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National independent fiscal institutions need to be stronger to perform effectively: economic governance
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| Published in: | Intereconomics volume:59; year:2024; pages:112-118; month:03; number:2; 59(2024), 2 vom: März, Seite 112-118 |
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| Authors and Corporations: | |
| Type of Resource: | E-Book Component Part |
| Language: | English |
| published: |
2024
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| Series: |
Intereconomics, 59(2024), 2 vom: März, Seite 112-118
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| Subjects: | |
| Source: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
| ISSN: |
1613-964X
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| License: |
| Summary: | In April 2023, the European Commission issued a directive proposal on EU economic governance reform. The Council cut some tasks of Independent Fiscal Institutions (IFIs) that were in the Commission directive proposal; whether this cutting is justified is an open question. Early this year, the Council and the Parliament reached a provisional agreement on the proposed reform of the EU economic governance framework. The vision of the Commission that would involve IFIs in the assessment of fiscal-structural plans is not groundless. But structural reforms and investment analysis demand expertise that hardly exists in most national IFIs, and their involvement in policy design could be perceived as a technocratic inroad into democratic decision-making. In order to play a more significant and effective role, national IFIs need adequate resources and enhanced analytical capacity; their activity depends heavily on the policy design of the EU economic governance. National IFIs should view their role from a macroprudential perspective, too. The role of IFIs should not go beyond what most of them can deliver effectively, so that their status and reputation are not harmed. |
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| ISSN: |
1613-964X
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| DOI: | 10.2478/ie-2024-0023 |
| Access: | Open Access |