Reviewing the National Budgetary Frameworks: An Opportunity to Strengthen Independent Fiscal Institutions?

Christos Axioglou, Oskar Grevesmühl and Martijn Hoogeland

No 186, European Economy - Discussion Papers from Directorate General Economic and Financial Affairs (DG ECFIN), European Commission

Abstract: Following the introduction of EU legislation in the wake of the financial crisis, including the 2011 Directive on national budgetary frameworks and the 2013 “Two-pack” Regulation, EU Independent Fiscal Institutions (IFIs) have grown rapidly in number and have taken on a variety of tasks. At the same time, they have also come to exhibit substantial heterogeneity. In this paper, we review the existing regulatory and legal framework underpinning the activities of IFIs in order to identify possible avenues to strengthen the role of IFIs. In particular, the identified options relate to tasks, resources and independence safeguards of IFIs, taking international standards and best practice as a starting point and keeping in mind the need to preserve national ownership. This analysis provides useful insights and background to the Commission proposal for a reform of EU economic governance framework.

JEL-codes: E62 H11 H60 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2023-06
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Persistent link: https://EconPapers.repec.org/RePEc:euf:dispap:186

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