Fiscal Policy Councils abroad

Fiscal councils abroad

The interest in fiscal councils has been steadily increasing over the past years and independent fiscal institutions are currently being established within the euro area, in line with the new regulation of the reformed Stability and Growth Pact (SGP).

Professor Simon Wren-Lewis has compiled a list of fiscal councils in different countries and a list of academic papers on fiscal institutions. You will find his list here.

On fiscal councils

OECD is currently in the process of drafting principles for independent fiscal institutions. A working paper with these guidelines can be found here:

Draft principles for independent fiscal institutions

OECD also discusses how fiscal councils can affect fiscal performance in this paper:

How can fiscal councils strengthen fiscal performance?

This article by Lars Calmfors, George Kopits and Coen Teulings, the former Chairman of the Swedish Fiscal Policy Council, the former Chairman of the Hungarian Fiscal Council and the former Head of the CPB Netherlands Bureau for Economic Policy Analysis respectively, discusses the importance of independent fiscal institutions:

A new breed of fiscal watchdogs