OECD Review of the Slovak Council for Budget Responsibility
Independent fiscal institutions (IFIs) represent a major innovation in public financial management.
In accordance with the European fiscal framework, IFIs have become an important feature of the oversight of public finances in the EU. The OECD has been bringing together IFIs through its Network of Parliamentary Budget Officials and Independent Fiscal Institutions (PBO Network) since 2009. The PBO Network seeks to identify and share good practices and to set standards for IFIs across member countries. It developed the 2014 OECD Recommendation on Principles for Independent Fiscal Institutions, which includes a provision on the need for IFIs to undergo external evaluations. The logic behind this is simple – with independence comes accountability. Just as IFIs help hold governments accountable, they have a special duty to be accountable as well. The review presented here is part of a series of IFI reviews.
The Slovak Council for Budget Responsibility was set up in 2012 as an independent body to monitor and evaluate the fiscal performance of the Slovak Republic. Undertaken at the request of the Council, this Review provides options and recommendations in light of national developments and international experience. Recommendations build on the strengths of the existing arrangements for the Council and observed challenges.
The Council has become a credible source of fiscal policy analysis anchored in strong perceptions of independence, non-partisanship and technical expertise. At the same time, it faces challenges and pressures related to access to information, operating a comprehensive suite of state of the art models with limited capacity and increased demands in relation to policy costing.
The Structural Reform Support Programme (SRSP) provided funding for this Review, and the Review was organised in co-ordination with Mr. Guilhem Blondy of the European Commission’s Directorate-General for Structural Reform Support (DG REFORM). It is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of OECD member countries or those of the European Commission.