vice-Presidents, Treasurer, Secretary, 8 members). The Board is elected by the General Assembly every 4 years with no staggering of mandates. Renewable more than three times.

Professional competence requirements for Board members

They should be relevant players in the Austrian Economy and represent their stakeholder organisations. The president or one of the two Vice Presidents should hold a university professorship in the field of economics with a special connection to the research agendas of WIFO.

Prohibition against taking instructions

No explicit prohibition, but statutes heavily emphasise the scientific ethos of WIFO.

Role of the Chair

The Chair has the deciding vote in case of equality of votes. Furthermore, s/he leads the high-level board meetings and together with the cashier agrees upon the conditions of employment for the director.

Policy dialogue with government

The government responds in a discretionary manner as it is not constrained by legislation, memorandum of understanding or commitment.

Interaction with parliament

WIFO is generally auditioned by the parliament, though there is no such legal obligation. Reports having attended one parliamentary hearing in 2024.

Access to non-public information

The right to access to information is governed by a Memorandum of Understanding. WIFO reports having de facto full access.

Autonomy in recruitment decisions

WIFO reports full autonomy in recruitment decisions. Reports having non-nationals on the Board.

External review of the IFI

Occasionally on a voluntary basis, financed out of regular own annual budget. The latest one took place in 2021. Report not published. Next one planned to start in 2025.

Communication

Freedom to communicate

WIFO reports being free to communicate at any time.

Explicit communication strategy

WIFO has a non-published communication strategy and a staff unit for communication.

Leadership role in communication

The communications department is a staff unit of the Executive Board and works closely together with the Board.

Number of press releases/conferences

WIFO reports that, in 2024, it issued 9 press releases and organised 5 press conferences on the forecast.

Visibility in media/Presence in social media

WIFO reports that, in 2024, its leadership was interviewed on mainstream national TV/radio/daily papers and published articles in the mainstream media regularly throughout the year, also on general fiscal and economic issues. It reports a presence in social media.

Media impact tracking

WIFO reports that it tracks the annual number of press quotes.

Staff specialised in communication

WIFO has one press spokesperson, one expert in event management and social media and one expert in public affairs.

Organisation of/participation in conferences

WIFO reports that it regularly organises its own conferences including outside experts and that WIFO leadership regularly participate as speakers/discussants in conferences organised by others.

TASKS

Current status

Produce, assess or endorse annual and multiannual macroeconomic forecasts

In line with its official mandate, the FPB produces macro-economic forecasts used for fiscal planning for both the annual budgets and the medium-term plans. There is a legal or constitutional obligation to use the FPB forecasts.

Produce, assess or endorse annual and multiannual budgetary forecasts

In line with its official mandate, the FPB produces budgetary forecasts, but the government is free to use its own forecasts for the national fiscal planning without any obligation to provide justification for deviations from the FPB forecasts. Still, the budgetary forecasts of the FPB are public, constitute a de facto reference point and, in practice, the government forecasts for national fiscal planning do not deviate much from the FPB’s forecasts. Impact analysis through model simulations.

Assess the impact of policies on fiscal and growth sustainability

Performed according to its official mandate. Quantification/policy costing at the FPB is generally done using specific models.

Produce or endorse long-term fiscal projections

Performed according to its official mandate. Macroeconomic scenario until 2070 based on assumptions regarding the evolution of the labour force, total factor productivity and the structural unemployment rate. The report is focussing on social expenditure linked to ageing.

Monitor compliance with country-specific numerical fiscal rules

No

IFI performs the ex post forecast evaluation

As FPB produces the macroeconomic forecast used for budgetary planning, it cannot fulfil the formal external evaluation role. However, FPB still produces a postmortem evaluation of its own macroeconomic forecasts which is submitted by law every three years to a scientific committee that issues an opinion. (The evaluation of the budgetary forecasts is assigned to the HCF, the other Belgian IFI).

Involved in correction mechanism

No

(De)activation of escape clauses

No

Involvement in assessing the medium-term fiscal-structural plans

The FPB provided estimations of the expected (potential) growth and budget impact of some reforms underpinning the extension of the MTFSP.

Assessment of national fiscal framework

No

Comply-or-explain requirement

The government has no obligation to react to FPB assessments.

CAPACITY

Resources and staffing

Funding grounded in law

No. Funding mainly through government appropriations. Around 10% of total funding via conventions with third parties (research projects).

Adequacy of funding

FPB reports a need for more resources. Total budget appropriation of EUR 6.6 million in 2024 (based on a rough estimate of the IFI tasks within the FPB’s total package of tasks).

Number of Secretariat staff

48 (2 managers, 38 economists, 8 administrative staff, 6 others). These figures are an estimate of FPB staff devoted to IFI activities. The FPB adopted a procedure for selecting experts that is in accordance with its values of independence and transparency and with the emphasis it places on scientific skills. Job offers are widely disseminated. Candidates are preselected on the basis of transparent and objective criteria and interviews are conducted by an interview committee composed of in-house experts.

Support from other institutions

No

Procedures for stability of funds

No

Independence

IFI established by national laws, regulations or binding administrative provisions

Ordinary Law of 21 December 1994 (M.B. du 23.12.1994)

Board structure/length of mandate/renewability/appointment procedure

4 Board Members are appointed for nine-year mandates, renewable more than three times with staggered starting times. The FPB is managed by the Plan Commissioner, the Deputy Commissioner and the Heads of the two departments in charge of analytical work, the General Directorate and the Sectoral Directorate. The recruitment procedure is not grounded in law but is - for the two Commissioners - determined by the Council of Ministers based on a proposal from the two ministers responsible for the FPB.

Professional competence requirements for Board members

Competences and experience required: Solid experience in management; thorough knowledge of macroeconomics, microeconomics and public finances; thorough knowledge of the Belgian economy; good knowledge of the Belgian institutional framework; good knowledge of the European and international institutional framework; good understanding of the political decision-making process.

Prohibition against taking instructions

No such provision exists, nor any legal provision mentioning explicitly that the FPB is statutorily an independent institution.

Role of the Chair

The Commissioners are in charge with the daily management of FPB and are responsible for the proper execution of the budget.

Policy dialogue with government

The government is not required to react to the FPB reports. The FPB does not initiate any formal policy dialogue with the government but often presents the results of its analyses to the team(s) of the competent ministers and is available for questions.

Interaction with parliament

FPB reports that, in 2024, it participated in 4-6 parliamentary hearings and replied to 4-6 parliamentary questions.

Access to non-public information

Privileged but limited. Governed by Art.128 of the law of 21 December 1994 . The FPB reports that access to some regional information is not systematic but reported no issues for 2024.

Autonomy in recruitment decisions

Yes, but the wage scales used in the public sector are applied to the FPB.

External review of the IFI

Yes, occasionally on a voluntary basis. The latest evaluation took place in the framework of a European Commission-led Technical Support Instrument project and was published in October 2023 . Its conclusions were not discussed in parliament.

Communication

Freedom to communicate

The FPB reports being free to communicate at any time.

Explicit communication strategy

Yes, but not yet publicly available.

Leadership role in communication

No

Number of press releases/conferences

The FPB reports that, in 2024, it issued more than 10 press releases and organised 3-5 press conferences.

Visibility in media/Presence in social media

The FPB reports that, in 2024, its leadership was interviewed on mainstream national TV/radio/daily papers regularly throughout the year, also on general fiscal and economic issues, but published no articles in the national press. It has a presence in social media.

Media impact tracking

The FPB reports that it tracks the number of citations in the media.

Staff specialised in communication

Yes

Organisation of/participation in conferences

The FPB reports that its leadership regularly participate as speakers/discussants in conferences organised by others.

TASKS

Current status

Produce, assess or endorse annual and multiannual macroeconomic forecasts

No production/endorsement/assessment of macroeconomic forecasts

Produce, assess or endorse annual and multiannual budgetary forecasts

No production/endorsement/assessment of budgetary forecasts

Assess the impact of policies on fiscal and growth sustainability

No quantification of effects of policies.

Produce or endorse long-term fiscal projections

No assessment of long-term sustainability.

Monitor compliance with country-specific numerical fiscal rules

In line with its official mandate, the HCF (its permanent Section 'Public sector borrowing requirements', PSBR) should perform ex post monitoring of compliance with the budget balance rules at general and local government level. However, as the (multiannual) budgetary agreements between the different layers of government have not been concluded since 2014, this monitoring task cannot be officially executed. Only an indicative evaluation is possible (without applying any corrective mechanism).

IFI performs the ex post forecast evaluation

According to the Royal Decree of 23 May 2018 and the Cooperation Agreement of 22 May 2014, the PSBR Section is assigned the task of evaluating the forecasts underlying the budgetary planning of the government. The HCF-PSBR reports that this task has never been well described and that the logic of assigning this to the PSBR is thus not clear. Therefore, this task has until now never been executed by the PSBR Section (the structural understaffing of the Secretariat is also a contributing factor). On the other hand, the sister IFI, the Federal Planning Bureau, carries out some ex-post evaluation of its own macro-economic projections.

Involved in correction mechanism

In line with the Cooperation Agreement of 13 December 2013, the PSBR Section is to formulate a recommendation on the extent of the corrective measures to be taken in case of a significant deviation. However, this task has not yet been implemented due to the absence of (multiannual) budgetary agreements between the different layers of government.

(De)activation of escape clauses

The PSBR Section reports involvement for the budget balance rules at general and local government level.

Involvement in assessing the medium-term fiscal-structural plans

No

Assessment of national fiscal framework

The PSBR Section has never made an official evaluation of the consistency, coherence and effectiveness of the national fiscal framework. However, in its reports and recommendations, it sometimes makes qualitative recommendations regarding the national fiscal framework. For example, chapter 4 of the July 2024 Advice presents some key reflections of the PSBR Section on the new European budgetary framework and on the recommendation of an internal stability and growth pact for Belgium.

Comply-or-explain requirement

Based on its own commitment, the government responds in a regular manner and in a broad sense to the written opinion(s)/recommendation(s)/finding(s) of the IFI. According to the Cooperation Agreement of 13 December 2013 with the governments at various levels, the PSBR Section has a monitoring task and in the case of a significant deviation the concerned government(s) must justify immediately the deviation and take corrective measures.

CAPACITY

Resources and staffing

Funding grounded in law

Yes.

Adequacy of funding

The HCF-PSBR reports that they are structurally understaffed (See Number of Secretariat staff) and has no knowledge of the size of its budget, as the operating costs are still covered by the budget of the Federal Public Service Finance. The Royal Decree of 23 May 2018 stipulates that to guarantee the independence of the HCF-PSBR, the latter needs to have sufficient resources. To this end, the operating costs of the PSBR Section and its Secretariat are to be covered by a specific program of the federal general expenditure budget that is reserved for independent institutions, such as the IFI. Both the federal government and the governments of regions and communities are to make contributions to this budget according to specific cooperation agreements between these parties, but no such cooperation agreements have so far been concluded.

According to the Royal Decree of 2018, the PSBR Section can draw up its own internal regulation which may envisage the introduction of fees and reimbursement of costs of the Members of the Section. This may, however, prove difficult in practise, given recent legal judgments in similar cases.

Number of Secretariat staff

The Secretariat's work is carried out by 2 FTE employees (3 part-time employees, one of whom is in training). In 2024, the manager also worked as an economist. The economists were also responsible for logistics, purely administrative tasks and a large part of the translations to the second national language French/ Dutch and to English. The whole staff combined their tasks for the PSBR Section with their tasks as employees of the Study Department of the Federal Public Service Finance. There is a structural understaffing of the Secretariat of the PSBR Section that is not in line with the Royal Decree of May 2018.

The Royal Decree of 23 May 2018 stipulates that the members of the Secretariat of the PSBR Section have to be experts in the financial, fiscal and economic area. They are appointed by the Minister of Finance and the Minister of Budget, on a recommendation from the Chair of the PSBR Section. There has to be as many Dutch-speaking Members of the Secretariat as French-speaking ones. Five members of the Secretariat are chosen among the staff of the Policy Expertise and Support Administration/Study Department of the FPS of Finance and the staff of the Budget and Policy Evaluation Administration of the FPS Policy and Support and another five Members are chosen among the staff of regional and community administrations, subdivided as follows: - two members of the Flemish Community; - one member of the Walloon Region; - one member of the French Community - one member of the Brussels-Capital Region. A region or a community can only propose a member if it has concluded a cooperation agreement with the federal government, represented by the Minister of Finance. No such agreements have so far been concluded. All staff members of the Secretariat have to be civil servants appointed on a permanent basis or contractual employees with an indefinite contract.

Support from other institutions

The Federal Public Service (FPS) Finance provides offices and meeting rooms for free to the Section ‘Public sector borrowing requirements’ (PSBR) and to the Secretariat of the Section. Nevertheless, due to the limited available meeting space and in addition to the energy-saving measures taken by the FPS Finance, the PSBR Section was in recent years regularly forced to move to another location: the National Bank of Belgium (NBB) meeting rooms (the Chairman of the PSBR Section is the Governor of NBB);

According to the modifications referred to in the Royal Decree of 23.05.2018, the members of the Secretariat should consist of 5 federal and 5 regional members according to the following rules:

- 5 members coming from 1) the staff of the Federal Public Service FINANCE (more precisely the administration Policy expertise and Support/Study Department) and from 2) the staff of the Federal Public Service POLICY and SUPPORT (BOSA) (more precisely the Administration Budget and Policy Evaluation) and,

- 5 members of the staff of the administrations of the federated entities (regions and communities).

The regions and communities should contribute financially to the working of the Secretariat (for example: for the wages of their representatives in the Secretariat of the Section). However, these arrangements have so far not been applied, with the result that the Secretariat's work is currently carried out by three part-time employees, all civil servants of the Study Department of the Federal Public Service FINANCE. Moreover, these employees combine their assignments within the Secretariat with their tasks for the Study Department. Although a Royal Decree was adopted in February 2023 to regulate the legal status of the staff of the Secretariat, the secondment provided for therein has not yet been carried out.

The PSBR Section does not have its own budget. All expenses (the Secretariat wages, the attendance fees and travel allowances of the Members of the Section, etc.) are charged to the FPS Finances, with the wages of the Secretariat staff paid from the overall wage pool of the FPS. The other expenses are charged to a separate HCF program in the general expenditure budget of the federal government. But there is no transparency about the budget available to the Section PSBR, not even for the Secretariat. Earlier attempts to get access to this information have failed.

Procedures for stability of funds

No

Independence

IFI established by national laws, regulations or binding administrative provisions

The PSBR Section was established by royal decree of 20 June 1989. The latter was last modified by the royal decree of 23 May 2018 to bring the PSBR Section into line with the requirements set out in the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, especially the obligation to guarantee the independence of the IFI. This RD of 2018 and another executive RD of 3 February 2023 have still not been implemented.

Board structure/length of mandate/renewability/appointment procedure

12 Members (of which 1 is Chair). The Chair of the PSBR Section is chosen from the 3 Members of the Section coming from the National Bank of Belgium. The Chair is formally appointed by the King (Royal Decree) after considering the advice received from the Ministers of Budget and Finance of the Regions and the Communities and after deliberation in the federal Council of Ministers.

The Members of the PSBR Section are nominated jointly by the federal Minister of Finance and the federal Minister of the Budget and are formally appointed by the King (Royal Decree). 3 of the 12 are nominated by the National Bank of Belgium, 1 by the federal Minister of Finance, 1 by the federal Minister of the Budget and 1 is nominated jointly by the federal Minister of Finance and the federal Minister of the Budget. The other 6 members are nominated jointly by the federal Minister of Finance, the federal Minister of the Budget and the governments of the Regions and the Communities. The Government of the Flemish Community nominates 2 Members and the Government of the Walloon Region and the Government of the French Community nominate 1 Member each. The Government of the Brussels Capital Region nominates 2 Members (a French-speaking and a Dutch-speaking Member). In total, the 12 Members of the PSBR Section must be equally divided between Dutch-speaking and French-speaking Members. Besides these 12 Members, the Government of the German-speaking Community also nominates 1 Member who has only an advisory vote in the assemblies of the Section. Mandates are five years, renewable more than three times.

Professional competence requirements for Board members

The Members must be particularly competent and experienced in finance, fiscal policy and economics.

Prohibition against taking instructions

According to article 9 of the RD of 2018 “a member may not receive any instructions in the exercise of his mandate in particular from the government or institution that has nominated the member".

Role of the Chair

The Chair of the PSBR Section (i) decides on the organisation of the activities of the Section, (ii) chairs the Section's meetings, (iii) leads the Secretariat and gives instructions to its Members, who are exclusively subject to the hierarchical authority of the Chair, (iv) ensures the external official representation of the Section.

Policy dialogue with government

Based on its own commitment, the government responds in a regular manner and in a broad sense to the written opinion(s)/recommendation(s)/finding(s) of the IFI. According to the Cooperation Agreement of 13 December 2013 with the governments at various levels, the PSBR Section has a monitoring task and in the case of a significant deviation the concerned government(s) must justify immediately the deviation and take corrective measures.

The recommendations and reports of the PSBR Section are advisory, not binding. The recommendations are generally not adopted in the Stability Program nor subsequently respected. As since 2014 no budgetary (multiannual) agreements have been signed between the different levels of government, the PSBR Section lacks the financial and human resources necessary to execute this monitoring task or to prescribe any corrective measures in an official way as provided for in the 2013 Cooperation Agreement. The Section is consequently limited to performing a non-official illustrative monitoring/evaluation.

In 2024, the PSBR Section did not receive an official government reaction to its publications.

Interaction with parliament

None in 2024.

Access to non-public information

Access to some non-public information is regulated by cooperation agreements between the HCF and the Institute for National Accounts (INA) and the Federal Planning Bureau (FPB), respectively. According to the 2013 Cooperation Agreement, which has the force of law, the Governments must transmit to the HCF-PSBR the information needed for the monitoring of the implementation of the corrective measures in the case of a significant deviation from the fiscal targets.

Autonomy in recruitment decisions

According to art. 12(7) of the Royal Decree of 23/05/2018, the legal situation, the allocation of wages, any allowances and premiums, and the reimbursement of actual expenses are to be determined by royal decree. The latter was adopted in February 2023 in order to regulate the legal status of the staff of the Secretariat, but it has not yet been implemented. The secondment provided for therein has not yet been carried out. Since 2018, the Secretariat operates with a staff that is only a fraction (less than 20%) of the staff foreseen in the royal decree.

External review of the IFI

No such review has taken place or is required by law.

Communication

Freedom to communicate

The PSBR Section reports being free to communicate at any time

Explicit communication strategy

No

Leadership role in communication

No

Number of press releases/conferences

The PSBR Section reports that, in 2024, it issued 1-3 press releases but organised no press conferences.

