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EU IFIs voice concerns about pro-cyclical fiscal stance

EU IFIs voice concerns about pro-cyclical fiscal stance
In the latest issue of their bi-annual joint publication, several EU Independent Fiscal Institutions (IFIs) voice concerns about favourable economic conditions not being used to improve the underlying budgetary position in their countries. While they see growth prospects as solid in the next two years, EU IFIs also highlight considerable risks to this benign outlook stemming from both domestic vulnerabilities such as high private debt and external threats of a deterioration in global trade.

This edition of the European Fiscal Monitor contains contributions from 24 independent national fiscal monitoring bodies from the EU as well as an overview produced by the Network’s Secretariat in collaboration with the Centre for Applied Macro-Finance at the University of York.

In addition, in two special sections entitled “In focus”, the Secretariat of the Network provides a report of the collaborative work among Network members in the last six months. The first section on forecasting and forecast evaluation presents a non-technical summary of the results from a survey of Network members concerning their practices in these areas. The second special section reproduces the Network’s earlier call for more work to be done at both the EU and the national levels to develop effective medium-term budgetary frameworks in EU member states.

The aim of the European Fiscal Monitor is to provide an independent input from the national level into the discussions taking place in an EU and global context on fiscal developments in individual EU member states. The individual country entries are the sole responsibility of the institutions that produce them. The representatives of the Network or other IFIs do not necessarily share the views expressed in the individual contributions.

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