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Latvia
Fiscal discipline council
The Council and its activities
6-7 April 2017
Outline of the presentation
1. General information
2. The Council and the Secretariat
3. Output and duties
6-7 April 2017 2
The Council was established in 2014
• An independent cellegial institution established to monitor
compliance with the Fiscal discipline law (FDL) passed in 2013
• The Council is reponsible for…
• Monitoring compliance with FDL provisions during the preparation,
execution and amendment of the state budget law and the medium-
term budget framework
• Preparing opinions and annual reports on fiscal discipline
6-7 April 2017 3
The Council in context of the functions
Yes No
Normative analysis X
Forecast preparation X
Forecast assessment X
Long-term sustainability X
Optimality (the assessment of government budgetary and fiscal
performance in relation to fiscal objectives and strategic priorities) X
Costing of measures X
Monitoring of fiscal rules X
Ex-post assessment X
Mandate beyond fiscal policy X
IFI functions according to OECD
6-7 April 2017 4
The Council in context of the principles
Yes No
Local ownership X
Independence and non-partisanship X
Mandate X
Resources X
Relationship with legislature X
Access to information X
Transparency X
Communication X
External evaluation X
Principles for IFIs according to OECD
6-7 April 2017 5
The Council has access to necessary information and
resources
• The FDL stipulates that the Council can request and receive
all necessary and pertinent information from state
institutions
• The Council currently has adequate financing to perform its
duties
6-7 April 2017 6
Members of the Council are approved by parliament
• The Latvian parliament (Saeima) approves Council members
for a term of six years
• To ensure political independence, Council members are not
allowed to hold positions in political parties
6-7 April 2017 7
The Council has six members
• Three Council members are nominated by ten MPs, and
three jointly by the Governor of the Bank of Latvia and the
Minister of Finance
• Experts in economics and finance from all EU member states
are eligible for membership
6-7 April 2017 8
Current Council members
• The Chairman: Jānis Platais, expert on public financial management
and government finance statistics
• Deputy Chairman: Ingars Eriņš, Chancellor and associate professor at
Riga Technical University
• The Council also includes:
• Andžs Ūbelis, expert on public financial management;
• Martins Kazaks, chief economist of Swedbank Latvia;
• Morten Hansen, Head of Economics Department at Stockholm
School of Economics in Riga, national of Denmark;
• Ülo Kaasik, vice president of the Bank of Estonia, national of
Estonia.
6-7 April 2017 9
The Council is assisted by the Secretariat
• The Secretariat consists of…
• Dace Kalsone, head of agency
• Elīna Veide, expert on macroeconomics
• Emīls Ķīlis, expert on fiscal risks
• Elīna Lucka, economist
• Annual budget in the amount of EUR 0.2 million
6-7 April 2017 10
The Council prepares an annual surveillance report
• The report is submitted to the Cabinet of Ministers together
with the draft annual budget & draft medium-term budget
framework
• The report contains sections on (i) fiscal policy issues, (ii) the
macroeconomic outlook and (iii) assessment of whether the
draft budget is in compliance with numerical fiscal rules
6-7 April 2017 11
The surveillance report also contains the assessment
on the adequacy of the fiscal safety provision
• The government is responsible for preparing a statement
containing all known sources of fiscal risk
• Based on the analysis, a fiscal safety provision shall be
established
• The Council is required by law to assess whether the
amount of the provision is sufficient to counter the impact
of fiscal risks
6-7 April 2017 12
As part of the European semester, the Council
prepares an interim report on the Stability programme
• The Stability programme outlines the Government's
medium-term policy each spring in preparation for the
budget debate
• The Council's report presents an opinion on proposed policy
measures and identifies issues that have to be addressed
during the preparation of the budget
6-7 April 2017 13
The Council prepares non-confomrity reports in case of
finding the decisions of the Cabinet not compliant with FDL
• If the Council detects infringements of the FDL or these
become known to the Council, it prepares a non-conformity
report
• The report (i) brings the attention of the Prime minister,
Parliament, and the Finance minister to the non-conformity
and (ii) makes recommendations for its rectification
6-7 April 2017 14
The Council approved a communications strategy
• Inform and educate cooperation partners and target
audiences to obtain their support in public debates for
defending the principles of fiscal discipline;
• Strengthen the image of FDC by emphasising the
competence and independence of the experts and
strengthening the recognition of Council memebrs;
• Proactively react to policy decisions, which could affect fiscal
discipline.valsts
6-7 April 2017 15
Research priorities for 2017
• Fiscal Sustainability Report
• Public opinion survey on the understanding of key fiscal
discipline concepts
6-7 April 2017 16
Thank you for your attention!