Visibility in media/Presence in social media

The PSBR Section reports that, in 2024, it issued articles about its activities once or twice in the mainstream domestic media, closely linked to the release of opinions/recommendations by the PSBR Section but gave no interviews. It reports no presence in social media.

Media impact tracking

No

Staff specialised in communication

No, except one part time employee that is responsible for the publishing of the reports and recommendations of the PSBR Section on the website of the HCF and for informing stakeholders (government cabinets, parliamentarians, press and other people who asked to be on the mailing list) by e-mail about new publications.

Organisation of/participation in conferences

Members of the Secretariat occasionally participate in conferences organised by others.

TASKS

Current status

Produce or endorse annual and multiannual macroeconomic forecasts

In line with its current mandate, the FCB assesses the official macroeconomic forecast. The assessment is published before the budgetary planning documents are submitted to parliament. No reconciliation procedure envisaged. The government would just proceed with its own projections without any obligation to provide justification for deviations from the FCB forecasts.

Produce or endorse annual and multiannual budgetary forecasts

In line with its current mandate, the FCB assesses the budgetary forecasts before the budgetary planning documents are adopted by Parliament. The government is free to use its own forecasts, without any obligation to provide justification for deviations from the FCB forecasts.

Assess the impact of policies on fiscal and growth sustainability

No quantification of effects of policies.

Produce or endorse long-term fiscal projections

The FCB produces and presents to the Budget Committee in Parliament long-term fiscal projections.

Monitor compliance with country-specific numerical fiscal rules

In line with its mandate, the FCB monitors ex ante and ex post the compliance with the budget balance and expenditure rules at general government level and the debt and budget balance rules at local government level. The Council regularly reports its analysis to the Sub-Committee on Fiscal Issues in Parliament. The latest such session took place on 30 September 2025.

IFI performs the ex post forecast evaluation

The FCB performs an ex-post evaluation of the budgetary forecast.

Involved in correction mechanism

The FCB monitors the implementation of automatic correction mechanisms by producing a reasoned opinion on the existence of a significant deviation from the medium-term budgetary objective for the structural deficit and the corrective plan.

(De)activation of escape clauses

According to Art. 6(1) of the Law on the Fiscal Council and Automatic Corrective Mechanisms, the FCB drafts a reasoned opinion on the existence or termination of extraordinary situations under Article 24 of the Law on the Public Finance and shall notify the minister of finance thereof.

Involvement in assessing the medium-term fiscal-structural plans

The FCB makes its analyses on the medium-term fiscal-structural plans publicly available and engages Parliament in discussion on significant deviations.

Assessment of national fiscal framework

Not a compulsory task. The FCB has proposed improvements to the framework, including the introduction of a Medium-Term Expenditure Framework (MTEF), the regulatory implementation of public expenditure reviews, and the enhancement of the capital expenditure management framework.

Comply-or-explain requirement

The legal provision says the following: “The reasoned opinions and recommendations of the Council are not binding. When the Council of Ministers does not accept those of them that are relevant to it, it must be motivated in writing.”.

CAPACITY

Resources and staffing

Funding grounded in law

Yes

Adequacy of funding

The FCB has signalled a need for more staff (see next item). The FCB’s budget is a separate line item in the National Assembly (NA) budget, which uses a programme-based classification system. Expenditure is subject to processing by the NA administration. Ther FCB reports no cases of politically motivated restrictions. The planned budget appropriation for 2024 of EUR 814.000 was only used to around 2/3 (EUR 543.000). The main reason was the number of unfilled expert positions, but since two staff positions for communications were filled after the new FCB Board was approved by Parliament in March 2025, the execution gap is expected to narrow.

Number of Secretariat staff

The FCB technical staff currently consist of five experts (3 economist and 2 communication experts). With euro zone entry and the new EU fiscal framework, the FCB has reported to Parliament a need for several more experts, divided into one department focusing on macroeconomics (forecasts and analyses) and another on fiscal matters (fiscal rules, forecasts and analyses), plus a separate administrative apparatus (technical secretary, public relations etc.). Since 2025, experts at the FCB are included in the bonus system at Parliament, implying that they receive another monthly salary after each session of Parliament. The FCB also reports that it can hire experts on temporary contracts, which are not bound by the rules of salary ceilings.

Support from other institutions

The FCB receives support in the form of premises, and coverage of some administrative services, such as accounting, IT support, HR assistance etc. from the National Assembly administration.

Procedures for stability of funds

No

Independence

IFI established by national laws, regulations or binding administrative provisions

Ordinary law. The Law of Fiscal Council and Automatic Correction Mechanisms.

Board structure/length of mandate/renewability/appointment procedures

The five Members (1 Chair, 4 Members) are elected by the National Assembly for a period of six years, renewable once with simultaneous start.

Professional competence requirements for Board members

The members of the FCB shall be persons of high morals with at least a master’s degree in economics and with no less than 10 years of professional experience in the field of macroeconomic analysis and/or public finance management.

Prohibition against taking instructions

The Law of Fiscal Council and Automatic Correction Mechanisms prohibits taking instructions from the Council of Ministers or any other body and institution.

Role of the Chair

The Chair of the FCB shall:

1. represent the FCB;

2. inform the public about the opinions and the recommendations of the FCB;

3. convene and preside over the meetings of the FCB;

4. administer the activities of the FCB;

5. submit the opinions and/or recommendations to the relevant authorities;

6. deliver an annual report on FCB activities to the National Assembly by end-February of the following year.

Policy dialogue with government

The FCB reports that the Council of Ministers has never published official responses. Certain individual recommendations that the FCB made in its opinions were accepted by the Ministry of Finance. This was explicitly stated in their analytical documents accompanying the budget or the report on its implementation but not in the form of a formal response to the FCB opinions. The communication takes place during the hearings in the Parliamentary Committee on Budget and Finance after the budget has been submitted to the Parliament. The FCB reports that, in 2024, there was no government reaction.

Interaction with parliament

None in 2024, but the FCB reports an improvement in 2025.

Access to non-public information

Access to information reported to be regulated in legislation and via (unpublished) MoU. Despite this, the FCB reported issues of non-access (or late or partial access) in 2024 but also some improvements in 2025.

Autonomy in recruitment decisions

Only partly, as salaries of the technical staff of the FCB are determined by the rules for the administration in the National Assembly of Bulgaria and not by the FCB, as the staff are part of the administration of the former.

External review of the IFI

The FCB reports that the latest external review took place in 2016/17 and that a new one is planned for 2026. Currently no legal requirement for the FCB to undergo such reviews.

Communication

Freedom to communicate

The FCB reports being free to communicate at any time.

Explicit communication strategy

Yes, adopted in mid-2025.

Leadership role in communication

Yes, a Communications Manager with long experience in media was hired in March 2025 and a second expert, specializing in social media, was added to handle the increased traffic.

Number of press releases/conferences

The FCB reports that, in 2024, it issued 10 press releases but organised no press conferences. Thanks to the staff reinforcements, a significant increase in the number of press releases has taken place in 2025.

Visibility in media/Presence in social media

The FCB reports that, in both 2024 and 2025, its members have been interviewed on mainstream national TV/radio/daily papers regularly throughout the year, also on general fiscal and economic issues and it issued articles once or twice in the mainstream domestic media, closely linked to the release of opinions/recommendations by the FCB. Since 2025, the FCB has a significant presence in social media, both through its Facebook and LinkedIn accounts.

Media impact tracking

Yes, monthly reporting and analysis – also done by an external provider ( September 2025 media report ).

Staff specialised in communication

Yes, two staff hired in 2025.

Organisation of/participation in conferences

Yes, by October 2025, the members of FCB had participated in more than a dozen such events, a number that is likely to increase significantly in the final months of the year due to Bulgaria’s pending entry into the eurozone.

TASKS

Current status

Produce or endorse annual and multiannual macroeconomic forecasts

Official endorsement of the government’s macroeconomic forecasts used for fiscal planning for both the annual budgets and the medium-term plans. The FCC bases its assessment on forecasts produced by other institutions. If there is disagreement, the MoF will call for a meeting with the FCC. The government is free to use its own forecasts, but deviations from the FCC’s forecasts have to be justified publicly

Produce or endorse annual and multiannual budgetary forecasts

In line with its official mandate, the FCC assesses the budgetary forecasts before the budgetary planning documents are adopted by parliament. The FCC does not produce a fiscal forecast of its own. The government generally consults the fiscal institution but is not obliged by law to do it. There is no formal consultation of the fiscal institution by the parliament in the planning stage of the budgetary process.

Assess the impact of policies on fiscal and growth sustainability

Performed according to its official mandate.

Produce or endorse long-term fiscal projections

No assessment of long-term sustainability.

Monitor compliance with country-specific numerical fiscal rules

Ex ante and ex post monitoring performed according to its official mandate for debt rule and budget balance rule for general government.

IFI performs the ex post forecast evaluation

Yes

Involved in correction mechanism

The FCC can ask for the activation of the correction mechanism and then assess compliance.

(De)activation of escape clauses

The FCC has no role in the (de)activation of escape clause, unless the correction mechanism is active. In that case, the decision regarding the (de)activation of the escape clause is taken by the Minister of Finance, taking into consideration the opinion of the FCC (related articles 41,42 and 46 of the Fiscal Responsibility and Budget Systems Law)

Involvement in assessing the medium-term fiscal-structural plans

The FCC delivered an opinion on the macroeconomic forecast and the macroeconomic assumptions underpinning the draft budget for 2025 and the 2025–2027 medium-term budgetary framework in the context of the 2025 budgetary process. These macroeconomic forecasts and assumptions were the ones used in the Medium-term fiscal-structural plan for 2025-2028.

Assessment of national fiscal framework

FCC reports that it carries out such assessments regularly as part of its mandate (Article 19 of law Νo.20(Ι)/2014).

Comply-or-explain requirement

In line with its legal obligation, the government responds to most of the FCC reports.

CAPACITY

Resources and staffing

Funding grounded in law

The FCC Chairman (with the agreement of the members of the Council) submits a draft FCC budget for the following year to the Ministry of Finance, including the amount deemed necessary for carrying out its duties. The FCC budget is subject to the approval by the Parliament. Once approved by Parliament, the FCC requests releases of funds from the Ministry of Finance (three instalments throughout the calendar year).

Adequacy of funding

The FCC considered the budget appropriation of EUR 508.000 in 2024 to be adequate. Only EUR 316.000 was actually spent.

Number of Secretariat staff

The FCC has a technical staff of four persons. Three of those are assigned to the FCC on secondments from the Public Service/Public Organizations with a limited duration of 3 + 3 years.

The FCC reports difficulties in attracting and employing suitable staff, due to the employment conditions (incl. qualifications criteria and salary) of the FCC staff positions, which need to be processed and approved by the Ministry of Finance. Staff numbers are by law limited to six persons.

Support from other institutions

No

Procedures for stability of funds

No

Independence

IFI established by national laws, regulations or binding administrative provisions

Ordinary law. Fiscal Responsibility and Budget Systems Law (FRBS).

Board structure/length of mandate/renewability/appointment procedure

The Council consists of 3 members (1 Chair, 2 Members) appointed by the Council of Ministers after consultation with the Parliamentary Committee on the Finances and the Budget. The length of the mandates are 6 years for the Chair, 5 and 4 years for the other two Members, respectively, renewable once.

Professional competence requirements for Board members

Only citizens of the Republic of Cyprus or any other EU Member State can be appointed Board Member. They must be a person with integrity, long experience and a significant academic background in public finances and the economy and cannot be a member of the House of Representatives, a Minister, a public official or an officer or employee of an organisation under the competence of the general government.

Prohibition against taking instructions

Article 18(3) of Law N.20(I)/2014 prohibits Members of the FCC from taking instructions. ("(3) The members and staff of the Council, in the exercise of their duties, do not take instructions from any person or organization, including but not limited to members of the House of Representatives, the President of the Republic, the Council of Ministers, and bodies of the General Government, and no such person shall intervene with the aim of influencing the independence of the Council.”)

Role of the Chair

No specific powers other than deciding on funding (under the approval of parliament) and information.

Policy dialogue with government

In line with its legal obligation, the government responds to most of the FCC reports. In 2024, the reaction took the form of a statement in parliament and non-public contacts with the FCC, which happened within two weeks from the FCC issuing the report. The FCC assesses the reactions to be of varying coverage and quality and the government only complied with some of the recommendations of the FCC.

Interaction with parliament

There is no formal consultation of the FCC by the parliament, but, in 2024, the FCC took part in more than 6 parliamentary hearings and responded to 1-3 parliamentary questions. 

Access to non-public information

Access grounded in law and based on Memoranda of Understanding. However, the FCC reports issues of non-access and delays, a significant hurdle stemming from the fact that most governmental ministries and departments lack readily available structured and machine-readable data; information is often absent, in non-digital formats, or scattered across various incompatible systems. This lack of standardized, easily processable data makes it difficult and time-consuming for the FCC to gather necessary information for fiscal monitoring and assessment, requiring manual extraction and hindering timely updates.

Autonomy in recruitment decisions

The FCC can recruit staff subject to several restrictions set by the Ministry of Finance, the Parliament and/or the Regulation of the Public Service, e.g. regarding the type and number of positions, the Service Schemes / Job Description (including qualifications and salaries), the length of contracts etc

External review of the IFI

The FCC has not been subject to any external evaluation.

Communication

Freedom to communicate

The FCC reports being free to communicate at any time.

Explicit communication strategy

No

Leadership role in communication

The FCC leadership has communication as one of its main roles. However, this role is not explicitly laid down in law (there is no job description for the leadership).

Number of press releases/conferences

The FCC reports that, in 2024, it issued 7-10 press releases and organised 1-2 press conferences.

Visibility in media/Presence in social media

The FCC reports that, in 2024, its leadership was interviewed on mainstream national TV/radio/daily papers and issued articles regularly in the mainstream domestic media, also on general fiscal and economic issues. The FCC is present in social media and conducted various public awareness activities in 2024 (articles, pod casts, conferences) on various fiscal matters. It is also developing a Data Visualization Platform to present key fiscal indices on the FCC website in an easily understandable visual format.

Media impact tracking

No

Staff specialised in communication

No

Organisation of/participation in conferences

The FCC leadership regularly participates in conferences organised by others.

TASKS

Current status

Produce or endorse annual and multiannual macroeconomic forecasts

Macroeconomic and budgetary forecasts (revenues only) are evaluated by the Committee on Budgetary Forecasts (CBF), which is a committee founded by the same law as the CFC but is a different body.

Produce or endorse annual and multiannual budgetary forecasts

Macroeconomic and budgetary forecasts (revenues only) are evaluated by the Committee on Budgetary Forecasts (CBF), which is a committee founded by the same law as the CFC but is a different body.

Assess the impact of policies on fiscal and growth sustainability

Not normally performed by the CFC or the CBF. Quantification/policy costing associated with a proposal of policies is usually part of the so-called inter-ministerial consultation procedure where quantification/policy costing may appear in the so-called RIA (Regulatory Impact Assessment). On the other hand, some CFC outputs indeed contain the quantification/policy costing of the effects of policies.

Produce or endorse long-term fiscal projections

Once per year, the CFC publishes a "Report on the Long-Term Sustainability of Public Finances" ( the 2024 report ). 

Monitor compliance with country-specific numerical fiscal rules

Performed according to its official mandate both ex ante and ex post for debt rules for local gov’t and general gov’t and for general gov’t budget balance rule. In September, the CFC issues a "Report on Compliance with the Rules of Budgetary Responsibility for the Year..." for the previous year. This report assesses compliance with fiscal rules.

IFI performs the ex post forecast evaluation

No.

Involved in correction mechanism

Yes.

(De)activation of escape clauses

The CFC reports involvement regarding the budget balance rule.

Involvement in assessing the medium-term fiscal-structural plans

According to the information provided in the MTFSP of Czechia, the CFC was invited to a roundtable discussion on the plan.

Assessment of national fiscal framework

The CFC does not analyse the fiscal framework as a whole, but selected aspects of it.

Comply-or-explain requirement

The government responds to the monitoring report(s)/statement(s) on fiscal rules of the CFC, as it is mandatory. In other cases, it is voluntary (discretionary).

CAPACITY

Resources and staffing

Funding grounded in law

Yes. Expenditure for the activities of the Council and the Office of the Council are paid from a separate budgetary unit of the state budget. Full autonomy in spending decisions.

Adequacy of funding

The CFC reports that the funding in 2024 of CZK 25.688.149 was adequate.

Number of Secretariat staff

The CFC reports a staff of 12 (1 manager, 6.5 economists, 3 administrative staff, 1 driver and 0.5 FTE spokesperson). General rules of public sector salary setting are applied to the CFC. The Council appoints a Head of the Office of the CFC.

Support from other institutions

No

Procedures for stability of funds

No, but only the Budgetary Committee of the Chamber of Deputies can alter the budget of the CFC.

Independence

IFI established by national laws, regulations or binding administrative provisions

Ordinary law. Act No. 23/2017 Coll., on the Rules of Budgetary Responsibility.

Board structure/length of mandate/renewability/appointment procedure

Board Members are appointed for a 6-year term, renewable once, in a staggered manner. The Chair is elected by the Chamber of Deputies on a proposal by the Government. The other two members of the Council are elected by the Chamber of Deputies, one at the suggestion of the Senate and another at the suggestion of the Czech National Bank.

Due to the Chairwoman Eva Zamrazilová stepping down early in 2022 (2 years before the end of her term), the mandate of her successor now more or less coincides with that of one of the other Members (term 2022-28), making the staggering less symmetrically distributed.

Professional competence requirements for Board members

Members must have completed university studies in a master's degree program; and must be a recognized and experienced personality in the field of finance or macroeconomics with a practice of at least 10 years within the field. Board members cannot hold political or public administration posts. Most legislative, executive and judicial positions are incompatible with being a member of the CFC. Also, other positions where there could be a conflict of interest may not be held by the CFC member.

Prohibition against taking instructions

In Section 23 of the Act No. 23/2017 Coll., on the Rules of Budgetary Responsibility, as amended, it is stated that: "The members of the Council shall perform their functions personally and shall not accept or seek instructions from any other body or person in the performance of their functions."

Role of the Chair

The Chair acts on behalf of the Council externally and summons a meeting of the Council at least twice a month.

Policy dialogue with government

The CFC reports that the government responds within two weeks via a press release, sometimes creating media echo. The content of the replies is of varying coverage and quality.

