The EU Progress Report and Fiscal Transparency
19 November 2015
As you know, the EU progress report was released last week. It may have escaped your attention in the report but it would seem that fiscal policy is not on the EU’s radar all that much. It would be understandable if it wasn’t. No immediate problems strike the eye in the budgetary balance and the debt stock in terms of fiscal discipline. In a section consisting of a single paragraph, it says a) that the annual budget is drafted as a part of the medium-term budgetary framework, b) that fiscal discipline is maintained despite the lack of a Fiscal Council and c) that the budgetary transparency is adequate. The only criticism is that revolving funds remain outside the budgetary process.