Fiscal Policy Councils abroad

Councils abroad

Professor Simon Wren-Lewis has put together a list of Fiscal Policy Councils in different countries and academic papers regarding the presence of Fiscal Policy Councils. You will find his list here.

Irland may establish a Fiscal Policy Council

The Irish economic crisis has led to a reevalutaion of its fiscal policy. Amongst the suggested alterations is initiating an independent fiscal watchdog. On several occasions they have looked towards Sweden and the Swedish Fiscal Policy Council and to the experiences that they have had.

Radio show on the Irish crisis and the Swedish crisis in the nineties external link, opens in new window
The Irish Examiner on Fiscal policy Councils

Hungarian Fiscal Council in risk of termination

In November 2010, the Hungarian ruling party, Fidesz, proposed a budget cut for the Fiscal Council. From an annual budget of almost 3 million euros, they would instead get 36.000 euros. Together with a proposed change in the member appointment procedure, this would heavily impede the council´s future work, and would in practice put an end to it as an independent fiscal policy institution.

“There is only one country in the world where an existing independent fiscal institution has been scrapped," Kopits told the newspaper Vilaggazdasag in an interview. “The name and place: Hugo Chavez´ Venezuela."

Earlier this autumn, the Hungarian Fiscal Policy Council voiced concern regarding changes in the Hungarian budget and the lack of fiscal transparency.

Wall-Street Journal external link, opens in new window
Bloomberg
Hungarian Fiscal Council

The British debate on the Office for Budget Responsibility

Lars Calmfors comment on the British debate about the Office for Budget Responsibility's independence.
Read the article in The Guardian
Calmfors interviewed by BBC Scotland

Professors Simon Wren-Lewis and David Blanchflower have given their opinions regarding the debate about the Office for Budget and Responsibility. Wren-Lewis argues that the current structure could be made to work, whilst Blanchflower agrees with Lars Calmfors' point of view.
Wren-Lewis' article
Blanchflowers's article

Sam Flemming, Economics Editor of The Times, comments on the appointment of Robert Chote as chairman for the OBR and the recent debate regarding fiscal policy councils. He notes, amongst other things, Lars Calmfors' remarks on the OBR´s lack of independence and IMF´s suggested network of European councils.
Read the article

A new breed of fiscal watchdogs

The Council´s chairman, Lars Calmfors, has together with George Kopits (chairman of the Hungarian Fiscal Policy Council) and Coen Teulings (director of Netherlands Bureau for Economic Policy Analysis), published an article regarding the importance of independent fiscal institutions and how these can contribute in re-establishing trust in fiscal policy and preventing future fiscal crises.
The article can be read in English (Eurointelligence), German (Financial Times Deutschland), Hungarian (Népszabadság) and Italian (La Reppublica).

Conference on Fiscal Policy Councils

In March 2010, The Hungarian Fiscal Policy Council organised a conference on fiscal policy institutions. Lars Calmfors participated with a presentation of a paper on Swedish lessons and experiences.
Calmfors paper
Presentation
Homepage for the conference external link, opens in new window