Interaction with parliament

The Parliament is obliged to audition the CFC. The CFC reports it attended 2-3 parliamentary hearings and replied to 1-3 parliamentary questions in 2024. Section 24 of Act No 23/2017 Coll. specifies that “the Chairman of the Council is entitled to attend, in an advisory capacity, meetings of the Government and meetings of the Committee on Budgetary Forecasts. If the chairman of the Council asks to speak, he shall be given the floor. /…/ The chairman of the Council shall attend meetings of the Chamber of Deputies, the Senate or their bodies when reports or opinions of the Council are discussed. If the chairman of the Council asks to speak, he shall be given the floor.”

Access to non-public information

The CFC has a legal right to access (According to Section 22 of the Act No.23/2017 Coll., on the Rules of Budgetary Responsibility). The CFC has access to internal budgetary information on the budget execution and access to non-public datasets for in-depth budget analysis. However, it reports that there is no uniform format and structure of even basic data from the general government sector provided by the Ministry of Finance of the Czech Republic. Also, time series of sufficient length and granularity are often not available. Their analyses often must rely on multiple sources, which may not contain the same values even for the same indicators.

Autonomy in recruitment decisions

Yes. General rules on public sector salary setting are applied to the CFC.

External review of the IFI

No

Communication

Freedom to communicate

The CFC reports being free to communicate at any time.

Explicit communication strategy

The communication policy is not publicly available and is mainly reactive (reactive communication prevails over active communication). Active communication is centralized – spokesperson cooperates with experts on commentaries etc. and discusses suitable topics. Reactive communication is decentralized – questions from media are answered by the spokesperson, Council member or staff (based on their expertise); however, the spokesperson is in most cases informed and involved in preparation of the answer.

Leadership role in communication

Communication is managed by a designated person from the technical staff (0.5 FTE). The Council Chairman and two other Council members have the final say on CFC communications to the public.

Number of press releases/conferences

In 2024, the CFC issued more than 10 press releases and organised 1-2 press conferences.

Visibility in media/Presence in social media

Been interviewed on mainstream national TV/radio/daily papers regularly throughout the year, also on general fiscal and economic issues. Issued articles regularly in the mainstream domestic media, also on general fiscal and economic issues. Presence in social media.

Media impact tracking

The CFC uses “Mediatool” for monitoring and analysing media releases. Tools implemented directly by individual social networks are used for social media analysis. For web analysis, Google Analytics 4 is used. As part of the evaluation, an analysis of similar Czech institutions such as the Supreme Audit Office and the Ministry of Finance of the Czech Republic is conducted and compared with the communication activities of the CFC. The annual report of the Office of the CFC includes a chapter devoted to a summary of the CFC's media outreach and communications .

Staff specialised in communication

One person (0.5 FTE) from the technical staff.

Organisation of/participation in conferences

The CFC leadership and members of the Secretariat regularly participate in conferences organised by others.

Tasks

Current status

Produce or endorse annual and multiannual macroeconomic forecasts

The Joint Economic Forecast Group, which institutionally is attached to the Advisory Board, endorses the federal government's macroeconomic forecast. The forecast that is underlying the fiscal projection is also assessed by the Advisory Board itself against the forecast of other institutions like the Deutsche Bundesbank, the German Council of Economic Experts, the Joint Economic Forecast, the IMF and the OECD.

Produce or endorse annual and multiannual budgetary forecasts

Performed according to its official mandate. The Advisory Board assesses the general government fiscal forecast provided by the federal government but does not formally endorse it. It does not produce its own forecast.

Assess the impact of policies on fiscal and growth sustainability

No quantification of effects of policies.

Produce or endorse long-term fiscal projections

No assessment of long-term sustainability.

Monitor compliance with country-specific numerical fiscal rules

Performed according to its official mandate. So far, the Advisory Board oversees compliance with the balanced budget rule for the general government as defined in article 7 of the Stabilitätsratsgesetz and specified in article 51 para. 2 of the Haushaltsgrundsätzegesetz.

Ex post forecast evaluation

No. Ex post evaluations of the macroeconomic forecasts by the federal government are conducted regularly by the Joint Economic Forecast Group.

Involved in correction mechanism

Yes.

(De)activation of escape clauses

Not applicable.

Involvement in assessing the medium-term fiscal-structural plans

The Advisory Board has so far not been involved in setting up the MTFSP of Germany.

Assessment of national fiscal framework

The Advisory Board assesses the national fiscal framework regularly, but reports that the Stability Council has not reacted to past comments of the Advisory Board regarding the national fiscal framework, as the Stability Council deemed this so far not to have been within the scope of the Advisory Board’s mandate.

Comply-or-explain requirement

The policy dialogue is conducted in a discretionary manner as it is not regulated by legislation, memorandum of understanding or commitments. According to the current version of the procedural rules (§ 7a section 6, Geschäftsordnung des Stabilitätsrates), the Stability Council is subject to the comply-or-explain principle. The principle is thus grounded in law only by a sub-legal regulation.

CAPACITY

Resources and staffing

Funding grounded in law

No

Adequacy of funding

The Advisory Board reports a need for more resources. In 2024, it spent EUR 170.000 with a budget of EUR 150.000, covering the gap by delaying the invoicing. As of 2026, the budget will be temporarily increased to EUR 210.000, with the new permanent budget amounting to EUR 180.000 for the years after 2026.

Number of Secretariat staff

The Advisory Board reports a technical staff of 0.9 FTE (0.75 economist and 0.15 administration). This does not include the staff of the Joint Economic Forecast Group.

Support from other institutions

Support from the Stability Council for maintaining the website, secretariat and budget functions.

Procedures for stability of funds

No

Independence

IFI established by national laws, regulations or binding administrative provisions

Ordinary law. Section 7 of the Stabilitätsratsgesetz (Stability Council Act) establishes the Advisory Board and defines the mandate

and Article 51(2) of the Haushaltsgrundsätzegesetz (Budgetary Principles Act) specifies the Advisory Board's mandate.

Board structure/length of mandate/renewability/appointment procedure

Its 9-member Board has mostly 5-year mandates renewable more than three times. Staggering depends on the individual time of appointment as well as on the organizational structure as decided by the research institutes taking part in the "Joint Economic Forecast" (host institute sends a representative to the Advisory Board and the host rotates among the involved institutes), the central organisation of the municipalities or the central organisation of the social security funds. Appointment takes place by written declaration vis-à-vis the chairman of the Advisory Board, who in turn informs the chairman of the Stability Council.

Professional competence requirements for Board members

Not explicitly specified. Reference only made to the need to be an “expert”.

Prohibition against taking instructions

No explicit prohibition to take instructions for the Advisory Board, but the procedural rules stress its independence. The Joint Economic Forecast Group is prohibited from taking instructions (§ 3 Satz 2, Vorausschätzungsgesetz – EgVG).

Role of the Chair

External representation and agenda setter.

Policy dialogue with government

The Advisory Board reports that, in 2024, no official reaction from the government took place (only informal reaction by non-public e-mail). The Advisory Board considers the reactions to have been of varying coverage and quality.

Interaction with parliament

The Advisory Board reports that, in 2024, it took part occasionally in parliamentary hearings but received no parliamentary questions.

Access to non-public information

The Advisory Board does not have a legal base for access to information, but reports privileged but limited access. However, the Stability Council’s rules of procedure contain a regulation about the access to information (§ 7a paragraph 2, Geschäftsordnung des Stabilitätsrates). So far, there is no regulation on the level of adopted parliamentary law. Nevertheless, the rules of procedure state that the Board can request further information necessary to fulfil its task. The Advisory Board considers that the underlying information available must be improved. In particular, the individual German states should also provide differentiated and harmonised current information on their respective budgets in a format that is close to the national accounts, and material deviations from fiscal statistics should be reported. In the spring of 2024, the Advisory Board received the usual fiscal projection, whereas in the autumn, no projection was presented to the Advisory Board. For the Joint Economic Forecast Group, access to information is specified in section 3 of EgVV.

Autonomy in recruitment decisions

Yes, but the salary is set according to the collective wage agreement of the civil servants of the German states.

External review of the IFI

The Advisory Board has never been subject to an external evaluation. The external evaluations of the research institutes taking part in the Joint Economic Forecast Group are in principle provided by the Leibniz Senate.

Communication

Freedom to communicate

The Advisory Board reports being free to communicate at any time.

Explicit communication strategy

No

Leadership role in communication

No

Number of press releases/conferences

The Advisory Council reports that, in 2024, it issued 1-3 press releases and organised 1-2 press conferences.

Visibility in media/Presence in social media

The Advisory Board reports that, in 2024, it was interviewed on mainstream national TV/radio/daily papers regularly throughout the year, also on general fiscal and economic issues. It also issued articles, but only in media outlets specialised in economy/finance. The Advisory Board’s statements are occasionally distributed via social media.

Media impact tracking

No

Staff specialised in communication

No

Organisation of/participation in conferences

The Advisory Board reports that its leadership regularly participate as speakers/discussants in conferences organised by others.

TASKS

Current status

Produce or endorse annual and multiannual macroeconomic forecasts

Performed according to its official mandate. Production of macro-economic forecasts, but these are not used for the national fiscal planning. The government is free to use its own forecasts, without any obligation to provide justification for deviations from the DEC forecasts. 

DEC publishes two annual reports which always contain a macroeconomic projection and a forecast of the budget balance. DEC does not make an explicit assessment of the government’s macroeconomic forecast. Interim forecasts are occasionally published.

Produce or endorse annual and multiannual budgetary forecasts

Performed according to its official mandate. Production of budgetary forecasts, but these are not used for the national fiscal planning. The government is free to use its own forecasts, without any obligation to provide justification for deviations from the fiscal institution’s forecasts. The DEC forecast is used for comparison with the government’s forecast with regard to revenues, deficit and debt of general government, but not for assessment of the government’s forecast.

Assess the impact of policies on fiscal and growth sustainability

Performed on a voluntary basis, with sporadic output.

Produce or endorse long-term fiscal projections

Performed according to its official mandate. Once a year, a long-term (100 years) projection is made. In principle, the horizon is infinite. However, after 2128 the budget balance is kept constant in subsequent years. The purpose is to evaluate the long-term sustainability of the Danish public finances ( Dansk Økonomi, efterår 2024: Kapitel III, Finanspolitisk holdbarhed )

Monitor compliance with country-specific numerical fiscal rules

Performed according to its official mandate. Monitoring of compliance with budget balance and expenditure rules.

Ex post forecast evaluation

No

Involved in correction mechanism

The chairmanship may provide recommendations regarding the activation of the correction mechanism. However, such recommendations are not provided for by law. A comply-or-explain requirement applies for any recommendations made by the chairmanship regarding the activation of the correction mechanism.

(De)activation of escape clauses

The DEC reports involvement regarding the budget balance rule. Yet, decisions concerning the escape clauses are made by the Ministry of Finance and the government. The chairmanship of the Economic Councils has no formal rule in that respect.

Involvement in assessing the medium-term fiscal-structural plans

According to the MTFSP of Denmark, the DEC continuously monitor compliance with fiscal targets and assess the sustainability of fiscal policy, as well as economic policy more generally, although the DEC is not involved in the production of the plan.

Assessment of national fiscal framework

This does not appear among DEC’s formal tasks, but DEC makes assessments of some elements of the national fiscal framework.

Comply-or-explain requirement

A comply-or-explain requirement is set out in law with respect to the correction mechanism and (de)activation of escape clauses, as well as some non-IFI-related tasks. Beyond this, the government responds in a regular manner to the monitoring report(s)/statement(s) on fiscal rules issued by the DEC (twice a year). The comments are publicly available on the DEC website within one month of the publication of a report.

CAPACITY

Resources and staffing

Funding grounded in law

The funding of the DEC and the secretariat is ensured with the yearly Danish Budget Bill Section 10.11.09.

Adequacy of funding

DEC reports a need for some more resources, as an annual 2% real reduction in the budget (similar for other public authorities) in practice means that the staff level will have to be reduced by about 1 person per year (ceteris paribus). In 2025, the DEC received an extraordinary increase in funding of DKK 1.8 million (EUR 240.000) annually to ensure the continued fulfilment of tasks.

Number of Secretariat staff

DEC reports a total staff of 28.6 (5 managers, 20.4 economists, 1.6 administrative staff and 1.6 others), but this covers all the tasks of the institution, including the function of Productivity Board, the general Economic Council and the Environmental-Economic Council. DEC estimates the number of staff dedicated to IFI-related tasks to be 1 full-time equivalent employee.

Support from other institutions

No

Procedures for stability of funds

No procedures other than inflation indexing for ensuring stability of funds reported. A requirement to achieve an annual 2%-real-reduction in the budget rather implies ceteris paribus a gradual reduction in the real value of the DEC budget over time.

Independence

IFI established by national laws, regulations or binding administrative provisions

Ordinary Law ("Lov om det Økonomiske Råd og Det Miljøøkonomiske Råd").

Board structure/length of mandate/renewability/appointment procedure

4 Members, appointed for a period of up to 6 years at a time, although in practice the term is up to 3 years at a time. The chairmanship of the DEC consists of 4 academics - typically professors in economics. The chairmanship is formally appointed by the minister of economic affairs. In practice, the existing chairmanship has a large degree of autonomy in deciding its new members. Members of the chairmanship leave the chairmanship at their own discretion.

Professional competence requirements for Board members

The chairmanship is required to be knowledgeable in economics. One of four chairpersons should also be knowledgeable in environmental economics.

Prohibition against taking instructions

DEC is not prohibited by law to take instructions, but it reports that it has always been independent and not taken outside instructions regarding its analyses and recommendations.

Role of the Chair

The Director is the head of the secretariat, and in charge of the day-to-day operations of the institution. The chairmanship is responsible for policy recommendations and public communication.

Policy dialogue with government

The government responds in a regular manner to the monitoring report(s)/statement(s) on fiscal rules issued by the DEC (twice a year). The comments are publicly available on the DEC website within one month of the publication of a report. DEC considers that the response(s) systematically covered all main findings/recommendations in a meaningful manner.

Interaction with parliament

DEC reports having attended parliamentary hearings 4-6 times in 2024, including those held in connection with the production of its two annual reports, but received no parliamentary questions.

Access to non-public information

Section 31 of the Danish Public Administration Act, states that “to the extent that an administrative authority is entitled to disclose information, it must, upon request from another authority, share the information if it is relevant to the requesting authority’s function”. This principle applies to the DEC. Furthermore, the legislative comments to the 2011 amendment (LF 167 2011/1) state that “to carry out its work, the DEC secretariat will have access to the resources and data necessary to perform the task”. DEC reports it can contact ministries for more detailed information after a bill has been proposed/passed.

Autonomy in recruitment decisions

Yes. However, DEC reports that the chairmanship’s independence and capacity to carry out its tasks have been significantly impaired by the political decision in 2018 to relocate a large part of the secretariat to Horsens (Jutland).

External review of the IFI

There are no provisions under current law regarding external evaluation. However, in 2024, the DEC was thoroughly reviewed by the European Fiscal Board, including its role as IFI.

Communication

Freedom to communicate

DEC reports being free to communicate at any time.

Explicit communication strategy

No

Leadership role in communication

No

Number of press releases/conferences

DEC reports that, in 2024, it issued 4-6 press releases and organised 3-5 press conferences.

Visibility in media/Presence in social media

DEC reports that, in 2024, members of the chairmanship were interviewed and published articles on mainstream national TV/radio/daily papers regularly throughout the year on both IFI and non-IFI issues. Hence, the chairmanship’s assessments of fiscal policy and public finances receive extensive coverage in the media. DEC has a presence in social media.

Media impact tracking

No

Staff specialised in communication

No

Organisation of/participation in conferences

The DEC reports that its leadership and members of the Secretariat occasionally participate in conferences organised by others.

TASKS

Current status

Produce or endorse annual and multiannual macroeconomic forecasts

Performed according to its official mandate. Official endorsement of the government`s macroeconomic forecasts used for fiscal planning for both the annual budgets and the medium-term plans (within the meaning of Art. 2.1b of the Two-Pack Regulation 473/2013). The government is free to use its own forecasts, but deviations from the fiscal institution's opinion must be justified publicly.

Produce or endorse annual and multiannual budgetary forecasts

Performed according to its official mandate. Assessment of budgetary forecasts BEFORE the adoption in the Parliament of the budgetary planning documents. Focus on revenues and budget balance. The government is free to use its own forecasts, but deviations from the fiscal institution`s opinion must be justified publicly.

Assess the impact of policies on fiscal and growth sustainability

No quantification of effects of policies.

Produce or endorse long-term fiscal projections

No

Monitor compliance with country-specific numerical fiscal rules

Performed according to its official mandate both for ex ante and ex post assessment of compliance of the budget balance rule.

Ex-post forecast evaluation

No. Neither for macro economic nor budgetary forecasts.

Involved in correction mechanism

Yes. The FCE is expected to give its assessment on the measures proposed (or implemented) in case the correction mechanism has been activated, considering the required size of the adjustment.

(De)activation of escape clauses

The FCE reports involvement regarding the budget balance rule, where the assessment of compliance includes an assessment whether the escape clause should be activates/extended/exited.

Involvement in assessing the medium-term fiscal-structural plans

The MTFSP of Estonia does not report on a consultation process with relevant national stakeholders (including the independent fiscal institution) prior to submission.

Assessment of national fiscal framework

No

Comply-or-explain requirement

As required by law, the government responds to the FCE’s monitoring report(s)/statement(s) on fiscal rules.

CAPACITY

Resources and staffing

Funding grounded in law

Yes. Bank of Estonia Act Chapter 1 §4/2 (7).

Adequacy of funding

The activities of the FCE are financed by the central bank, which approves an annual budget for the FCE based on the principle that the allocated funds must be sufficient for the FCE to be able to independently perform its functions. In 2024, the FCE budget appropriation amounted to EUR 113.000, of which EUR 99.000 were used, a funding level the FCE found comfortably met its needs. The staff of the FCE are central bank employees whose wages are not paid out of the FCE budget. At the request of the central bank, the Estonian government compensates the central bank for the direct expenses incurred due to the work of the FCE. The central bank has not yet exercised this right.

FCE payments have to be approved by another institution, but the FCE reports that it de facto has full autonomy to use the funds.

Number of Secretariat staff

In 2024, the staff of the FCE consisted of 3 economists.

Support from other institutions

The work of the FCE is supported by three economists from the central bank, one of whom also performs the tasks of secretary. The FCE also receives assistance from the central bank when it comes to editing and translation of published materials, website administration and other organisational tasks.

Procedures for stability of funds

No

Independence

IFI established by national laws, regulations or binding administrative provisions

Ordinary law. Bank of Estonia Act (Chapter 1 §4/2. Fiscal Council). State Budget Act (Chapter 1 §4. Fiscal Council).

