The Functions and Impact of Fiscal Councils
Policy Papers, July 16, 2013
Source details
- Canonical URL
- The Functions and Impact of Fiscal Councils
Other formats
Bibliographic details
- Published: July 16, 2013
- Series: Policy Papers
Summary and purpose
- Rapidly growing number of countries have established independent agencies aimed at promoting sound fiscal policies.
- Fiscal councils vary greatly in remit, tasks, and institutional forms.
- Common features:
- Explicit mandate enshrined in legislation.
- A “watchdog” role implying a direct contribution to the public debate on fiscal policy.
- Strict non-partisanship in their activities.
- Fiscal councils are facilitators of sound public finances; they do not have discretion to set policy instruments and are not decision makers deliberately insulated from politics.
Comparison with central banks
- Unlike independent central banks in the monetary policy area, fiscal councils:
- Lack discretionary authority to set policy instruments.
- Serve as non-decision-making facilitators rather than insulated policymakers.
Historical and analytical context
- Earlier IMF staff analysis of non-partisan fiscal agencies: IMF, 2005, expanded by Debrun, Hauner and Kumar, 2009.
- A handful of similar bodies have been in place for a long time—mostly in advanced economies.
Bibliographic and subject metadata
- Publication date: July 16, 2013
- Citation format indicated: Chicago
- Citation text from page: The Functions and Impact of Fiscal Councils, (USA: International Monetary Fund, 0) accessed 9/18/2026
- Subjects: Financial management, Fiscal analysis, Fiscal policy, Public finance
Source: The Functions and Impact of Fiscal Councils (IMF web landing page).
Content in this bundle
- The Functions and Impact of Fiscal Councils; IMF Policy Paper; July 16, 2013