This includes national fiscal rules, independent fiscal institutions (IFIs), medium-term budgetary frameworks (MTBFs), fiscal statistics, the quality of public financial management and arrangements designed to support political priorities like, for example, the green transition and equal opportunities.
Why are national fiscal frameworks important?
Policy experiences show that strong fiscal frameworks and institutions can help contain the deficit bias in fiscal policy, can increase national ownership and stabilise economic expectations while also allowing budgeting to support specific priorities, for example, the green and digital transition and gender equality. Fiscal frameworks can support an efficient use of public resources by setting, for example, the conditions for efficient management of public investments and for monitoring the efficiency of public spending programmes. .
In 2005, within the reform of the Stability and Growth Pact, the European Council required EU Member States to strengthen their domestic fiscal governance through fiscal rules and institutions. National fiscal frameworks were further reinforced following the adoption of ground-breaking EU legal requirements such as the Budgetary Frameworks Directive, the Fiscal Compact and the regulation on Draft Budgetary Plans (Two-Pack).
Publications
Belu Manescu, C. and A.M., Dobre, (forthcoming), Chapter 13 “Governance arrangements for EU-funded and nationally funded public investment in the EU ”, in Governance of public investment projects: a cross-country comparative perspective (Eds.), Edited by Zerjav, V., Welde M., and Holst Volden G., Wiley Publishing
This report takes stock of the tasks and capacity of independent fiscal institutions in the EU and consists of a Commission communication and a staff working document containing individual IFI fact sheets.
This Economic Brief shows how Sweden’s fiscal framework restored discipline and lowered public debt, and how it is being adapted to meet new spending needs, including on defence.
This paper looks into existing and potential links between green budgeting and other green policy tools, and challenges with ensuring such links.
This Interim Progress Report informs about the progress made on the national transposition of the amendments to EU directive on budgetary frameworks.
This paper supports reflection on how to approach assessments of the macro-fiscal risks from climate change. It includes country examples on green budgeting as a tool to help assess macro-fiscal effects of climate change mitigation and adaptation efforts.
This paper analyses the gaps still to fill by Member States for national legislation to be aligned with the provisions on independent fiscal institutions in the amended Directive on national budgetary frameworks.
This paper discusses the challenges and practical solutions in the planning of public investment projects and provides evidence from the EU.
This paper proposes to approach disaster risk financing in a structured way along four pillars and three stages of development.
This paper explores the recent improvements to spending reviews, focusing on projects supported through different EU initiatives.
This discussion paper presents key findings on the implementation and functioning of MTBFs in the EU over the last decade and on identified past and future challenges.
This paper discusses the different tasks, mandates and potential avenues for future improvement of the EU Independent Fiscal Institutions (IFIs).
This paper explains the changes to national fiscal frameworks done since the great recession and analyses how these frameworks have performed during the economic shock caused by the COVID-19 pandemic.
This paper investigates how national fiscal rules have supported numerical compliance with EU fiscal rules.
This paper provides new evidence on public investment management practices in the EU, based on a survey with all EU Member States.
This paper provides evidence on national disaster financing practices in the EU and non-EU Member States, along five elements leading to a disaster risk financing strategy.
The paper reviews concepts used in analysing gender budgeting practices and provides country examples of these practices.
The paper presents the theory of public investment management through a review of the literature. It discusses its main components, strengths and weaknesses of the process and provides specific country examples.
This paper provides study on the effects of natural disasters in US states and the fiscal reaction of both state and federal policy.
This paper presents the theoretical approach to disaster risk financing and provides evidence from the EU and the EU Member States.
European Commission, Closing the climate protection gap – Scoping policy and data gaps, European Commission Staff Working Document, May 2021.
This annual report presents a review of key policy developments and analytical findings in the area of public finances.This annual report presents a review
This publication collects different experiences of spending reviews. It highlights challenges encountered by practitioners and puts forward possible...
This annual report presents a review of key policy developments and analytical findings in the area of public finances.
European Commission, Review of the Suitability of the Council Directive 2011/85/EU on requirements for budgetary frameworks of the Member States, European Commission Staff Working Document, SWD(2020)211 final, 5 February 2020.
European Commission, Quality of public finances: Spending reviews as a key tool to enhance public investment in the Euro Area. Technical note to the Eurogroup, August 2019.
European Commission, Quality of public finances: enhancing ownership in spending reviews. Technical background note by Commission staff, May 2018.
European Commission, Quality of public finances: spending reviews for smarter expenditure allocation in the euro area, key insights from the April-May 2017 Commission survey addressed to euro area Member States (Note for the attention of the Eurogroup), June 2017.
Vandierendonck, C., Public Spending Reviews: design, conduct, implementation, European Commission, European Economy Discussion Paper 525, July 2014.