European Fiscal Board

The European Fiscal Board (EFB) is the fiscal council of the European Union, watching over its fiscal sustainability. It was instituted in 2016 as one of the elements proposed by the Five Presidents’ Report in June 2015.[1]

History

The Five Presidents' Report report was prepared by then-president of the European Commission Jean-Claude Juncker, in close cooperation with the presidents of the Euro summit, Eurogroup, European Central Bank, and the European Parliament.[2]

Activities

In 2021, the European Fiscal Board supported the continued suspension of some fiscal prudence rules of the EU Stability and Growth Pact[3] and proposed scrapping the 60% debt-to-GDP ratio limit prescribed therein. The EFB instead suggested that the debt limits be country specific.[4]

References
  1. Asatryan; Heinemann (2018). Independent Fiscal Councils: Watchdogs or lapdogs? (PDF). Centre for Economic Policy Research. pp. 165–173. ISBN 978-1-912179-08-4.
  2. Juncker, Claude (2015). "The Five Presidents' Report: Completing Europe's Economic and Monetary Union". European Commission. Archived from the original on 2019-11-19.
  3. Valero, Jorge (2021-06-17). "Euro fiscal watchdog endorses suspension of Stability Pact in 2022". www.euractiv.com. Retrieved 2021-09-14.
  4. Valero, Jorge (2020-07-02). "EU fiscal watchdog wants to scrap 'unrealistic' 60% debt limit". www.euractiv.com. Retrieved 2021-09-14.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.