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European Fiscal Monitor

The European Fiscal Monitor will be published twice a year and involves contributions from individual EU IFIs (or fiscal councils) on the main events and challenges in the economies, public finances and fiscal frameworks of EU member states. The aim of the publication is to provide the IFIs with a platform to convey their key messages to an international audience interested in national budgetary matters. Each individual entry in the European Fiscal Monitor is the sole responsibility of the respective national IFI.

January 2018

January 2018
  • EU economies register solid growth rates, and the macroeconomic outlook remains positive

  • Fiscal stance is estimated to turn pro-cyclical in several countries and some economies show signs of overheating
  • The link between projected fiscal stance and available fiscal space (debt-to-GDP) is weaker in 2017 than in 2016
  • There is a significant heterogeneity across EU countries in the extent of medium-term orientation in budgeting

Country Notes

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