Functions and activities of the Fiscal Council

The Fiscal Council is an advisory body charged with assessing Estonian fiscal policy. The Council assesses the macroeconomic and monetary forecasts of the state and how well the budget rules are followed, in accordance with the requirements in the State Budget Act and European Union law.

For this purpose, the Council:

The legal basis for the Fiscal Council is the State Budget Act passed by the Riigikogu. Under European Union law a similar sort of council needs to be set up in each member state of the euro area. The Fiscal Council acts independently in the execution of its duties and does not accept guidance from Eesti Pank, the government or any other bodies from the public or private sectors. The government must justify to the public any failure to take account of the opinion of the Fiscal Council.

The Fiscal Council meets whenever necessary, but at least five times a year. The Council has six members. The Council’s Chair, Vice-Chair and four members are nominated to office for a period of five years by the Eesti Pank Supervisory Board at the proposal of the Governor of the central bank.

The assessments and opinions of the Fiscal Council are published on its website.

Regulations governing the Fiscal Council: