Center of Excellence in Finance
Learning and Regional Cooperation in South East Europe
The workshop will examine the role of strong fiscal institutions in improving the quality of fiscal management and helping to ensure fiscal sustainability. The workshop will review good practices for a sound budget process (e.g. fiscal forecasting, budget execution and treasury management, and reporting). These elements, combined with sound management and reporting on fiscal risks, are key for implementing a medium-term orientation of fiscal policy as part of a medium-term budget framework (MTBF). The workshop will also address different types of fiscal rules and their properties and discuss options for specific design features (e.g. choice of the target variable, escape clauses, automatic correction mechanism, coordination with sub-national governments). Finally, the workshop will explore the possible role of fiscal councils in strengthening fiscal performance by raising public awareness and accountability. *These learning activities are delivered as part of the EU-funded Strategic Planning and Budgeting project. The overall objective of the project is to strengthen beneficiary countries’ capacities to design and implement medium-term macro-fiscal policies. Complete information on the project can be found at the website: www.cef-see.org/bcpdi/spb.