the fiscal compact, eu ifis and the new european fiscal board - roel beetsma, european fiscal board...

Roel Beetsma

MN Chair in Pension Economics, University of Amsterdam, CEPR and CESifo

Member, European Fiscal Board

Fiscal council session Discussion of Escriva

9th Annual Meeting of the OECD PBOs & IFIs

Edinburgh, April 6-7, 2017

Overview:

Updated IMF dataset (with help of Xiaoxiao Zhang) on 39 IFI’s –

see Beetsma, Debrun and Sloof (2017)

Remit

Channels of influence

Guarantees of independence

Circumstances around conception

How can national IFI’s and EFB strengthen each other?

Universiteit van Amsterdam

Proliferation councils (BDS, 2017)

Universiteit van Amsterdam

Proliferation rules and councils (BD, 2017):

Universiteit van Amsterdam

Proliferation rules and councils (BD, 2017):

Universiteit van Amsterdam

Proliferation rules and councils (BD, 2017):

Universiteit van Amsterdam

Circumstances around emergence (BDS, 2017)

Universiteit van Amsterdam

Circumstances around emergence (BDS, 2017)

Universiteit van Amsterdam

Remit of IFIs (BDS, 2017)

Universiteit van Amsterdam

Channels of influence (BDS, 2017)

Universiteit van Amsterdam

Guarantees of independence (BDS, 2017)

Universiteit van Amsterdam

Independence and signal-enhancing (BD, 2017):

Universiteit van Amsterdam

Summarizing:

Circumstances under which councils are conceived are very

heterogeneous; no specific relationship with

Government popularity

Colour of government

Parliamentary support

Institutional capital via good and impartial analysis

Influence of IFIs mainly via public reports and media

Few formal instruments, such as “comply or explain”, “formal

consultation or hearing”, let alone stalling the budget process

Resources and safeguards on budget is another issue – see

e.g. Dutch “Rekenkamer” (resources squeezed by govt)

Universiteit van Amsterdam

How can IFI’s and EFB strengthen each other?

Bilateral contacts and workshops / multilateral via existing

networks (EUIFIS, EUNIFI, OECD)

Exchanging best practices, e.g. on methodological issues such

as framework for analysis, reporting, influencing budget process

Facilitating common understanding (technical issues,

interpretation of analyses and conclusions)

Universiteit van Amsterdam

How can IFI’s and EFB strengthen each other?

Exchange of insights on design issues, such as design of

budgetary and monitoring frameworks, further strengthening EU

fiscal framework and strengthening monitoring

Scope for further strengthening IFI’s in European legal

framework?

See results of second EUNIFI survey, e.g. follow up on IFI

endorsement of macro forecasts, access-to-information,

comply or explain (not in 2-pack), adequacy of resources

Universiteit van Amsterdam

THANK YOU!