The global financial crisis of 2008 created fiscal problems for many countries around the world. In Europe, the idea of establishing independent fiscal institutions (IFIs), which has subsequently spread around the world, was a response to these challenges.<\/p>\n\n\n\n
The functions and powers of fiscal institutions differ from country to country, as EU regulation provides some room for freedom in this regard, depending on the existing institutional and administrative structure. The regulation is not binding for EU member states outside the Eurozone, although it reflects best practices for maintaining fiscal sustainability through independent budgetary policy assessment.<\/p>\n\n\n\n
The IMF, like the EU, sees independent fiscal institutions as an opportunity to improve the sustainability of public finances through more responsible fiscal policy. “\u2026rather than tying the hands of politicians, fiscal councils are expected to increase the reputational and political costs of fiscally irresponsible choices.”<\/p>\n\n\n\n
Please note! The material is available for review in Ukrainian only<\/em><\/strong><\/p>\n\n\n\n Source:<\/em><\/strong> https:\/\/ces.org.ua\/policy-brief-on-the-establishment-of-an-independent-fiscal-institution\/<\/p>\n","protected":false},"excerpt":{"rendered":" The IMF, like the EU, sees independent fiscal institutions as an opportunity to improve the sustainability of public finances through more responsible fiscal policy<\/p>\n","protected":false},"featured_media":869,"template":"","reports-author":[201],"reports-country":[36],"reports-type":[142],"reports-topic":[242],"acf":[],"yoast_head":"\n