Medium-Term Budgetary Frameworks in the EU Member States

Monika Sherwood

No 21, European Economy - Discussion Papers from Directorate General Economic and Financial Affairs (DG ECFIN), European Commission

Abstract: Effective budgetary management requires medium-term planning, by which the horizon for fiscal policymaking is extended beyond the annual budget cycle. All EU Member States have some sort of a Medium-Term Budgetary Framework (MTBF) in place but these frameworks differ substantially across countries in terms of political commitment, planning horizon, coverage, level of detail, formulation of targets, exclusion of certain items, carryover arrangements and binding nature. The experience of the recent crisis shows that allowing for more flexibility in the design of the MTBFs might be warranted. This, however, should be accompanied by more transparency in adjusting of the budgetary targets and increased role for independent monitoring of government's fiscal policy and execution.

JEL-codes: H50 H60 (search for similar items in EconPapers)
Pages: 40 pages
Date: 2015-12
New Economics Papers: this item is included in nep-eec
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Citations: View citations in EconPapers (4)

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