Board structure/length of mandate/renewability/appointment procedure

The 5-year mandates of the 6 Members are renewable more than 3 times. No staggering of the six mandates. The FCE Chair, Vice-Chair and four members are nominated to office and can be dismissed by the Eesti Pank Supervisory Board at the proposal of the Governor of Eesti Pank.

Professional competence requirements for Board members

Members of the Council must have:

1) an unblemished reputation;

2) a master’s degree or equivalent in economics at the minimum;

3) the experience required for the work of the Fiscal Council.

Prohibition against taking instructions

The statutes of the Fiscal Council (Paragraph 4 of the Bank of Estonia Act) establishes that the FCE is independent in the execution of its duties and that it does not accept guidance from the central bank, the government or any other bodies from the public or private sectors.

Role of the Chair

The Chair represents the FCE in public, organises the activities of the Council, summons and chairs the Council meetings (including deciding whether to invite people who are not members), signs the decisions of the Council and the minutes of the Council meetings.

Policy dialogue with government

Policy dialogue may happen as part of the national comply-or-explain arrangement. No such interaction reported to have taken place in 2024.

Interaction with parliament

The FCE reports that it participated in no parliamentary hearings and replied to only 1-3 parliamentary questions in 2024.

Access to non-public information

The mandate of the FCE states that it has the right to ask for data and explanations needed for its work from the ministries, government institutions and the central bank. The legal base is the Bank of Estonia Act (see Article 42(6))

This usually means correspondence with the Ministry of Finance. The FCE reports no issues with access to information in 2024.

Autonomy in recruitment decisions

As the secretariat of the FCE consists of employees of the central bank, the recruitment decisions are also done by the head of that specific department in the central bank (and not by the chair or vice-chair of the Fiscal Council).

External review of the IFI

FCE has never been subject to an external evaluation.

Communication

Freedom to communicate

FCE reports being free to communicate at any time.

Explicit communication strategy

No

Leadership role in communication

The chair and vice-chair are expected to present the opinions of the FCE in various official meetings and are also the first options when responding to media inquiries.

Number of press releases/conferences

The FCE reports that, in 2024, it issued 4-6 press releases, but did not organise any press conferences.

Visibility in media/Presence in social media

The FCE reports that, in 2024, its leadership was interviewed in mainstream national TV/radio/daily papers and issued articles in mainstream domestic media regularly, closely linked to the release of opinions/recommendations by the IFI. No presence in social media reported.

Media impact tracking

After each publication, the FCE checks the media impact it gathered, i.e how many media outlets used the press releases and whether there were any additional requests for comments or interviews. The FCE also monitors the website visitor data.

Staff specialised in communication

No

Organisation of/participation in conferences

The FCE reports that its leadership and members of the Secretariat occasionally participate in conferences organised by others.

TASKS

Current status

Produce or endorse annual and multiannual macroeconomic forecasts

In line with its official mandate, the HFISC officially endorses the government’s macroeconomic forecasts used for fiscal planning for both the annual budgets and the medium-term plans (within the meaning of Art. 2.1b of the Two-Pack Regulation 473/2013). The HFISC also endorses macroeconomic forecasts used in the DBPs and MTFSPs. No reconciliation procedure: The government would proceed with its own projections.

Produce or endorse annual and multiannual budgetary forecasts

In line with its official mandate, HFISC assesses the government’s general government budgetary forecasts used for national fiscal planning. The assessment covers annual budgets, medium-term plans, but also DBPs and MTFSPs.

Assess the impact of policies on fiscal and growth sustainability

No quantification of effects of policies in general, but HFISC has the responsibility to assess and quantify the fiscal impact of policy proposals included in the platforms of political parties or coalitions, following a request by the political parties concerned.

Produce or endorse long-term fiscal projections

No assessment of long-term sustainability.

Monitor compliance with country-specific numerical fiscal rules

Ex ante and ex post monitoring of numerical fiscal rules performed according to its official mandate before the submission of the Draft Budgetary Plan, the State Budget and the Medium-Term Budgetary Plan.

IFI performs the ex post forecast evaluation

The ex-post evaluation of the forecast is a responsibility assigned to the HFISC by legislation.

Involved in correction mechanism

HFISC assesses the correction plan and monitors its implementation (Law 4270/2014, article 40)

(De)activation of escape clauses

Activation and de-activation of escape clauses allowing deviations from national numerical fiscal rules follow the procedures related to the activation and deactivation of the general escape clause and the national escape clause of articles 25 and 26 of the preventive arm Regulation. HFISC assesses the implementation of fiscal rules in relation to the activation and deactivation of escape clauses.

Involvement in assessing the medium-term fiscal-structural plans

In October 2024, HFISC issued an opinion on the macroeconomic forecasts and the macroeconomic assumptions underpinning the MTFSP of Greece. In April 2025, it issued an assessment of the Annual Progress Report 2025.

Assessment of national fiscal framework

Since the adoption of Law 5217/2025, HFISC has the formal task of assessing the consistency, coherence and efficiency of the national fiscal framework and to make such assessments public.

Comply-or-explain requirement

The government is legally obliged to react to HFISC opinions on the activation of the correction mechanism (article 38 of Law 4270/14). In addition, since the adoption of Law 5217/2025, the comply-or-explain requirement applies to all assessments and opinions of HFISC pursuant to its responsibilities in relation to the evaluation of macroeconomic forecasts, to the monitoring of compliance with national fiscal rules, to the assessment of the national fiscal framework, and to the responsibilities attributed to IFIs in the new preventive arm and corrective arm regulations.

CAPACITY

Resources and staffing

Funding grounded in law

Yes

Adequacy of funding

HFISC reports a budget appropriation of EUR 1.100.000 for 2024, of which EUR 897.000 was used. HFISC considers its funding as appropriate. The Ministry of Finance is legally obliged to provide a budget that covers the number of staff and the other needs for the functioning of the institution laid down in the Organic law. Article 13 of Law 4270/2014 states that the budget of the HFISC is prepared by the HFISC on the basis of the estimated operational cost and Article 54 of the same law states that the Ministry of Finance is not authorised to amend this draft budget (a procedure only used for HFISC).

Number of Secretariat staff

The HFISC reports a total number of staff of 8 (2 managers, 4 economists and 4 administrative staff). This number includes 1 part-time legal expert, 1 part-time graphic designer, 1 part-time econometrician and 1 part-time communications expert.

Support from other institutions

The Ministry of Finance provides some administrative support by validating HFISC expenditure.

Procedures for stability of funds

No direct procedure. Stability of funding is ensured by the procedure whereby HFISC prepares its own Budget and by the legal provision stating that the Ministry of Finance cannot amend it.

Independence

IFI established by national laws, regulations or binding administrative provisions

Ordinary law. Articles 1-13 of Law 4270/2014 “Principles of fiscal management and supervision (incorporation of Directive 2011/85/EU into domestic law) - public accounting and other provisions” as amended by Articles 3-17 of Law 5217/2025.

Board structure/length of mandate/renewability/appointment procedures

5 (1 President and 4 Members). The length of mandates of the first board of Directors varied. The President and another member were appointed for six years, two other members for five years and one member for four years. For all future new appointments, it is a five-year term, that can be renewed once. After an open call, a committee consisting of the Minister of Finance, the Governor of Bank of Greece and the President of Court of Auditors makes a short-list of candidates. Then, the Committee makes the selection, that is approved by the Special Permanent Committee on Institutions and Transparency of the Hellenic Parliament.

Professional competence requirements for Board members

PhD from a Greek institution or other internationally accredited institution in the field of HFISC mandate. The candidates should be internationally renowned with high scientific qualifications and relevant professional experience of at least 15 years and be fluent in a foreign language.

Prohibition against taking instructions

HFISC's independence is functionally and operationally guaranteed by Article 2(1) and 2(3) of Organic law 4270/2014, as amended by Articles 4(2) and 4(3) of Law 5217/2025:

"1. ... The Hellenic Fiscal Council shall enjoy operational independence, administrative and financial autonomy and shall not be subject to control or supervision by government bodies, public bodies, or other administrative authorities...."

"3. The President, the members of the Board of Directors and the staff of the Hellenic Fiscal Council, in the performance of their duties, do not take instructions from any government body or other public or private body. The President and the members of the Hellenic Fiscal Council enjoy personal and functional independence."

Role of the Chair

The President represents the Council (also in case of legal action). The President’s responsibilities are outlined in the legislation.

Policy dialogue with government

HFISC reports that, so far, the government has had no reaction to any of the HFISC reports or statements.

Interaction with parliament

HFISC reports that it participated in one parliamentary hearing in 2024 but received no parliamentary question in 2024.

Access to non-public information

Full access, based on both legal provisions and a MoU, with the latter covering budgets and medium-term planning documents. According to Article 3 of Law 4270/14, HFISC is obliged to sign a MoU with the Ministry of Finance. In addition, HFISC can sign MoUs with various entities including the Hellenic Statistical Authority, the Independent Authority for Public Revenue, the Single Social Security Fund, the Public Debt Management Agency, and the Bank of Greece.

Autonomy in recruitment decisions

Recruitment takes place under the general provisions for the public sector through the Supreme Council for Civil Personnel Selection (ASEP). External experts (that are not civil servants) can be hired on three-year contracts that can be renewed once. Some vacancies can be filled via the System of Mobility in Public Administration. It is quicker than ASEP but it usually offers only time-restricted mobility for about one year, and it does not lead easily to the attraction of highly specialized and technically knowledgeable personnel. In the ASEP system, the recruitment procedure includes an interview, giving HFISC some influence.

External review of the IFI

The Greek Court of Auditors published a review on the functioning of the HFISC in 2022.

Communication

Freedom to communicate

HFISC reports being free to communicate at any time.

Explicit communication strategy

No

Leadership role in communication

The Chair has the main responsibility for HFISC external communication (articles, presentations, conferences etc.). The Chair is assisted in this role by a dedicated unit.

Number of press releases/conferences

HFISC reports that it issued 7-10 press releases in 2024 but organised no press conferences.

Visibility in media/Presence in social media

Representatives of HFISC gave interviews only in media outlets specialised in economy/finance and issued articles once or twice in mainstream media, closely linked to the release of opinions/recommendations. HFISC has a presence in social media.

Media impact tracking

The part-time communications expert collects data and informs the Board.

Staff specialised in communication

One part-time external communication expert. Six staff positions have been established in the dedicated unit assisting the Chair.

Organisation of/participation in conferences

The HFISC leadership and members of the Secretariat regularly participate in conferences organised by others. Through its participation in a Technical Support Instrument project financed by the European Commission, the HFISC is enhancing its outreach capabilities.

TASKS

Current status

Produce or endorse annual and multiannual macroeconomic forecasts

Endorse macroeconomic forecast underlying the annual budget and the medium-term plan. Endorse regional macroeconomic forecast in case they deviate from that of the central government, but the procedure in case of non-endorsement is not established. Governments are free to use its own macro projections but are required to react to AIReF’s recommendations (under the Comply or Explain principle).

Produce or endorse annual and multiannual budgetary forecasts

AIReF assesses the budgetary forecast both before and after the adoption in the Parliament of the budgetary planning documents. It also assesses the budgetary documents of autonomous regions and some local entities. Governments (general and regionals) are free to use their own budgetary forecast but are required to react to AIReF’s recommendations (under the Comply or Explain principle).

Assess the impact of policies on fiscal and growth sustainability

AIReF estimates the budgetary impact of different measures when assessing compliance with fiscal rules as well as to assess the sustainability of public finances. The assessment of the pension expenditure rule has obliged AIReF to quantify the impact of measures related directly or indirectly to the evolution of social contributions.

Produce or endorse long-term fiscal projections

In 2023, AIReF issued an opinion on the Long-term sustainability of public administrations with 2070 as the time horizon for its projections on the basis of its own demographic, macroeconomic and budgetary projections. In 2025, AIReF published an update  of this opinion, accompanied by nine technical documents explaining the methodologies underpinning the projections. 

Monitor compliance with country-specific numerical fiscal rules

AIReF monitors compliance ex ante according to its mandate and ex post voluntarily on a regular basis.

Ex post forecast evaluation

AIReF does perform ex-post evaluation of both its own and the government's macroeconomic and budgetary forecasts. Government forecasts are analyzed ex post, usually once per year, according to article 14 of Law 6/2013. The last vintage is annexed to this report. In relation to its own forecasts, this exercise follows a recommendation of AIReF’s first external evaluation and provisions of Directive 2011/85. It takes the form of technical document. Three updates have been published to date: 2022, 2023 and 2024.

Involved in correction mechanism

Article 21 of 6/2013 Law establishes that AIReF may advice the activation of measures foreseen in the Spanish legislation (Organic Act 2/2012 on Budgetary Stability and Financial Sustainability). In addition, Royal Decree-Law 2/2023 mandates AIReF to prepare, every 3 years, an assessment report on the estimated impact of measures adopted since 2020 to strengthen the public pension system between 2022 and 2050 with data and methodologies established in the RD, thus showing whether the Expenditure Rule of the pension system has been complied with. Non-compliance triggers a procedure that ultimately may activate a correction mechanism.

(De)activation of escape clauses

The escape clause is legally foreseen only for rule 1- or rather and more specifically for the structural balance. The domestic legal framework establishes that Parliament must agree - by absolute majority - to the activation of the escape clause, after AIReF's assessment on the concurrence of the exceptional circumstances established by the law. In 2020 the escape clause was activated for the first time following the article 11(3) of Organic Law 2/2012 of Budget Stability and Financial sustainability. The escape clause was further kept activated in 2020, 2021, 2022 and 2023. The Ministry of Finance requested AIReF to report on the existence of the exceptional circumstances referred to in Article 11(3) of the Organic Law on Budgetary Stability and Financial Sustainability in three occasions, which triggered the publication of three reports ( An example ).

Involvement in assessing the medium-term fiscal-structural plans

AIReF delivered an ex-post opinion on the macroeconomic forecast and the macroeconomic assumptions underpinning the multi-annual net expenditure path. The macroeconomic scenario covering the 2024-2026 period was endorsed by AIReF. AIReF highlighted some discrepancies in the medium- and long-term macroeconomic projections that underpin the sustainability analysis. In May 2025, it published the first report assessing the Annual Progress Report regarding the MTFSP of Spain.

Assessment of national fiscal framework

Not yet part of its mandate. AIReF reports that it intends to voluntarily publish an assessment of the national fiscal framework during 2025 as it is a direct task that stems from the Directive 2024/1265 that should be reflected on the Law 6/2013.

Comply-or-explain requirement

By virtue of the comply-or explain requirement in place regarding AIReF’s reports on fiscal rules, the government responds to such reports. However, AIReF can only issue reports on elements stipulated in its founding law 6/2013. If a budgetary planning document is not recognized in that law, AIReF can only issue opinions without the c-o-e principle.

CAPACITY

Resources and staffing

Funding grounded in law

Article 11 of 6/2013 Organic Law. The main source for funding according to the Organic Law 6/2013 is the fee that AIReF charges to the public administrations as compensation for its fiscal supervision. In 2024 this concept meant 94% of the Revenue Budget. Public prices derived from studies amounted to 4,5%. Other incomes like reimbursement, litigations, or regularizations of past exercises amounted to 1,5% in 2024.

Adequacy of funding

AIReF considers that the budget appropriation of EUR 11.240.900 in 2024, of which 10.015.300 was used, was adequate.

Number of Secretariat staff

67 (8 managers, 44 economists, 1 legal expert, 14 administrative staff). Recruitment is mostly restricted to civil servants and as such, subject to the list of public posts approved by the Ministry of Finance.

Support from other institutions

No, except for sporadic secondments with fixed duration from Bank of Spain.

Procedures for stability of funds

No

Independence

IFI established by national laws, regulations or binding administrative provisions

Organic Law 6/2013, of 14 November on the establishment of an Independent Authority for Fiscal Responsibility.

Board structure/length of mandate/renewability/appointment procedures

The governing body of the institution is not a Board, but a single-person body (the Presidency). Hence, only the President governs the institution. The President is supported by the Executive Committee, which consists of the Heads of the four Divisions in AIReF: Economic Analysis, Budgetary Analysis, Public Expenditure Evaluation and Legal Affairs.

The mandate of the President is six years, non-renewable. The mandate is not aligned with the four-year electoral cycle.

Mandates of the Heads of Division are not specified. The Heads of Division are appointed and ceased by the Council of Ministers after the petition of the AIReF’s President.

The Council of Ministers appoints the candidate after the proposal of the finance minister, once the candidate has appeared before the Parliament’s Finance Commission. The Parliament must approve the nomination with an absolute majority vote. There is a possibility of a second round at the Senate, 15 days after the 1st vote, for which a simple majority is sufficient.

Professional competence requirements for Board members

In the case of the President, at least 10 years of experience in the fields of budgetary, economic and financial analysis of the public sector, in addition to a reputation for independence and objectivity.

In the cases of the Heads of Division, at least 10 years of experience in the subject matter of their division, in addition to the general principles of merit and capacity.

Prohibition against taking instructions

Article 7(1) of the Organic Law 6/2013 of 14 November on the establishment of an Independent Authority for Fiscal Responsibility prohibits its President or the members of the bodies of the Authority or its personnel to seek or take any instructions whatsoever from any institution, whether public or private.

Role of the Chair

According to Article 25 from the Organic Statute, the President represents the IFI legally, directs and coordinates the activities of all its directive organs, is the head of the staff, approves the expenditures, has the power to contract and to appoint and dismiss the Heads of Division (through the Council of Ministries) and the rest of the staff.

Policy dialogue with government

AIReF considers the quality of responses by the central government can be improved. The comply-or-explain principle allows a dialogue with all the levels government.

Interaction with parliament

AIReF's President must appear before Parliament at least twice a year. AIReF reports that, in 2024, their interaction with parliament was affected by the implementation of the new European fiscal governance framework and the fact that the government did not present a Draft General State Budget for 2025, which meant that, for the second year in a row, the President of AIReF was not called to appear before Parliament. AIReF reports that no parliamentary questions were received in 2024. On its own initiative, AIReF gathers annually the spokesmen from all political parties at the Budgetary as well as the Public Finance Committees of the Congress at its premises. Also on its own initiative, AIReF keeps regular contact with the studies department of the Congress.