6-7 April 2017
Fiscal Discipline Council
Smilšu str. 1-512 Rigā LV-1919
Phone.: +371 6708 3650
E-mail: info@fdp.gov.lv
Web: http://fdp.gov.lv
Twitter: @Fiskalapadome
Facebook: fiskalapadome
Youtube: Fiskālā padome
Blog: http://sekretariats.blogspot.com

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New institutions, updates and evaluations - Janis Platais, Latvia

  • 1. Latvia Fiscal discipline council The Council and its activities 6-7 April 2017
  • 2. Outline of the presentation 1. General information 2. The Council and the Secretariat 3. Output and duties 6-7 April 2017 2
  • 3. The Council was established in 2014 • An independent cellegial institution established to monitor compliance with the Fiscal discipline law (FDL) passed in 2013 • The Council is reponsible for… • Monitoring compliance with FDL provisions during the preparation, execution and amendment of the state budget law and the medium- term budget framework • Preparing opinions and annual reports on fiscal discipline 6-7 April 2017 3
  • 4. The Council in context of the functions Yes No Normative analysis X Forecast preparation X Forecast assessment X Long-term sustainability X Optimality (the assessment of government budgetary and fiscal performance in relation to fiscal objectives and strategic priorities) X Costing of measures X Monitoring of fiscal rules X Ex-post assessment X Mandate beyond fiscal policy X IFI functions according to OECD 6-7 April 2017 4
  • 5. The Council in context of the principles Yes No Local ownership X Independence and non-partisanship X Mandate X Resources X Relationship with legislature X Access to information X Transparency X Communication X External evaluation X Principles for IFIs according to OECD 6-7 April 2017 5
  • 6. The Council has access to necessary information and resources • The FDL stipulates that the Council can request and receive all necessary and pertinent information from state institutions • The Council currently has adequate financing to perform its duties 6-7 April 2017 6
  • 7. Members of the Council are approved by parliament • The Latvian parliament (Saeima) approves Council members for a term of six years • To ensure political independence, Council members are not allowed to hold positions in political parties 6-7 April 2017 7
  • 8. The Council has six members • Three Council members are nominated by ten MPs, and three jointly by the Governor of the Bank of Latvia and the Minister of Finance • Experts in economics and finance from all EU member states are eligible for membership 6-7 April 2017 8
  • 9. Current Council members • The Chairman: Jānis Platais, expert on public financial management and government finance statistics • Deputy Chairman: Ingars Eriņš, Chancellor and associate professor at Riga Technical University • The Council also includes: • Andžs Ūbelis, expert on public financial management; • Martins Kazaks, chief economist of Swedbank Latvia; • Morten Hansen, Head of Economics Department at Stockholm School of Economics in Riga, national of Denmark; • Ülo Kaasik, vice president of the Bank of Estonia, national of Estonia. 6-7 April 2017 9
  • 10. The Council is assisted by the Secretariat • The Secretariat consists of… • Dace Kalsone, head of agency • Elīna Veide, expert on macroeconomics • Emīls Ķīlis, expert on fiscal risks • Elīna Lucka, economist • Annual budget in the amount of EUR 0.2 million 6-7 April 2017 10
  • 11. The Council prepares an annual surveillance report • The report is submitted to the Cabinet of Ministers together with the draft annual budget & draft medium-term budget framework • The report contains sections on (i) fiscal policy issues, (ii) the macroeconomic outlook and (iii) assessment of whether the draft budget is in compliance with numerical fiscal rules 6-7 April 2017 11
  • 12. The surveillance report also contains the assessment on the adequacy of the fiscal safety provision • The government is responsible for preparing a statement containing all known sources of fiscal risk • Based on the analysis, a fiscal safety provision shall be established • The Council is required by law to assess whether the amount of the provision is sufficient to counter the impact of fiscal risks 6-7 April 2017 12
  • 13. As part of the European semester, the Council prepares an interim report on the Stability programme • The Stability programme outlines the Government's medium-term policy each spring in preparation for the budget debate • The Council's report presents an opinion on proposed policy measures and identifies issues that have to be addressed during the preparation of the budget 6-7 April 2017 13
  • 14. The Council prepares non-confomrity reports in case of finding the decisions of the Cabinet not compliant with FDL • If the Council detects infringements of the FDL or these become known to the Council, it prepares a non-conformity report • The report (i) brings the attention of the Prime minister, Parliament, and the Finance minister to the non-conformity and (ii) makes recommendations for its rectification 6-7 April 2017 14
  • 15. The Council approved a communications strategy • Inform and educate cooperation partners and target audiences to obtain their support in public debates for defending the principles of fiscal discipline; • Strengthen the image of FDC by emphasising the competence and independence of the experts and strengthening the recognition of Council memebrs; • Proactively react to policy decisions, which could affect fiscal discipline.valsts 6-7 April 2017 15
  • 16. Research priorities for 2017 • Fiscal Sustainability Report • Public opinion survey on the understanding of key fiscal discipline concepts 6-7 April 2017 16
  • 17. Thank you for your attention! 6-7 April 2017 Fiscal Discipline Council Smilšu str. 1-512 Rigā LV-1919 Phone.: +371 6708 3650 E-mail: info@fdp.gov.lv Web: http://fdp.gov.lv Twitter: @Fiskalapadome Facebook: fiskalapadome Youtube: Fiskālā padome Blog: http://sekretariats.blogspot.com