Enhancing fiscal governance IMAD Policy Workshop FISCAL CONSOLIDATION, POLICY FRAMEWORK, AND GOVERNANCE Ljubljana, 20 June 2011 - PowerPoint PPT Presentation

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Enhancing fiscal governance IMAD Policy Workshop FISCAL CONSOLIDATION, POLICY FRAMEWORK, AND GOVERNANCE Ljubljana, 20 June 2011

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Enhancing fiscal governance IMAD Policy Workshop FISCAL CONSOLIDATION, POLICY FRAMEWORK, AND GOVERNANCE Ljubljana, 20 June 2011 Anna Iara European Commission, DG ECFIN – PowerPoint PPT presentation

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Title: Enhancing fiscal governance IMAD Policy Workshop FISCAL CONSOLIDATION, POLICY FRAMEWORK, AND GOVERNANCE Ljubljana, 20 June 2011


1
Enhancing fiscal governanceIMAD Policy
Workshop FISCAL CONSOLIDATION, POLICY
FRAMEWORK, AND GOVERNANCE Ljubljana, 20 June
2011 Anna IaraEuropean Commission, DG
ECFINFiscal governance and fiscal statistics
2
2
Enhancing fiscal governance
Outline
  • Fiscal governance frameworks? definition? why
    relevant? Insights from empirical research
  • Fiscal governance in EU Members
  • Enhancing fiscal governance in the EU? Council
    directive on requirements for budgetary
    frameworks of the Member States? national
    fiscal frameworks regular assessment and
    peer review
  • Enhancing fiscal governance considerations for
    Slovenia

3
Enhancing fiscal governance
Fiscal governance framework definition
  • Rules, regulations and procedures that influence
    how budgetary
  • policy is planned, approved, carried out, and
    monitored
  • Budgetary accounting systems
  • Processes to draft and adopt the budget
  • Numerical fiscal rules
  • Preparation of macroeconomic and budgetary
    forecasts
  • Expenditure control
  • Multi-annual budgetary planning
  • Etc.

4
Enhancing fiscal governance
Fiscal governance insights from empirical
research
Numerical fiscal rules I
  • US experience provides insights for EMU(von
    Hagen, 1991 Eichengreen and Bayoumi, 1994
    Alesina and Bayoumi, 1996 Bohn and Inman, 1996)
  • Effectiveness of fiscal rules depends on their
    design
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