Access to non-public information

AIReF’s access to information is grounded in law (Article 4 of the Organic Law 6/2013) and when possible has been further elaborated via Memoranda of Understanding (with the Ministry of Social Security and the Tax Agency, lasting until 27/03/2026. Within the framework of the study of public sector financial instruments to support productive sectors of the Spanish economy AIReF has also signed a MoU with the Tax Agency, the State Secretariat of Commerce, ICO, CESCE, COFIDES and the Bank of Spain, lasting until 20/04/2025). AIReF reports that it has not been possible to sign a MoU with the Ministry of Economy or the Ministry of Finance despite AIReF proposals.

In 2024, AIReF reports cases of information not being provided or only with a delay and in insufficient detail. In particular, AIReF reports issues with regard to the elaboration of the medium-term fiscal-structural plan, where AIReF did not have access to sufficient information to assess the whole 7-year plan but was limited to endorsing the macroeconomic forecasts for 2025 and 2026 only.

Autonomy in recruitment decisions

Recruitment is mostly restricted to civil servants and as such, subject to the list of public posts approved by the Ministry of Finance. 

External review of the IFI

AIReF has been subject to external reviews occasionally and on AIReF’s own initiative, as no legal provision obliges the institution to do so. The latest evaluation took place in 2024 and was carried out by an independent evaluation team selected by the European Commission in the framework of a project funded through DG REFORM’s Technical Support Instrument. It resulted in 26 recommendations being formulated, the implementation of which is being monitored.

Communication

Freedom to communicate

AIReF reports being free to communicate at any time.

Explicit communication strategy

AIReF reports that its communication strategy is a part of the 2020-2026 Strategic Plan . It is meant to help AIReF to disseminate its knowledge and to generate trust and accountability in its operations.

Leadership role in communication

AIReF reports that the President devotes a significant part of her time to giving visibility to AIReF’ s outputs and insights. The President participates in most of the press conferences held at AIReF and in seminars and workshops. AIReF states that the President’s main goal is to increase general awareness of the institution not only among economic or fiscal stakeholders but among the general public.

Number of press releases/conferences

AIReF reports that it issued more than 10 press releases and organised more than 5 press conferences in 2024. In 2025, this type of activity has been intensified.

Visibility in media/Presence in social media

AIReF reports that it gave no interviews in 2024 but regularly issued articles in domestic mainstream media, closely linked to the release of opinions/recommendations. AIReF has a presence in social media.

In 2024, an important impulse was given to the development of more informative materials. Nine videos, ten informative infographics and 13 posters were produced and disseminated. As a new development, in 2024 all infographics were also produced in English. Two video summaries of the institution's activities were produced and a new type of infographic for LinkedIn was tested.

AIReF reports that, in 2024, an intense documentation and data collection work was carried out to facilitate the work of the evaluation team regarding AIReF’s communication efforts. In 2025, an important impulse was given to the development of more informative materials. Six videos, 28 informative infographics and 10 posters have been produced and disseminated. As a new development, in 2025 AIReF has launched AIReF Divulga, a new section on our website aimed at making economic and fiscal content more accessible and engaging for a broader audience. AIReF Divulga is designed as a dynamic outreach platform, with weekly posts explaining key economic and fiscal concepts in a simpler, more visual format. Weekly posts are announced in social media through graphic posters, the glossary is updated weekly including words form the latest posts, and an interactive quiz is proposed to test and reinforce economic knowledge.

Media impact tracking

On a quarterly basis, AIReF’s communication team monitors the impact of AIReF's publications in different media (written press, digital media) and on social networks (LinkedIn and X both on the institutional account and the President's account).

Staff specialised in communication

AIReF's communication team is outsourced and is under the control of the President's Office. The team includes: a project manager with full availability (with at least 10 years of experience in communication management positions), a graduate in journalism specialized in the management and elaboration of contents related to economic information with full availability, a journalist specialized in media relations management and content development and a journalist responsible for the Digital Communication Plan (community manager for social media and elaboration of visual contents). These two last members don't work full time for AIReF.

Organisation of/participation in conferences

AIReF reports that it regularly organises its own conferences including outside experts and that the AIReF leadership regularly participates as speakers/discussants in regional, national and international conferences organised by others.

TASKS

Current status

Produce or endorse annual and multiannual macroeconomic forecasts

Performed according to its official mandate.

Assessments about the reliability and plausibility of the government’s published forecasts.

No role in the preparation, but the Ministry of Finance is legally obliged to take NAOF-FPMD conclusions about the forecasts into account. If NAOF-FPMD reports a significant bias in the forecast, the Ministry of Finance must take corrective action.

Produce or endorse annual and multiannual budgetary forecasts

Performed according to its official mandate. The NAOF-FPMD assesses the budgetary forecasts (with a focus on budget balance and debt) before the budgetary planning documents are adopted by Parliament. It’s not based on quantitative policy costing.

Assess the impact of policies on fiscal and growth sustainability

Performed on a voluntary basis, with regular output. NAOF-FPMD reports that it follows and checks quite closely the employment measures of the government in the context of the government’s employment target (and a fiscal target linked to it), but not (directly) in the context of the budgetary forecast assessment.

Produce or endorse long-term fiscal projections

No assessment of long-term sustainability.

Monitor compliance with country-specific numerical fiscal rules

In line with its official mandate, NAOF-FPMD monitors both ex ante and ex post compliance.

Ex post forecast evaluation

NAOF-FPMD reports that it performs such evaluations .

Involved in correction mechanism

Involved in the correction mechanism related to Fiscal Compact.

(De)activation of escape clauses

NAOF-FPMD does not have an explicit role in the process of triggering of escape clauses. However, it monitors the whole Fiscal Policy Act that implements the Fiscal Compact in Finland, and it monitors the whole correction mechanism (including possible use of the escape clause).

Involvement in assessing the medium-term fiscal-structural plans

There is no indication that NAOF-FPMD has been involved in the MTFSP of Finland.

Assessment of national fiscal framework

Functioning of the national fiscal framework is assessed through fiscal policy audits. The latest ones:

Effectiveness of the assessment procedure in balancing local government finances and safeguarding services ( 2024 ), Functioning of the central government spending limits system ( 2021 ), Steering of local government finances ( 2018 ).

Comply-or-explain requirement

In certain situations, a government reaction in the form of a public statement is required by law, e.g. if NAOF-PBMD conclude that the government has not complied with the Fiscal Policy Act and it disagrees with that conclusion.

CAPACITY

Resources and staffing

Funding grounded in law

No; The budget for NAOF-FPMD is part of the annual appropriation for NAOF as a whole. Funding of the NAOF is decided directly by the Parliament, not through the budget process of the Ministry of Finance.

Adequacy of funding

NAOF-FPMD considered its allocation of approximately EUR 1.000.000 in 2024 adequate.

Number of Secretariat staff

NAOF-FPMD reports a staff of six (1 manager, 5 economists).

Support from other institutions

IT support, communications, offices, human resources services and general administration support from the relevant departments of NAOF.

Procedures for stability of funds

According to Rules of Procedure of NAOF, NAOF allocates adequate personnel and other resources for fiscal policy monitoring through the NAOF’s resource and budget plan.

Independence

IFI established by national laws, regulations or binding administrative provisions

Ordinary law. Fiscal Policy Act 869/2012. The institution itself (National Audit Office, NAOF) is established by the Constitution, but the task of the IFI by the Fiscal Policy Act.

Board structure/length of mandate/renewability/appointment procedures

Being a department in NAOF, the FPMD does not have a board structure, but one Director of Department. The staff of civil servants is appointed based on merits according to the procedure defined in the Act on the Civil Servants of the Parliament.

Professional competence requirements for Board members

The staff of civil servants is appointed based on merits according to the procedure defined in the Act on the Civil Servants of the Parliament.

Prohibition against taking instructions

Explicit prohibition against taking instructions does currently not exist in the legislation, but NAOF’s general independence (a concept that also includes the prohibition against taking instructions) is clearly established in the Constitution and in ordinary law.

Role of the Chair

The NAOF-PBMD Director decides on statements, reports and the work program of the PBMD.

Policy dialogue with government

The regular policy dialogue takes place between NAOF and Ministry of Finance officials, not directly with the representatives of the government. In certain situations, a government reaction in the form of a public statement is required by law, e.g. if NAOF-PBMD conclude that the government has not complied with the Fiscal Policy Act and it disagrees with that conclusion. So far, there has been no instances of non-compliance and the Government disagreeing with such a conclusion.

Interaction with parliament

The NAOF report is discussed in the Parliament, both in the Plenary and at least in the Audit Committee. NAOF-PBMD also provides a statement to the Finance Committee of the Parliament when the draft budget and General Government Fiscal Plan (MTBF) are discussed. NAAOF-PBMD reported that it participated in 2-3 parliamentary hearings but received no parliamentary questions in 2024.

Access to non-public information

The access to information of NAOF-PBMD is legally protected ( Act on National Audit Office (676/2000)) and the PBMD did not report any issues in 2024.

Autonomy in recruitment decisions

The NAOF Auditor General appoints personnel, but the Director of the PBMD is involved in the recruitment process.

External review of the IFI

One independent external evaluation has taken place so far (in 2019), carried out by OECD, with peers from other IFIs and a national expert.

Communication

Freedom to communicate

The NAOF-PBMD reports being free to communicate at any time.

Explicit communication strategy

No

Leadership role in communication

The NAOF-PBMD reports that its Director oversees communication.

Number of press releases/conferences

The NAOF-PBMD reports that, in 2024, it issued 1-3 press releases but organised no press conferences.

Visibility in media/Presence in social media

Been interviewed on mainstream national TV/radio/daily papers once or twice in 2024. Issued articles once or twice in the mainstream domestic media, closely linked to the release of opinions/recommendations by the IFI. Government reaction to recommendations not well covered. NAOF-PBMD has a social media presence.

Media impact tracking

Media tracking is made by the NAOF Communication Department, also separately for IFI-related issues.

Staff specialised in communication

Not within the NAOF-PBMD. The NAOF Communications Department has a dedicated person for IFI-related communication. The staff of NAOF-PBMD is involved in communication activities.

Organisation of/participation in conferences

NAOF-PBMD reports that it has organised two seminars on EU fiscal rules (2021, 2025) and that the NAOF-PBMD leadership and its staff occasionally participate in conferences organised by others.

TASKS

Current status

Produce or endorse annual and multiannual macroeconomic forecasts

In line with its official mandate, the HCFP assesses the official macroeconomic forecasts which are published before submission to the Parliament of the budgetary planning documents. No explicit endorsement nor reconciliation procedure foreseen.

Produce or endorse annual and multiannual budgetary forecasts

In line with its official mandate, the HCFP assesses the budgetary forecasts before the adoption in parliament of the budgetary planning documents. The HCFP delivers an opinion on the consistency of the budgetary forecasts with European commitments and with the structural balance trajectory defined by the programming law. It also checks the internal consistency of the budget bill (credibility of assumptions, consistency of budgetary forecasts with macroeconomic assumptions, realism of budgetary impact estimates of new measures).

Assess the impact of policies on fiscal and growth sustainability

The HCFP does not carry out systematic quantitative costing of policies.

Produce or endorse long-term fiscal projections

Performed on a voluntary basis with sporadic output. The Opinion on the national medium-term fiscal-structural plan 2025-2028, released in October 2024, included a brief assessment of debt sustainability.

Monitor compliance with country-specific numerical fiscal rules

For the structural balance and expenditure growth, ex-ante and ex-post assessment of compliance with the programming law.

IFI performs the ex post forecast evaluation

The organic law 2021-1836 of 28 December 2021 on the modernization of public finance management requires that the HCFP issues an opinion at least once every four years on the accuracy of the government's forecasts. To prepare such an opinion, the staff of HCFP issued a Paper in August 2024 comparing the government's macroeconomic and public finance forecasts in the initial budget bill with their outcome, between 2004 and 2023. The opinion of the HCFP on this matter was published in April 2025.

Previously, the HCFP had presented forecast evaluations in its activity reports (see for example the Activity report 2015-2018, pp 28-39).

Involved in correction mechanism

Every year in April, the HCFP gives an ex-post opinion on any deviations between the outturn and the structural balance trajectory laid down in the programming law. In case of "significant deviation" from the trajectory, the correction mechanism is triggered, and the government must put forward correcting measures to bring the public finances back into line with the trajectory. The correction mechanism was triggered in May 2014, for a significant difference on the structural balance in the previous year, and in April 2025 for the same reason.

(De)activation of escape clauses

The organic law of December 2012 provides that "the Government can ask the HCFP to check whether the conditions mentioned in the TSCG for the definition of exceptional circumstances are satisfied". The Government invoked such exceptional circumstances in 2020.

Involvement in assessing the medium-term fiscal-structural plans

HCFP was referred on the 2024 MTFSP in October 2024.

Assessment of national fiscal framework

No

Comply-or-explain requirement

There is no explicit comply-or-explain procedure in the legislation, except for the correction mechanism.

CAPACITY

Resources and staffing

Funding grounded in law

Yes

Adequacy of funding

The HCFP reports funding to be adequate, but difficult to quantify, as its funding flows from the overall Court of Auditors budget.

Number of Secretariat staff

6.6 full-time equivalent staff (1 manager, 5.4 economists and 0.2 administrative staff). Staff members are selected by the President and the Secretary General based on their competence and experience in the fields of macroeconomics and public finance. They are appointed by the President.

Support from other institutions

The HCFP is attached to the French Court of Auditors, which provides premises, office material and logistical facilities.

Some experts and economists of the permanent secretariat work part time for the Court of Auditors.

Procedures for stability of funds

No

Independence

IFI established by national laws, regulations or binding administrative provisions

Yes (Article 61 and 62 of the amended Organic Law n°2001-692 of 1 August 2001 on budget laws).

Board structure/length of mandate/renewability/appointment procedures

11 Members appointed for 5-year mandates, renewable once. To ensure staggering of mandates, when the HCFP was set up in March 2013, four members (two magistrates and two qualified individuals) chosen by the drawing of lots were appointed for two and half years instead of five years. A first renewal of the High Council occurred in September 2015, the second one in March 2018.

The High Council is chaired by the President of the Court of Auditors. The ten other members are: i) four magistrates of the Court of Auditors appointed by the President of the Court; ii) five qualified individuals appointed, respectively, by the presidents of the National Assembly and the Senate, the chairs of the Finance Committees of the National Assembly and the Senate and the President of the Economic, Social and Environmental Council and the Parliament and the Economic and Social Council; and iii) the Director General of the National Institute of Statistics and Economic Studies (INSEE).

Professional competence requirements for Board members

Members are appointed based on their experience and competence in the fields of macroeconomics and public finance. The qualified individuals are appointed after a public hearing by the Finance and Social Affairs Committees of the assembly concerned (National Assembly or Senate). The magistrates and the qualified individuals appointed by the parliamentary authorities must include equal numbers of men and women. Board Members are not allowed to hold political posts.

Prohibition against taking instructions

Article 61-I of the amended Organic Law No. 2001-692 of 1st August 2001 concerning Budget Laws) states that “when they carry out their missions, the members of the High Council of Public Finance must not seek or receive any instructions from the Government or from any public or private person”.

Role of the Chair

The president chairs the meetings, prepares the meetings with the permanent secretariat, is heard by the Finance Committees of the Parliament for main opinions delivered by the HCFP and oversees the HCFP media communication.

Policy dialogue with government

As the government is not constrained by any legislation (except in the correction mechanism), memorandum of understanding or commitment, it is free to react in a discretionary manner. It tends not to react.

Interaction with parliament

The HCFP reported that it participated in 4-6 parliamentary hearings in 2024 but received no parliamentary questions. The opinions of the HCFP were discussed as specific agenda items in parliamentary committee meetings.

Access to non-public information

Legal right to full access but which can (and sometimes is) interpreted as limited to the short time period of referrals. One week before the HCFP has to deliver its opinion, the Government sends it a "referral file" containing relatively detailed information on the budget bill (or other budgetary texts). The information is complemented by some answers of the administration to questions of the HCFP and by hearings of the Treasury, Budget and Social Security departments.

The HCFP reports two types of problem with access to information in 2024:

- when the HCFP was consulted on the macroeconomic framework of the draft Stability Programme in April 2024, the request was late and incomplete, making it difficult to have a precise understanding of the choices made

- when the HCFP was consulted on the macroeconomic forecasts of France's medium-term fiscal-structural plan (MTP) for 2025-2028, the information provided by the Government was insufficient, with no details on the composition of growth beyond 2025, no mention of the reforms and investments needed to benefit from an extension of the budgetary adjustment period from 4 to 7 years, and no explanation of how the Government would reduce its public deficit over the plan's horizon.

Autonomy in recruitment decisions

Yes, but pay level is subject to the same rules as for the Court of Auditors as a whole.

External review of the IFI

HCFP has never been subject to an external evaluation.

Communication

Freedom to communicate

The HCFP can publish opinions only on a defined list of budgetary laws.

Explicit communication strategy

Article 24 of Chapter 6 of the Internal rules of the HCFP states that the opinions of the HCFP should be published on its website .

Leadership role in communication

Article 3 of the Internal Rules of the HCFP states that only the President of the HCFP or a member that the President specifically designates is allowed to speak on behalf of the HCFP regarding its opinions.

Number of press releases/conferences

The HCFP reports that no press releases were made in 2024 and that 1-2 press conferences were organised.

Visibility in media/Presence in social media

The HCFP reports that it was interviewed on mainstream national TV/radio/daily papers regularly throughout 2024, also on

general fiscal and economic issues. It reports a presence in social media. 

Media impact tracking

The documentation service of the Court of Auditors performs media impact tracking on a daily basis (page 23 of the 2019-2022 Activity report).

Staff specialised in communication

No

Organisation of/participation in conferences

The NCFP regularly organises its own conferences including outside experts. Its leadership and members of the Secretariat occasionally participate in conferences organised by others. In May 2024, the annual conference of the HCFP addressed European and national challenges in the area of public debt sustainability. It was organised together with the Ecole Polytechnique and involved several national and international experts.

TASKS

Current status

Produce or endorse annual and multiannual macroeconomic forecasts

Official endorsement of the government`s macroeconomic forecasts used for fiscal planning for both

the annual budgets and the medium-term plans.

Produce or endorse annual and multiannual budgetary forecasts

Official endorsement of budgetary forecast.

Assess the impact of policies on fiscal and growth sustainability

No

Produce or endorse long-term fiscal projections

No

Monitor compliance with country-specific numerical fiscal rules

Ex ante and ex post monitoring performed according to its official mandate for the general government debt rule, budget balance rule and expenditure rule.

IFI performs the ex post forecast evaluation

No

Involved in correction mechanism

Yes. The Government is obliged to propose, within 30 days after receiving a Report from the FPC, a plan with measures (with deadlines for implementation) aiming at fulfilling the fiscal rule.

(De)activation of escape clauses

The FPC reports involvement regarding the rules that it monitors.

