{
  "title": "The Functions and Impact of Fiscal Councils",
  "publication": "Policy Papers, July 16, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/the-functions-and-impact-of-fiscal-councils-pp4791",
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  "summary": "In recent years, a rapidly growing number of countries have established independent agencies aimed at promoting sound fiscal policies.",
  "sections": [
    {
      "heading": "Summary and purpose",
      "content": "- Rapidly growing number of countries have established independent agencies aimed at promoting sound fiscal policies.\n- Fiscal councils vary greatly in remit, tasks, and institutional forms.\n- Common features:\n  - Explicit mandate enshrined in legislation.\n  - A “watchdog” role implying a direct contribution to the public debate on fiscal policy.\n  - Strict non-partisanship in their activities.\n- 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."
    },
    {
      "heading": "Comparison with central banks",
      "content": "- Unlike independent central banks in the monetary policy area, fiscal councils:\n  - Lack discretionary authority to set policy instruments.\n  - Serve as non-decision-making facilitators rather than insulated policymakers."
    },
    {
      "heading": "Historical and analytical context",
      "content": "- Earlier IMF staff analysis of non-partisan fiscal agencies: IMF, 2005, expanded by Debrun, Hauner and Kumar, 2009.\n- A handful of similar bodies have been in place for a long time—mostly in advanced economies."
    },
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      "content": "- Publication date: July 16, 2013\n- Citation format indicated: Chicago\n- Citation text from page: The Functions and Impact of Fiscal Councils, (USA: International Monetary Fund, 0) accessed 9/18/2026\n- Subjects: Financial management, Fiscal analysis, Fiscal policy, Public finance\n\nSource: The Functions and Impact of Fiscal Councils (IMF web landing page).\n\n---\n\n Content in this bundle\n\n- The Functions and Impact of Fiscal Councils; IMF Policy Paper; July 16, 2013\n  - The Functions and Impact of Fiscal Councils; IMF Policy Paper; July 16, 2013 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - The Functions and Impact of Fiscal Councils; IMF Policy Paper; July 16, 2013 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/the-functions-and-impact-of-fiscal-councils-pp4791"
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    "Published: July 16, 2013",
    "Series: Policy Papers",
    "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:",
    "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.",
    "Unlike independent central banks in the monetary policy area, fiscal councils:",
    "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.",
    "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",
    "**The Functions and Impact of Fiscal Councils; IMF Policy Paper; July 16, 2013**"
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