European Fiscal Compact in Action: Can Independent Fiscal Institutions Deliver Effective Oversight?

Michal Horvath

Discussion Papers from Council for Budget Responsibility

Abstract: The paper explores if EU independent fiscal institutions (IFIs) are in a position to exercise effective scrutiny over national fiscal policies. It identifies substantial heterogeneity across IFIs in resources which is not matched by a similar diversity in mandates, and highlights the role of local ownership as a potentially important factor in explaining this. In addition to financial and human resources, better access to information, effective comply-or-explain mechanisms and closer links with legislatures could enhance fiscal scrutiny and accountability in the EU. The paper provides rankings of individual IFIs constructed based on measures that quantitatively aggregate these pre-conditions for effective fiscal scrutiny.

Keywords: Fiscal Compact; European Union; fiscal councils; fiscal policy; democracy (search for similar items in EconPapers)
JEL-codes: E62 F45 H61 H77 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2017-01
New Economics Papers: this item is included in nep-eec and nep-mac
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:cbe:dpaper:201701

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