Following its meeting on 18 May 2010, the Council of the European Union has published its conclusions on domestic fiscal frameworks. Among its conclusions the Council calls for regular assessment and peer review of Member States’ fiscal frameworks drawing on:
- A check list of desirable features of domestic fiscal frameworks, building on best practices and acknowledging differences in political, institutional and cultural contexts.
- Member States’ policy experiences in reforming fiscal governance, particularly of those countries having fiscal frameworks that have proved effective in budgetary discipline and macro economic stabilization.
- Analysis of the impact of the crisis on existing frameworks and ongoing reforms.
The Council also invites the European Commission and the Economic Policy Committee (EPC) to promote the exchange of best practices, in particular in view of elements that have proven to be the most successful in underpinning fiscal consolidation efforts and in contributing to build up sustainable public finances, and to continue monitoring the development of fiscal frameworks. The Council encourages the Commission and the EPC to report on the main features of successful examples of fiscal framework reforms in specific Member States.
View Council conclusions on domestic fiscal frameworks, 18 May 2010