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Network Chair calls for evaluation of Fiscal Compact implementation

Network Chair calls for evaluation of Fiscal Compact implementation
On 2 February, José Luis Escrivá, the Chair of the Network of EU Independent Fiscal Institutions, called on the European Commission and the Council to publish an evaluation of the implementation of the Treaty on Stability, Convergence and Governance at the national level.

The Network Chair did so as he addressed the joint session of the Network with alternate members of the Economic and Financial Committee of the European Union and members of the newly established European Fiscal Board.

In his intervention, he expressed disappointment about the lack of progress in ensuring that EU fiscal councils are in a position to exercise effective surveillance over national governments. This includes the lack of adequacy and timeliness in the provision of relevant information by both national and EU-level institutions. Moreover, the involvement of EU independent fiscal institutions in the discussions on the future of the EU fiscal framework has been minimal, in spite them being an integral part of the EU's fiscal surveillance architecture.

The Network Chair also highlighted the rarity of effective response by governments to the recommendations raised by EU independent fiscal institutions whether on issues related to fiscal transparency or the adequacy of fiscal adjustment. He envisaged further work by the Network aimed at highlighting the shortcomings in the practical implementation of the relevant EU legislation and the Fiscal Compact.
In a separate session with Commission officials, the Network presented a detailed account of the experience with comply-or-explain mechanisms at the national level, and received helpful update on some of the practical aspects of fiscal surveillance at the EU level.

See the full text of the presentation of the Chair of the Network and Comply or Explain Survey for more information.

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