About the Fiscal Council
Uncontrolled fiscal deficit and public debt accumulation jeopardizes economic stability, prospects of state development and the welfare of future generations. Sound fiscal policy is transparent, predictable and involves fiscal risk concerns. In Serbia, amendments and supplements to the Budget System Law introduced the Fiscal Council and fiscal rules. The new institution and new principles in the Serbian fiscal system should assist in reaching fiscal and financial stability, transparency and predictability.
The Fiscal Council is an independent state body, accountable to the National Assembly of the Republic of Serbia. On March 31, 2011, the National Assembly adopted a decision on the appointment of the Fiscal Council members. On April 5, 2011, the Fiscal Council assumed their post by taking an oath of office before to the National Assembly. There are three Fiscal Council members. Professional services are established for professional and administrative purposes. The Fiscal Council work is stipulated by the Budget System Law.
The Fiscal Council mission is to assess the credibility of the fiscal policy in terms of compliance with established fiscal rules and to provide the publicity and responsibility in fiscal policy implementation. By making an independent survey of fiscal policy and stimulating professional discussions on fiscal policy, the Fiscal Council should improve fiscal responsibility trend in the Republic of Serbia.
So as to meet the goals, the Fiscal Council reviews macroeconomic and fiscal suppositions based on which Government documents were developed, provides an independent and credible assessment of the economic policy, assesses fiscal risks and the prospects for the Government to fulfill its fiscal objectives in the future and assesses to what extent the Government respected fiscal rules in the past.
During budget development and adoption procedure, the Fiscal Council performs different activities: prepares an opinion on draft Fiscal Strategy Report, prepares and submits the analysis on revised Government Fiscal Strategy Report, prepares an analysis of the draft Budget Law, prepares an analysis of the proposed Law on final accounts of the budget and prepares assessments on fiscal impact of draft laws.