Involvement in assessing the medium-term fiscal-structural plans

In November 2024, the FPC reviewed the Medium-Term Fiscal and Structural Plan (MTFSP) for the Period 2025–2028 and, in June 2025, it examined the Progress Report regarding 2024 and 2025 of that plan.

Assessment of national fiscal framework

No

Comply-or-explain requirement

In line with its legal obligation, the government responds to (some) of the monitoring report(s)/statement(s) on fiscal rules of the FPC. No reaction reported in 2024.

CAPACITY

Resources and staffing

Funding grounded in law

Funding is secured through the State Budget (Budget Act).

Adequacy of funding

The FPC reports that adequacy of funding was just right. At the same time, it reports that less than half of the budgeted amount for 2024 of EUR 857.011 was actually used. In accordance with the Fiscal Responsibility Act, only civil servants can be employees of the FPC, which causes significant recruitment problems, as the FPC has no freedom to set salaries of its staff.

Number of Secretariat staff

The FPC reports a staff of 5 (3 economists, 1 legal expert and 1 administrative staff).

Support from other institutions

No, since October 2024, the FPC no longer relies on support from the Office for General Affairs of the Croatian Parliament or the government for managing the administrative, accounting-financial, IT, and public procurement tasks, but is rather using external services from the private market.

Procedures for stability of funds

No

Independence

IFI established by national laws, regulations or binding administrative provisions

Fiscal Responsibility Act (Official Gazette number 111/2018; 83/2023)

Board structure/length of mandate/renewability/appointment procedures

7 (1 President and 6 Members, who are representatives of other independent institutions: State Audit, Economic Institute, Public Finance Institute, Croatian National Bank, Economic Faculty and Faculty of Law), 5-year non-staggered mandates, renewable more than three times. The President is selected through a public call for candidates. The members of the FPC are proposed to the Parliament by independent institutions. The Parliament then must confirm proposed candidates.

Professional competence requirements for Board members

The President of the FPC must be a citizen of and reside in the territory of the Republic of Croatia, must have a university degree or a specialist diploma, at least eight years of professional experience in the field of public finance, macroeconomics, economic policy and accounting with an outstanding track record. The President must not have been convicted of crimes and cannot be a member of a political party or cannot have been a member of a political party for the three years preceding the candidature for president of the FPC. No Board Member is allowed to hold any political or public administration posts.

Regarding the other Board members, the independent institutions referred to above must nominate as their representatives persons from the ranks of eminent scientists and experts, who have completed a graduate university study or a specialist graduate study program, have work experience in the areas of public finance, macroeconomics, economic policy or accounting, and who, since at least three years back are not members of any political party.

Prohibition against taking instructions

No formal prohibition against taking instructions exists, although there are other independence safeguards. Article 12 (2) of the Fiscal Responsibility Act states that "Any form of influence on the work of the Commission that could jeopardize its independence and autonomy in decision-making is prohibited.”

Role of the Chair

The President directs the work of the FPC and convenes and chairs its sessions. He/She signs the acts adopted at its sessions, prepares a proposal for securing funds for the work of the FPC and is the commissioner for the financial and material operations of the FPC.

Policy dialogue with government

No government reaction reported in 2024, as the FPC reports not having produced anything that required one by law.

Interaction with parliament

The FPC reports that, in 2024, it participated in 4-6 parliamentary hearings and received 1-3 parliamentary questions.

Access to non-public information

The FPC reports a legal right to access, albeit with some limitations. Ministries and other central state administration bodies, as well as other budgetary and extrabudgetary users of the state budget are obliged to submit, at the request of the FPC, documents and data necessary for the Commission to carry out its tasks. Agreements/MoUs with the Croatian National Bank and the Ministry of Finance, respectively, on the exchange of statistical data has been signed or are planned. The FPC reports receiving important information only a few days before they are expected to issue an opinion on the government projections.

Autonomy in recruitment decisions

As the Fiscal Responsibility Act lays down that the FPC's office can only hire civil servants, their salaries are set by Law.

External review of the IFI

The FPC is not obliged to undergo independent external reviews, and no such evaluation has taken place.

Communication

Freedom to communicate

The FPC reports being free to communicate at any time.

Explicit communication strategy

No

Leadership role in communication

No

Number of press releases/conferences

The FPC reports that, in 2024, it issued 4-6 press releases and organised 1-2 press conferences.

Visibility in media/Presence in social media

The FPC reports that, in 2024, its leadership was interviewed only in media outlets specialised in economy/finance and issued articles once or twice in the mainstream domestic media, closely linked to the release of opinions/recommendations by the IFI. It also reports being present in social media.

Media impact tracking

The FPC reports that it monitors the number of visitors to its official website and to its LinkedIn account.

Staff specialised in communication

No

Organisation of/participation in conferences

The FPC reports that its leadership and members of the secretariat regularly participate as speakers/discussants in conferences organised by others.

TASKS

Current status

Produce or endorse annual and multiannual macroeconomic forecasts

Performed according to its official mandate. Official endorsement of the government`s macroeconomic forecasts used for fiscal planning for the annual budgets. FCH does not have the legal obligation to endorse the forecast underlying the medium-term budgetary planning. However, the latter one often coincides with the former. No reconciliation procedure.

Produce or endorse annual and multiannual budgetary forecasts

Assessment of budgetary forecasts before the adoption in the Parliament of the budgetary planning documents.

Assess the impact of policies on fiscal and growth sustainability

Performed on a voluntary basis, with sporadic output. Usually, the FCH does not perform policy costing.

Produce or endorse long-term fiscal projections

No

Monitor compliance with country-specific numerical fiscal rules

Both ex ante and ex post monitoring performed according to its official mandate for both budget balance rules and the debt rule.

IFI performs the ex post forecast evaluation

No.

Involved in correction mechanism

The budget can only be accepted when the Council has given its permission (the budget has to decrease the national debt, except when an escape clause is in effect, e.g. for example during a recession).

(De)activation of escape clauses

FCH is involved with regard to the debt rule, but activation and deactivation is outside the scope of the FCH. It is either by the decision of the National Assembly (in cases of national emergency, war, etc.), or – in case of a recession – due to the data.

Involvement in assessing the medium-term fiscal-structural plans

No, but the option is provided by the Hungarian legislation. The most recent three-year outlook of the Council assessed parts of the medium-term fiscal structural plan.

Assessment of national fiscal framework

No

Comply-or-explain requirement

The government responds to written opinion(s)/recommendation(s)/finding(s) as it is legally required to do so, often in detail. In most years, the response was systematically covering all main findings/recommendations in a meaningful manner and was included in the budget law proposal sent to the National Assembly.

CAPACITY

Resources and staffing

Funding grounded in law

Yes

Adequacy of funding

The FCH considers the funding level in 2024 of EUR 540.335 to have been adequate. This covered the expenses related to the chairman and the 4 persons employed at the Secretariat, the costs of travel, and the costs of external research commissioned by the Council. Expenses related to IT, infrastructure, utilities etc are covered by the National Assembly.

Number of Secretariat staff

The secretariat has a staff of less than 4 full-time equivalent persons (1 manager and 3 economists - 2 full time, 2 part-time).

Support from other institutions

The FCH draws on support from the staff of the National Bank (MNB) and the State Audit Office (SAO). From the MNB, this implied 14 experts employed at the directorate for fiscal analysis, plus the director himself, as well as another 4 experts from the macroeconomic department. To deal with the issue of the equity of the National Bank, it also draws on 4 experts from the monetary policy division, bringing the total number of staff to 23 from the MNB. From the SAO, 12 experts from the special analysis department, including its head, usually produce 5-11 reports on topics related to the Fiscal Council remit.

Procedures for stability of funds

There exist no explicit mechanisms for stability of funds.

Independence

IFI established by national laws, regulations or binding administrative provisions

Yes

Board structure/length of mandate/renewability/appointment procedures

The FCH has a Board of 3 persons. The Chair is selected for 6 years, the Members are rotated based on their mandates at their respective mother institutions, implying a certain degree of staggering. The mandates are renewable more than 3 times (except for the MNB member, who can only be re-elected once). The Chairman of the Council is appointed by the President of the Republic, while the heads of MNB and SAO are ex officio members of the Council, i.e. once they are elected to those positions, they automatically become members of the Council. Only the Members must be approved by the National Assembly, whereas the Chair is appointed by the President of the Republic.

Professional competence requirements for Board members

For the Governor of the National Bank and the President of the State Audit Office, the FCH reports the CV requirements to be “self-explanatory”, i.e. the conditions are covered by the requirements of the National Bank Governor/Head of State Audit Office. For the Chair, the regulation asks for an economist with exceptional knowledge of the field, as well as outstanding experience in public finances.

Prohibition against taking instructions

No formal prohibition against taking instructions exists, although there are other independence safeguards. Article 12 (2) of the Fiscal Responsibility Act states that "Any form of influence on the work of the Commission that could jeopardize its independence and autonomy in decision-making is prohibited.”

Role of the Chair

Initiating Council meetings and suggesting agenda; representing the Council.

Policy dialogue with government

The government reacts to monitoring reports/statements on compliance with fiscal rules as it is compelled to do so by legislation. In 2024, the FCH reports that the government reaction to the opinion of the FCH was published in the budgetary document within two weeks and that the associated exchange of views featured prominently in the domestic media.

Interaction with parliament

The FCH reports that, in 2024, it participated in 2-3 parliamentary hearings, but did not receive any parliamentary questions.

Access to non-public information

Legal right to full access.

Autonomy in recruitment decisions

Yes, but someone else sets restrictions on salaries, i.e. the rules of the Office of the National Assembly apply to those employed at the FCH Secretariat.

External review of the IFI

The FCH has never been subject to a comprehensive independent external review.

Communication

Freedom to communicate

The FCH reports being free to communicate at any time.

Explicit communication strategy

No

Leadership role in communication

Yes.

Number of press releases/conferences

The FCH reports that, in 2024, it issued no press releases and did not organise any press conferences.

Visibility in media/Presence in social media

The FCH reports that, in 2024, its leadership was interviewed on mainstream national TV/radio/daily papers regularly throughout the year, also on general fiscal and economic issues and that it issued articles regularly in the mainstream domestic media, closely linked to the release of its opinions/ recommendations. The FCH reports that it is not present in social media.

Media impact tracking

No

Staff specialised in communication

No

Organisation of/participation in conferences

The FCH regularly organises its own conferences including outside experts and its leadership regularly participate as speakers/discussants in conferences organised by others.

TASKS

Current status

Produce or endorse annual and multiannual macroeconomic forecasts

In line with its official mandate, the IFC endorses the government’s macroeconomic forecasts used for fiscal planning for both the annual budgets and the medium-term plans.

The government is free to use its own forecasts, without any obligation to provide justification for deviations from the fiscal institution's forecasts, but an MoU between the IFC and the MoF stipulates that if the IFC would have significant reservations regarding the provisionally final government forecast, these would immediately be communicated to MoF on an informal basis. Further discussions could then take place and a revised forecast addressing the concerns raised could be provided to the IFC as a basis for endorsement. The substantive conclusions of such discussions would be reflected in written communications between the IFC and MoF.

Produce or endorse annual and multiannual budgetary forecasts

In line with its mandate, the IFC assesses the budgetary forecasts after the budgetary planning documents have been adopted by parliament.

Assess the impact of policies on fiscal and growth sustainability

Performed on a voluntary basis, with sporadic output.

Produce or endorse long-term fiscal projections

Performed on a voluntary basis, with regular output.

Monitor compliance with country-specific numerical fiscal rules

In line with its mandate, once per year the IFC monitors ex ante and ex post compliance with budget balance and debt rules at general government level and budget balance rule at local government level.

IFI performs the ex post forecast evaluation

No formal ex post forecast evaluation is carried out. However, as part of the IFC’s mandate to assess the budgetary forecasts, the IFC regularly assesses budgetary forecast errors. As part of the IFC’s endorsement function, the IFC regularly assess the MoF’s macroeconomic forecast errors.

Involved in correction mechanism

Yes, via a comply-or-explain provision.

(De)activation of escape clauses

Under the Fiscal Responsibility Act (2012), the IFC is required to give its opinion on whether “exceptional circumstances” exist or cease to exist.

Involvement in assessing the medium-term fiscal-structural plans

No formal role at present, but IFC delivered an opinion on the macroeconomic forecast and the macroeconomic assumptions underpinning the multi-annual net expenditure path.

Assessment of national fiscal framework

No.

Comply-or-explain requirement

The authorities react in a regular manner based on its own commitment.

CAPACITY

Resources and staffing

Funding grounded in law

Yes

Adequacy of funding

The IFC considers that it needs some more resources. The Council is funded directly from the Central Fund, i.e. the Parliament (Oireachtas) has declared by law that this expenditure is to be paid from the Central Fund without annual reference to the lower House of parliament (Dáil). Funding in the Fiscal Responsibility Act (2012) was capped initially at EUR 800,000 and indexed to HICP inflation. The budget appropriation for 2024 amounted to around EUR 913,000 (ceiling of around EUR 971,000). Due to a temporary drop in staff numbers, only around EUR 753,000 was spent. Plans of increasing the ceiling and linking the indexation to the main items of IFC’s expenses are being discussed.

Number of Secretariat staff

6 (1 manager, 4 economists, 1 administrative staff). Open competition. Secretariat staff appointments and terms are defined in the Fiscal Responsibility Act 2012 and comply with the Public Appointments Service (PAS) process set out in the Guidelines on Appointments to State Boards.

Support from other institutions

No

Procedures for stability of funds

No

Independence

IFI established by national laws, regulations or binding administrative provisions

Yes. Ordinary Law Fiscal Responsibility Act, 2012.

Board structure/length of mandate/renewability/appointment procedures

5 (1 Chair, 4 Members) appointed for a four-year period, renewable up to three times. When there is a vacancy, there is a publicly advertised open competition and a selection committee is formed (consisting of four to five members: one or two representatives from the Public Appointments Service, a representative from the MoF, the Council Chair and an external stakeholder). The selection committee reviews the applicants and draws up a shortlist of three candidates. The Minister of Finance then appoints from the shortlisted candidates.

The initial appointments to the Council were made on a staggered basis with terms of office ranging from two to four years. Thereafter the standard term of office was for four years.

Professional competence requirements for Board members

From the Fiscal Responsibility Act.

“In appointing members of the Fiscal Council, the Minister shall (a) have regard to the desirability of their having competence; (b) and experience in domestic or international macroeconomic or fiscal matters, and (b) to the extent practicable, ensure an appropriate balance between men and women in the membership of the Fiscal Council.”

When vacancies on the Council are advertised, more specific requirements are usually listed (e.g., at least 10 years experience working in fiscal or macroeconomics area).

Prohibition against taking instructions

No such requirement reported.

Role of the Chair

Leadership of the Council: Chairs all Council meetings, signs off on agenda; ensures effectiveness on all aspects of Council’s role; displays high standards of integrity and probity.

Day-to-day advice and liaison with the Head of Secretariat (HoS): Sign-off on working papers etc. Sign-off on social media engagements; performance review of the HoS; Reviews work plans, provides feedback.

External engagements: Engagement with the EU IFI network and other international groupings; Represents Council at conferences and at other meetings/events; Leading Council's interactions with the Oireachtas; Responsible for high-level interactions with Department of Finance and other bodies; Designated spokesperson – press conferences, media articles.

Accountable Officer: Signs off on financial accounts; Accounts for performance of Council to the Oireachtas.

Policy dialogue with government

The IFC produces Fiscal Assessment Reports twice a year. The finance minister responds to each of them. The IFC reports reactions in 2023 and 2024 via open letter within two months. Contents of the response(s) are of varying coverage and quality and produced no meaningful media echo.

Interaction with parliament

In 2024, 2-3 parliamentary hearings and more than 10 parliamentary questions. The IFC is generally invited to hearings by the parliament, though there is no such legal obligation.

Access to non-public information

Access not based on legal provisions, but a memorandum of Understanding only for endorsement-related information. Bilateral communication in other cases. Reports that responses from the Ministry for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation are often slow, but answers are often provided.

Autonomy in recruitment decisions

Yes, but grades and salary scales are fixed to civil service grades.

External review of the IFI

IFC reports that external reviews take place regularly on a voluntary basis. The latest one, produced by the OECD, took place in 2021.

Communication

Freedom to communicate

The IFC reports being free to communicate at any time.

Explicit communication strategy

Yes.

Leadership role in communication

Yes.

Number of press releases/conferences

IFC reports that it made 4-6 press releases in 2024 and organised 3-5 press conferences.

Visibility in media/Presence in social media

IFC reports that its leadership was interviewed on mainstream national TV/radio/daily papers and issued articles in domestic media regularly throughout the year, also on general fiscal and economic issues. IFC has a social media presence.

Media impact tracking

IFC reports that it performs regular tracking of the number of articles that IFC reports appear in as well as the number of X and LinkedIn impressions.

Staff specialised in communication

No

Organisation of/participation in conferences

IFC reports that it regularly organises its own conferences including outside experts and that its leadership and members of the secretariat regularly participate as speakers/discussants in conferences organised by others.

TASKS

Current status

Produce or endorse annual and multiannual macroeconomic forecasts

In line with its mandate, the PBO officially endorses the government’s macroeconomic forecasts used for fiscal planning for both the annual budgets and the medium-term plans. The government is free to use its own forecasts, but deviations from the fiscal institution's forecasts have to be justified publicly

Produce or endorse annual and multiannual budgetary forecasts

In line with its mandate, the PBO assesses the budgetary forecasts before the adoption in the Parliament of the budgetary planning documents.

Assess the impact of policies on fiscal and growth sustainability

The PBO makes costing analysis of the main envisaged policy measures. Policy costings and distributional effects of major legislative measures are performed using either microsimulation models or other simpler instruments, where these models are not useful/suited.

Produce or endorse long-term fiscal projections

Performed according to its official mandate. The PBO's analysis covers medium-term sustainability of public debt, with stochastic and deterministic analysis published in its flagship Reports. It is also working on its own long-term sustainability model encompassing also demographic changes.

Monitor compliance with country-specific numerical fiscal rules

In line with its mandate, the PBO performs ex ante and ex post monitoring of fiscal rules and is carried out after the Government submits the annual budget and its medium-term budgetary programme, but before these documents are voted on by Parliament.

IFI performs the ex post forecast evaluation

Yes

Involved in correction mechanism

The PBO in its analysis would flag the existence of a significant deviation from the MTO in the previous year. This significant deviation would require the adoption of corrective measures by the Government, pursuant to Law n. 243 /2012, article 8, implementing the provision of the Fiscal Compact in the domestic legal order.

(De)activation of escape clauses

The PBO reports involvement regarding the structural budget balance rule.

Involvement in assessing the medium-term fiscal-structural plans

PBO assessed the first MTFSP in 2024.

Assessment of national fiscal framework

Occasionally, on a voluntary basis. In March 2025 the PBO conducted an assessment of the coherence of the national fiscal framework with the new EU economic governance framework. The assessment was presented to the parliamentary working group dedicated to the issue, but at the moment there is no public document, as it is all confidential. The previous assessment of the coherence of the national fiscal framework with the new EU economic governance framework was published on 7 May 2024 with the title "Implications of the new EU governance on national budgetary procedures".

Comply-or-explain requirement

In line with its legal obligation, the government responds to some of the PBO’s monitoring report(s)/statement(s) on fiscal rules. As envisaged by Article 18 of Law n. 243/2012, in case the PBO's assessments are significantly different from those of the Government, upon request of at least one third of the Members of the Parliamentary Budget Committees, the Government must explain to Parliament the reasons why it intends to confirm its own assessments. Otherwise, the Government shall comply with the assessments of the PBO. Whenever the Government presents a request for deviation from the fiscal adjustment path, the PBO is asked to provide an opinion on the request.

CAPACITY

Resources and staffing

Funding grounded in law

Yes. In the 2025 Budget Law the funding provided by the Houses of Parliament was increased from 3 to 3.5 million euros from each House starting from 2025. No automatic indexation to inflation is in place.

Adequacy of funding

The endowment established by the law refers to a fully operational structure, although in 2022 the PBO staff consists of only 24 people, while it may potentially staff up to 40 people. Funding is appropriate for the actual number of staff, but it remains to be seen whether it is appropriate for its maximum potential staff number

Number of Secretariat staff

32 (1 manager, 26 economists, 4 administrative staff, 1 spokesperson/press officer). Legal room to have 40 staff.

Support from other institutions

In line with their legal obligation, the Houses of Parliament provide premises and other facilities to the PBO (for example, IT facilities and support).

Procedures for stability of funds

No

Independence

IFI established by national laws, regulations or binding administrative provisions

Yes. Constitutional Law n. 1/2012, art. 5, line 1, point f; Law n. 243/2012 art. 16,17,18,19.

Board structure/length of mandate/renewability/appointment procedures

3 independent Members (including one Chair) are appointed for non-staggered, non-renewable mandates of 6 years.

They are selected by the two Houses' Chairs from a list of ten people, which is previously voted on by the Budget Committees of both Houses of Parliament, with a two-third majority rule.

Professional competence requirements for Board members

The law mandates that the PBO Board members must be independent and widely recognized experts in public finance and economics, at national or international level. Currently, they are all university professors. All of them were obliged to take a leave of absence from their positions during their terms of office as Board members, as they cannot be employed by someone else at the same time.

Prohibition against taking instructions

There is no explicit ban on taking instructions in the law, which includes a more general phrase: "The Office shall enjoy full autonomy and independence in its judgements and assessments."

Role of the Chair

The President legally represents the PBO and conveys the official position of the institution to the media and in parliamentary committee hearings, if requested. The President proposes the PBO's annual work programme to the Parliamentary Budget Committees. The President calls and defines the agenda of the PBO Board meetings and proposes to the Board the adoption of all PBO reports and analyses. The President appoints and may revoke the Director General of the PBO.

Policy dialogue with government

In 2024, the response(s) were systematically covering all main findings/recommendations in a meaningful manner and were provided within two weeks time. However, as they were conveyed only informally and not in a public way, they gave no media echo.

Interaction with parliament

The PBO reports that it participated in parliamentary hearings more than six times in 2024 but received no parliamentary questions.

Access to non-public information

Access based on Law n. 243/2012. In particular, the PBO is considered part of the national statistical system and therefore has a legal right to access to a wide array of information. The PBO has signed MoUs with several institutions, further regulating its access to information. For 2024, the PBO reports issues with insufficiently detailed and non-timely delivery of information in several areas. For example, the PBO reports no access to budgetary forecasts for trend and policy scenarios before their publication. Moreover, for its analyses, the PBO would need more detailed information than that provided by the government in the official public finance documents. It reports that the information provided about EU fiscal surveillance for 2025 is not sufficiently detailed, especially in view of the reform of EU fiscal governance framework.

Autonomy in recruitment decisions

Yes.

External review of the IFI

The PBO has never been subject to an external evaluation.

Communication

Freedom to communicate

The PBO reports being free to communicate at any time.

Explicit communication strategy

Starting from 2018 the Annual Work Plan of the PBO has included a section specifically dedicated to communication, which describes the annual communication strategy. 

The PBO reports that, in 2024, it strengthened its presence on the social media platform X and opened a LinkedIn account, which aims at reaching professional and institutional communities more effectively. It considers adding an Instagram account in 2025 and to use the new opportunities offered by the WhatsApp channel to send alerts to the media and other stakeholders. Over the last two years, the PBO also improved the institutional website to make it clearer and more accessible. The section of the PBO website related to the dissemination of data and analysis through interactive infographics and short podcasts was developed and updated, something which has received positive feedback from users and specialised media.

Leadership role in communication

Board members, and in particular the PBO President, have the final say on official communication. The regulation for the organization and functioning of the PBO states that The President normally maintains relations with the media and takes part in public events to illustrate the PBO's duties and the decisions taken by the Board. These activities may also be carried out by the other Board Members, subject to the President's approval. The Board may appoint a spokesperson - who may also serve as a press officer - to promote external communication regarding the PBO activities and to manage relations with the media.

Number of press releases/conferences

The PBO reports that, in 2024, it issued more than 10 press releases and organised 1-2 press conferences.

Visibility in media/Presence in social media

The PBO reports that, in 2024, its leadership was interviewed on mainstream national TV/radio/daily papers regularly throughout the year, closely linked to the release of opinions/recommendations by the PBO but published no articles in the domestic press.

Media impact tracking

To monitor and track media impact, the PBO performs daily press and online monitoring, also using a web analytics platform, measuring formal and informal reactions, “long term” mentions on key data and topics and key journalist follow up.

Staff specialised in communication

One spokesperson

Organisation of/participation in conferences

The PBO leadership and members of the secretariat regularly participate as speakers/discussants in conferences organised by others.

TASKS

Current status

Produce or endorse annual and multiannual macroeconomic forecasts

Performed according to its official mandate. Official endorsement of the government’s macroeconomic forecasts used for fiscal planning for both the annual budgets and the medium-term plans (within the meaning of Art. 2.1b of the Two-Pack Regulation 473/2013).

The fiscal institution prepares and (from September 2023) publishes independent macroeconomic forecasts (using own developed econometric models) to evaluate and endorse the forecast of the Ministry of Finance (MoF). If NAOL-BMD is not in the position to endorse the latter, both institutions must reach consensus on addressing the reasons preventing the NAOL-BMD from endorsing it. The NAOL-BMD thus does not have the option not to endorse the MoF forecast.

Produce or endorse annual and multiannual budgetary forecasts

Performed on a mandatory basis, with regular output. NAOL-BMD assesses the budgetary forecasts before the adoption in Parliament of the budgetary planning documents and provides a public opinion, but there is no legislated requirement for the budget or financial update to receive a formal endorsement from the NAOL-BMD.

Assess the impact of policies on fiscal and growth sustainability

No quantification of effects of policies.

Produce or endorse long-term fiscal projections

Performed on a voluntary basis at least every 5 years (unless there are exceptional circumstances) and with a 30-year time horizon.

Monitor compliance with country-specific numerical fiscal rules

NAOL-BMD monitors compliance ex ante and ex post according to its mandate.

Ex-post forecast evaluation

Yes (e.g. as from page 29 in this document). Assessment of the accuracy of macro indicators is not carried out regularly but when deemed necessary.

Involved in correction mechanism

Yes, in line with the Fiscal Compact provisions.

(De)activation of escape clauses

The establishment and cancellation of exceptional circumstances is initiated by the government or its authorised institution by preparing a notice on exceptional circumstances and submitting it to the BMD for its approval along with the updated economic development scenario.

Involvement in assessing the medium-term fiscal-structural plans

NAOL-BMD endorsed the macroeconomic forecast underlying the MTFSP and concluded that it is based on credible macroeconomic assumptions and in line with the projections prepared by the NAOL-BMD. At the time Lithuania was preparing its first MTFSP, there was no legal requirement for the BMD to make such an assessment.

Assessment of national fiscal framework

NAOL-BMD has not published a comprehensive assessment of the national fiscal framework but has covered some issues in its regular reporting.

Comply-or-explain requirement

In case of infringement of the national fiscal discipline rules (if it is detected and concluded in the context of ex-post evaluation done by NAOL-BMD), the government is obliged to publicly respond and react to the conclusions within the budgetary preparation process (in line with the Fiscal Compact). For all other reports, it responds to the NAOL-BMD written opinion(s)/recommendation(s)/finding(s) in line with the procedures set in the Statute of the Parliament where there is foreseen that certain parliamentary Committees have to debate the reports published by the BMD. The MoF always participate in the debate, which is publicly accessible.

CAPACITY

Resources and staffing

Funding grounded in law

Yes. The appropriations to the NAOL as an institution implementing the functions of the budget monitoring department (independent fiscal institution) are granted in the State budget law. The NAOL-BMD has a separate budget line in the annual budget of NAOL.

Adequacy of funding

The NAOL-BMD reports a need for additional resources for salaries. The 2024 approved appropriation was EUR 305.000. Approved plan for salaries was EUR 270.000 while BMD requested EUR 310.000. In 2025 approved plan was EUR 320.000 and requested EUR 376.000.

Number of Secretariat staff

7 (1 manager, 5 economists, 1 administrative staff – with 1 economist being on maternity leave). Requirements for the competence and experience of the staff members of the BMD are stipulated in their job descriptions approved by the Auditor General.

Support from other institutions

The NAOL-BMD is embedded in NAOL, thus benefiting from lower overhead costs (IT systems, buildings, human resource management, communication services, budget integration).

Procedures for stability of funds

No

Independence

IFI established by national laws, regulations or binding administrative provisions

Law on national Audit Office defines the Budget Policy Monitoring authority (article 7(3)). The Budget policy monitoring authority is also defined in Article 2(1) of Constitutional Law on the Implementation of the Fiscal Treaty.

Board structure/length of mandate/renewability/appointment procedures

There are no members of the governing/high-level board in the set-up of the Lithuanian independent fiscal institution. It is headed by an Auditor General, but the day-to-day operations are managed by the Head of the Department.

Professional competence requirements for Board members

Chapter VII (Article 20) in I-907 Lietuvos Respublikos valstybės kontrolės įstatymas  lays down that “The Auditor General may be appointed ... with a higher university education or equivalent, ... with at least 5 years of managerial experience and at least 10 years of audit, legal, economic, public administration, management and (or) financial or pedagogical work experience in these areas.”

CV requirement for NAOL-BMD leadership (Head of the BMD): At least a bachelor’s degree or equivalent and at least 4 years of work experience in the fields of control, finance, economics or sociology research and analysis. The Auditor General sets the job requirements and is responsible for hiring the BMD Head, in accordance with NAOL internal rules.

Prohibition against taking instructions

Article 4.3 of the Law on the National Audit Office and Article 9.1 of the Constitutional Law on the Implementation of the Fiscal Treaty explicitly states that IFI members and staff must not accept instructions from any other institution and person.

Role of the Chair

There are no members of the governing/high-level board in the set-up of the BMD.

Policy dialogue with government

In case of infringement of the national fiscal discipline rules, the government is obliged to publicly respond and react within the budgetary preparation process (in line with the Fiscal Compact). For all other reports, it responds to the NAOL-BMD written opinion(s)/recommendation(s)/finding(s) in line with the procedures set in the Statute of the Parliament where there is foreseen that certain parliamentary Committees have to debate the reports published by the BMD.

Interaction with parliament

The BMD reports that, in 2024, it participated in more than 6 parliamentary hearings and received 1-3 parliamentary questions.

Access to non-public information

Article 9 of the Constitutional Law on the Implementation of the Fiscal Treaty and Article 11 of Law on National Audit Office gives it the right to obtain the documents and information required for the performance of its activities. MoU with Ministry of Finance, Bank of Lithuania, Statistics Lithuania, Ministry of Social Security and Labour, State Social Insurance Fund, Municipalities, State Tax Inspectorate. To receive requested information on time and in sufficient detail, NAOL-BMD reports having had to maintain informal contacts (e. g. calls, emails) with the respective Government institutions about the agreed deadlines and expected quality of the data.

Autonomy in recruitment decisions

Yes, but requirements for the competence and experience of the staff members of the Budget monitoring department are stipulated in their job descriptions, which must be approved by the Auditor General of NAOL.

External review of the IFI

Article 6(5) of Law on National Audit Office defines the obligation to conduct an external review regularly. One was conducted in 2019 (OECD) and another is expected to be publicly available by the end of 2025 (OECD). These evaluations are financed out of NAOL's own budget

Communication

Freedom to communicate

The NAOL-BMD reports being free to communicate at any time.

Explicit communication strategy

NAOL adopted a communication strategy in 2022, to which BMD contributes. The strategy is not public.

Leadership role in communication

No. The position description of the Head of the BMD does not specify a communication function. The Law of the Republic of Lithuania on National Audit Office describes the competence of the Auditor General to represent the institution.

Number of press releases/conferences

The NAOL-BMD reports that, in 2024, it issued press releases 7-10 times and organised 1-2 press conferences.

Visibility in media/Presence in social media

The leadership was interviewed on mainstream national TV/radio/daily papers regularly throughout the year and issued articles regularly in the mainstream domestic media, closely linked to the release of opinions by the IFI. To communicate in social media, BMD uses NAOL social media accounts with distinct BMD logo and colour.

Media impact tracking

Press coverage and number of the visits to the website are being monitored.

Staff specialised in communication

The NAOL-BMD does not have staff specialised in communication. However, NAOL has a Communication and International Relations Department. The BMD works with external communication officers from this department to prepare press releases and messages in social networks, communicate with journalists etc.

Organisation of/participation in conferences

The NAOL-BMD reports that its leadership and members of staff occasionally participate in conferences organised by others.

TASKS

Current status

Produce or endorse annual and multiannual macroeconomic forecasts

The official macroeconomic forecasts are independently produced by STATEC, the sister IFI. The CNFP assesses the macroeconomic forecasts once they are published in the annual and multiannual budget documents.

Produce or endorse annual and multiannual budgetary forecasts

In line with its official mandate, the CNFP assesses the budgetary forecasts before the budgetary planning documents are adopted by Parliament.

Assess the impact of policies on fiscal and growth sustainability

No

Produce or endorse long-term fiscal projections

Long-term sustainability assessments performed on a voluntary basis, with regular output. In 2024, the CNFP published an Assessment of long-term fiscal sustainability, its fourth evaluation of this kind, following two earlier evaluations from October 2017, June 2018 and October 2021.

Monitor compliance with country-specific numerical fiscal rules

In line with its official mandate, the CNFP monitors compliance with the structural balance rule of general government.

IFI performs the ex post forecast evaluation

Yes, it performs the ex-post evaluation of STATEC’s macroeconomic forecasts. The last one was published in 2023 .

The preceding one in 2018. Regarding the budgetary forecast of the government, the most recent evaluation took place in July 2025 .

Involved in correction mechanism

Yes, if a significant deviation from the MTO is found ex post.

(De)activation of escape clauses

CNFP reports involvement regarding the structural balance rule of general government.

Involvement in assessing the medium-term fiscal-structural plans

CNFP performed an ex-post evaluation of the national medium-term budgetary fiscal-structural plan and the annual progress report in May 2025 , but has no official mandate to do so yet.

Assessment of national fiscal framework

No specific evaluation has been performed, but some aspects of it have been included in other assessments.

Comply-or-explain requirement

In line with its obligation laid down in a MoU, the government must comply or explain regarding all recommendations made in the CNFP assessments. However, the CNFP makes a distinction between on the one hand the main recommendations relating to monitoring compliance with the structural balance rule and the application of the correction mechanism and on the other the other recommendations arising from the legal missions of the CNFP. For the former, the Ministry shall provide the CNFP with an explanation within two months if it does not follow the main recommendations made by the CNFP, whereas for the latter, the Ministry shall proceed in the same manner, but a lesser degree of detail is accepted.

CAPACITY

Resources and staffing

Funding grounded in law

Article 7(7) of the modified law of 12 July 2014 states: “The Council’s operating costs are covered by the State budget.”

Adequacy of funding

CNFP reports funding as comfortably adequate, with only around ¾ of a total appropriation of EUR 100.000 used in 2024. Human resources covered fully by Ministry of Finance (MoF) staff budget. Operating expenses of CNFP have a specific line in the MoF budget.

Number of Secretariat staff

2.5 economists (civil servants on detachment from MoF).

Support from other institutions

IT systems and communication services such as maintaining the website are provided by the Government IT Centre, whereas office space, human resource management (wages, leave etc) and budget integration are provided by the MoF.

Procedures for stability of funds

No

Independence

IFI established by national laws, regulations or binding administrative provisions

Ordinary Law. Articles 7 and 8 of the modified Law of 12 July 2014 on the coordination and governance of public finances.

Board structure/length of mandate/renewability/appointment procedures

7 (1 Chair and 6 Members). 2 Members proposed by the Parliament; 1 Member proposed by the National Audit Office; 1 Member proposed by an employers’ organization; 1 Member proposed by an employees’ organization and 2 Members proposed by the Government. Formal appointment by the Grand-Duke (by decree). Normally, the 4-year mandates start simultaneously, but due to some late appointments, they are now staggered to some extent. Mandates are renewable more than three times. The Council itself elects its Chair.

Professional competence requirements for Board members

No specific conditions apply, but the law mentions "members are recognized for their economic and financial competence".

Prohibition against taking instructions

No such explicit ban exists. Article 7 of the modified 12 July 2014 law on the coordination and the governance of the public finances states that the Members of the CNFP performs their duties in an independent and neutral manner.

Role of the Chair

Proposal of meetings and agendas. External representation.

Policy dialogue with government

In line with its obligation laid down in a MoU, the government responds to CNFP’s written recommendations on compliance with fiscal rules and on macroeconomic and budgetary forecasts.

Interaction with parliament

The CNFP reports that, in 2024, it participated in 2 parliamentary hearings but received no further parliamentary questions.

Access to non-public information

No legally protected access reported. The CNFP reports privileged but limited access via a MoU with MoF. No issues reported in the last two years.

Autonomy in recruitment decisions

Yes, but only civil servants can be hired.

External review of the IFI

The CNFP has never been subject to an external evaluation.

Communication

Freedom to communicate

The CNFP reports being free to communicate at any time.

Explicit communication strategy

No

Leadership role in communication

Only the Chair communicates with the media.

Number of press releases/conferences

The CNFP reports that, in 2024, it issued 7-10 press releases and organised 1-2 press conferences.

Visibility in media/Presence in social media

Been interviewed on mainstream national TV/radio/daily papers and issued articles in the mainstream domestic media regularly throughout the year, closely linked to the release of opinions/recommendations by the IFI. The CNFP reports no social media presence.

Media impact tracking

No

Staff specialised in communication

No

Organisation of/participation in conferences

The CNFP reports that members of the secretariat regularly participate in conferences organised by others.

TASKS

Current status

Produce or endorse annual and multiannual macroeconomic forecasts

In line with its official mandate, STATEC produces the macro-economic forecasts used for fiscal planning for both the annual budgets and the medium-term plans. There is a legal or constitutional obligation to use the fiscal institution's forecasts.

Produce or endorse annual and multiannual budgetary forecasts

On a voluntary basis, STATEC regularly produces budgetary forecasts, but these are not used for the national fiscal planning. The government is free to use its own forecasts, without any obligation to provide justification for deviations from STATEC’s forecasts.

Assess the impact of policies on fiscal and growth sustainability

No

Produce or endorse long-term fiscal projections

STATEC does not assess long-term sustainability but produces long-term macroeconomic forecasts up to 2060.

Monitor compliance with country-specific numerical fiscal rules

No

IFI performs the ex post forecast evaluation

The other IFI, CNFP is mandated to perform the task, STATEC acts in case significant biases are identified in the macro forecast.

Involved in correction mechanism

No

(De)activation of escape clauses

No

Involvement in assessing the medium-term fiscal-structural plans

STATEC produced the macroeconomic scenario on which the plan was based.

Assessment of national fiscal framework

No

Comply-or-explain requirement

No.

CAPACITY

Resources and staffing

Funding grounded in law

No. STATEC is funded by the annual budget of the central government.

Adequacy of funding

STATEC reports funding adequacy was just right, although, in 2024, it only spent around EUR 21 million out of an appropriation of around EUR 37 million. Pending payments for staff and premises is reported to explain this difference.

Number of Secretariat staff

STATEC reports a total staff of 177 (19.5 managers, 60.3 economists, 47.52 administrative staff and 49.85 others). Staff is recruited under the rules of the general procedure for recruiting civil servants (GovJobs portal).

Support from other institutions

STATEC reports that it receives support through the Comité économique et financier national, which coordinates work related to Luxemburg’s EU economic and financial governance obligations, facilitates the exchange of relevant data and information among national authorities, and assists the government in analyzing public finance and economic policy issues.

Procedures for stability of funds

No

Independence

IFI established by national laws, regulations or binding administrative provisions

Yes

Board structure/length of mandate/renewability/appointment procedures

8 (Director General, Deputy Director General, Head of macroeconomic statistics division, Head of enterprise statistics division, Head of social statistics division, Head of business cycle analyses and modelling division, Head of Statec Research divisions, Head of General Services Division, Head of IT); Director General and Deputy Director General are appointed by the government.

Head of divisions are appointed by the Director General. The Director General and the Deputy Director General are appointed for a 7-year term, renewable more than 3 times. However, the current Director General was still appointed under the old regime for an unspecified number of years. Board Members allowed to hold political posts.

Professional competence requirements for Board members

There are no formal rules. Nevertheless, high level members of the institution have a university degree and most have long standing experience in the field of statistics (experts).

Prohibition against taking instructions

[No information available]

Role of the Chair

The director/chairman has the ultimate responsibility of all decisions taken.

Policy dialogue with government

No

Interaction with parliament

STATEC reports that, in 2024, it participated in 2-3 parliamentary hearings and replied to more than 10 parliamentary questions though not all related to its IFI tasks.

Access to non-public information

The law of July 10, 2011 on the organization of the National Institute of statistics and economic studies stipulates that public administrations, municipalities and public establishments as well as all natural or legal persons are obliged to provide the statistical information requested by STATEC within the deadlines set in its request (Art. 13-15). MoUs with Eurostat, ECB, OECD to access to financial accounts, balance of payment data, OECD data. Access to administrative sources (social security, VAT declarations, very detailed Budget data, etc) covered by MoUs. Tacit agreements with other administrations. An issue with insufficiently detailed information regarding data on central government reported in 2024.

Autonomy in recruitment decisions

Yes, but the salary level is set in law regarding civil servants (“Code Administratif de la Fonction Publique”).

External review of the IFI

1)STATEC was audited along with every EU statistical office as part of the European Statistical System Peer Review. The Review Report highlighted 17 recommendations for better compliance with the Code of Practice for European Statistics. These recommendations each fell into one of three categories: Protecting Trust in Official Statistics, Strengthening the National Statistical System, Embedding Quality Management Approaches throughout the National Statistical System ( full report ).

2)Assessment of the reliability of STATEC’s macroeconomic forecasts by the National Council of Public Finances (CNFP) ( full report )

Communication

Freedom to communicate

STATEC reports being free to communicate at any time.

Explicit communication strategy

The STATEC social media strategy is being revised as part of a new work program. An external communication strategy is currently being developed.

Leadership role in communication

Yes

Number of press releases/conferences

STATEC reports that, in 2024, it issued more than 10 press releases and organised 3-5 press conferences.

Visibility in media/Presence in social media

In 2024, STATEC leadership was interviewed on mainstream national TV/radio/daily papers regularly throughout the year and issued articles regularly in the mainstream domestic media, also on general fiscal and economic issues.

Media impact tracking

Yes

Staff specialised in communication

Yes

Organisation of/participation in conferences

STATEC regularly organises its own conferences including outside experts and occasionally participate in conferences organised by others.

TASKS

Current status

Produce or endorse annual and multiannual macroeconomic forecasts

Performed according to its official mandate. Official endorsement of the government`s macroeconomic forecasts used for fiscal planning for both the annual budgets and the medium-term plans (within the meaning of Art. 2.1b of the Two-Pack Regulation 473/2013). Reconciliation mechanism regulated via a MoU.

Produce or endorse annual and multiannual budgetary forecasts

No production/endorsement/assessment of budgetary forecasts, but the FDC produces tax revenue forecasts and compare them to government’s figures.

Assess the impact of policies on fiscal and growth sustainability

No quantification of effects of policies

Produce or endorse long-term fiscal projections

Performed on a voluntary basis, with regular output. Last long term sustainability assessment done in December 2022.

Monitor compliance with country-specific numerical fiscal rules

Ex ante and ex post monitoring according to its official mandate

Ex post forecast evaluation

From time to time, the FDC performs a formal ex-post evaluation of the macroeconomic forecasts. The latest one (from 2023) can be found in the most recent Surveillance report  (pp 36-41).

Involved in correction mechanism

According to the MoU with the MoF the FDC assesses whether the conditions for the correction mechanism apply according to the Article 11 of the Fiscal Discipline Law.

(De)activation of escape clauses

FDC reports involvement for the debt, budget balance and expenditure rules.

Involvement in assessing the medium-term fiscal-structural plans

Yes. The FDC issued an opinion on the macroeconomic forecasts underlying the 2025-2028 MTFSP and has issued a surveillance report on its implementation.

Assessment of national fiscal framework

No

Comply-or-explain requirement

The government responds to (some) of FDC’s monitoring report(s)/statement(s) on fiscal rules in a mandatory manner as it was compelled by a Memorandum of Understanding.

(“5.14 In cases where the Council's assessment includes recommendations for introducing changes to fiscal policy, in their response MoF explains that the recommendations will be implemented or explains how other measures will ensure compliance with the targets set in the FDL. The Council can comment upon MoF's reply regarding whether the attainment of fiscal targets set in the FDL is being ensured.”)

CAPACITY

Resources and staffing

Funding grounded in law

According to Section 31.6 of the Fiscal Discipline law (Ensuring of the work of the FDC), the Ministry of Finance shall plan the expenditure necessary for the provision of the work of the FDC in a separate budget programme (sub-programme) of the Ministry of Finance. The FDC budget is a separate line in the budget of the Ministry of Finance (a subprogram).

Adequacy of funding

The FDC reports that the funding for 2024 of around EUR 300.000 was just right. It used about 80% of the amount.

Number of Secretariat staff

4 (0.5 manager, 2.5 economists, 0.5 legal expert, 0.5 administrative staff)

Support from other institutions

In accordance with the Fiscal discipline law section 31(2), the activities of the Council shall be technically ensured by the Ministry of Finance. MoF shall ensure IT support and the Treasury basic accounting support.

Procedures for stability of funds

Article 31.6 of the Fiscal Discipline Law stipulates a number of minimum items that the MoF must cover, including the remuneration for the members of the Council at least for six meetings of the FDC per year, the remuneration for the Secretary of the Council; the remuneration for experts invited by the Council, transport and accommodation expenditure for the members of the Council and expenditure necessary for the technical provision of the activities of the Council.

Independence

IFI established by national laws, regulations or binding administrative provisions

Yes. Articles referring to the FDC are within Chapter III - Fiscal Discipline Surveillance of the Fiscal discipline law.

Board structure/length of mandate/renewability/appointment procedures

6 Members (Chair, deputy Chair and four Council members) appointed for six-year mandates, renewable once. Initially 3 Members nominated for 6 years and 3 Members for 3 years to achieve staggered mandates. 3 representatives nominated according to the joint proposal of the Governor of the Bank of Latvia and the Minister of Finance, and 3 representatives nominated by at least ten deputies of the parliament.

Professional competence requirements for Board members

In accordance with the Fiscal discipline law, Members should be specialists in the field of finance and economics from Latvia or another Member State of the European Union and have experience in fiscal policy issues.

Prohibition against taking instructions

There has so far not been any explicit prohibition against taking outside instructions, but Section 21 of Fiscal discipline law provides that the Council is independent.

Role of the Chair

In accordance with the Fiscal discipline law, the Chair of the Council shall 1) organise and manage the work of the Council; 2) convene and chair meetings of the Council; 3) hire and dismiss from work the secretariat of the Council; 4) represent the Council without special authorisation.

Policy dialogue with government

The legal base for the policy dialogue have been defined in the provisions of Memorandum of understanding between MoF and FDC as he following:

Based on the information received from MoF, other appropriate state institutions or the decisions of the Cabinet of Ministers, the FDC assesses fiscal policy by preparing:

- A fiscal discipline monitoring report (monitoring report) on the draft annual state budget and MTBF, which is submitted to parliament simultaneously with the abovementioned documents;

- An interim report (opinion) on the Stability programme of Latvia; (SP to be updated with MTFSP)

- A non-conformity report if an infringement has been identified, in accordance with Section 29 of the FDL;

- The FDC's opinion on questions that are important for the maintenance of fiscal discipline.

The FDC prepares an opinion on fiscal policy matters after they have been reviewed and approved in the Cabinet of Ministers or upon receipt of information from MoF, … and the assessment pertaining to the correction mechanism.

MoF encourages the FDC's participation in the meeting of the Cabinet of Ministers in order that FDC representatives could express a preliminary opinion if an item with fiscal impact is being discussed, even though the final opinion is included in the documents specified above.

The FDC invites MoF to the FDC and working group meetings to coordinate opinions prior to their expression in the Cabinet of Ministers, and improve the representation of the goals of fiscal policy in government documents.

Interaction with parliament

The FDC reports that, in 2024, it participated in 4-6 parliamentary hearings but received no parliamentary questions.

Access to non-public information

According to Section 28(9)(2) of the Fiscal Discipline Law, the FDC may request and receive the information from the State institutions necessary for the performance of its tasks. The Council has full access to non-public information. The issue is covered by a Memorandum of Understanding.

Autonomy in recruitment decisions

Yes.

External review of the IFI

FDC reports that an external review took place in 2025. The State Audit Office audits are limited in scope. OECD reviewed the FDC in 2021 .

Communication

Freedom to communicate

The FDC reports being free to communicate at any time.

Explicit communication strategy

Yes. Communication strategy of the FDC .

Leadership role in communication

According to Fiscal Discipline Law, the Chair has the right to represent the organisation in single person - therefore he/she is the main communicator of the FDC’s opinions in mass media, parliamentary and cabinet of ministers’ sessions etc. If unavailable, he/she delegates this task to another member of the FDC.

Number of press releases/conferences

The FDC reports that, in 2024, it issued 7-10 press releases but held no press conferences.

Visibility in media/Presence in social media

The FDC reports that its leadership was interviewed on mainstream national TV/radio/daily papers regularly throughout the year, also on

general fiscal and economic issue but published no articles in the national press. The FDC is present in social media.

Media impact tracking

The FDC receives daily mass media monitoring reports, including anything related to the FDC, its members or fiscal discipline. The FDC also uses Google analytics to analyse webpage activity (Number of sessions increased by 63% to 3651 sessions in 2024 and the number of active users rose by 13% to 2277.) The FDC has ordered a detailed analysis of its mass media presence.

Staff specialised in communication

No

Organisation of/participation in conferences

The FDC reports that, in 2024, its leadership and members of its Secretariat occasionally participated in conferences organised by others.

TASKS

Current status

Produce or endorse annual and multiannual macroeconomic forecasts

In line with its official mandate, MFAC officially endorses the government’s macroeconomic forecasts used for fiscal planning for both the annual budgets and the medium-term plans. No reconciliation procedure, but informal contacts take place.

Produce or endorse annual and multiannual budgetary forecasts

In line with its official mandate, MFAC officially endorses the government’s budgetary forecasts used for national fiscal planning. MFAC does not yet produce a fully-fledged fiscal forecast of its own but has started to issue estimates for the main revenue components in its assessments.

Assess the impact of policies on fiscal and growth sustainability

No quantitative policy measure assessment.

Produce or endorse long-term fiscal projections

No assessment of long-term sustainability

Monitor compliance with country-specific numerical fiscal rules

In line with its mandate, MFAC performs ex ante and ex post monitoring of general government debt and structural balance rules.

IFI performs the ex post forecast evaluation

Yes ( 2024 and 2023 ).

Involved in correction mechanism

Yes

(De)activation of escape clauses

When performing an assessment, the MFAC is required by law to state whether exceptional circumstances exist or have ceased to exist. However, MFAC is not formally requested to suggest that an escape clause be triggered, and there is no automatic process to trigger the escape clause even if MFAC concludes that exceptional circumstances exist.

Involvement in assessing the medium-term fiscal-structural plans

MFAC was not involved in the elaboration or assessment of the MTFSP but endorsed the macroeconomic and fiscal forecasts of the Annual Progress Report in 2025.

Assessment of national fiscal framework

Article 13(3)(f) of the Fiscal Responsibility Act states that MFAC shall "provide information and advice to Government and the Public Accounts Committee concerning any legislative proposals on the maintenance of fiscal discipline and the transparency of the fiscal and the budgetary policies and processes.". MFAC conducted such an assessment in 2025.

Comply-or-explain requirement

The government responds to MFAC’s written opinion(s)/recommendation(s)/finding(s) in a broad sense and in a discretionary manner as it is not constrained by legislation, memorandum of understanding or commitment.

CAPACITY

Resources and staffing

Funding grounded in law

Article 55 of the Fiscal Responsibility Act.

Adequacy of funding

The MFAC budget was initially set at EUR 250,000 in 2015 and has since been adjusted annually for inflation reaching EUR 300.000 in 2024. That year, MFAC had expenses of EUR 319.000 and covered the shortfall with past savings. MFAC signals a need for some more resources.

Number of Secretariat staff

At end 2024, staff was composed of 5 persons (1 chief economist, 2 senior economists, 1 economist and 1 administrator). In 2025, an additional economist was hired, bringing the total to 6.

Support from other institutions

No

Procedures for stability of funds

MFAC funding is indexed to inflation by law since 2015.

Independence

IFI established by national laws, regulations or binding administrative provisions

Article 42-61 of the Fiscal Responsibility Act, 2014

Board structure/length of mandate/renewability/appointment procedures

The MFAC consists of three Members, including the Chair, all appointed for a period of four years by the Minister of Finance after consultation with the opposition. A person may not be a member of the Fiscal Council for more than two consecutive terms of office but shall otherwise be eligible for reappointment.

Professional competence requirements for Board members

Having competence and experience in domestic and international macroeconomic and fiscal matters is desirable. To the extent practicable, there should be an appropriate balance between men and women in the membership of the Fiscal Council.

Prohibition against taking instructions

Article 43 of the Fiscal Responsibility Act states that the members of MFAC will not seek or receive instructions from public authorities or from any other institution or authority.

Role of the Chair

Same as the other Council Members.

Policy dialogue with government

In 2024, MFAC produced a number of publications including policy recommendations that warranted a reaction from the government, but the latter did not respond.

Interaction with parliament

MFAC reports that, in 2024, it did not participate in any parliamentary hearings nor received any parliamentary questions. The Public Accounts Committee can audition the Chair of the Council. The last time this happened was in 2017.

Access to non-public information

Article 46 of the Fiscal Responsibility Act gives MFAC full access. For 2024, MFAC reported no issues.

Autonomy in recruitment decisions

Yes

External review of the IFI

MFAC reports that it has never been subject to an external evaluation.

Communication

Freedom to communicate

MFAC reports being free to communicate at any time.

Explicit communication strategy

No

Leadership role in communication

The Chair does not have a particular external communication role.

Number of press releases/conferences

MFAC reports that, in 2024, it issued 4-6 press releases but organised no press conferences.

Visibility in media/Presence in social media

MFAC reports that, in 2024, its leadership was interviewed on mainstream national TV/radio/daily papers and issued articles in the mainstream domestic media regularly throughout the year, closely linked to the release of opinions/recommendations by the IFI. The MFAC recently activated accounts in social media to increase its visibility and to transmit economic and fiscal updates to the public, issuing posts from time to time.

Media impact tracking

MFAC reports that it monitors website traffic and clicks, responses of newspapers to press releases and articles, and social media reactions.

Staff specialised in communication

No

Organisation of/participation in conferences

MFAC reports that its leadership occasionally participates in conferences organised by other, while members of the Secretariat do so regularly.

TASKS

Current status

Produce or endorse annual and multiannual macroeconomic forecasts

No (performed by CPB, the other IFI)

Produce or endorse annual and multiannual budgetary forecasts

No (performed by CPB, the other IFI)

Assess the impact of policies on fiscal and growth sustainability

No

Produce or endorse long-term fiscal projections

No

Monitor compliance with country-specific numerical fiscal rules

Performed according to its official mandate, both ex ante and ex post for the debt and budget balance rule.