The Supervisory Board of Eesti Pank confirmed the statute of the Fiscal Council April 09, 2014

The Fiscal Council is an independent advisory body charged with assessing Estonian fiscal policy.

The Fiscal Council will meet whenever necessary, but at least five times a year. The statute requires the Council to give its opinion on the forecasts for the macro economy and state financing and on the budget strategy and how the goals of the structural budget position of the general government are being achieved.

The Council has six members. Under the statute, 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.

Members of the Council must have unblemished reputations, a Master’s degree or equivalent in economics, and experience that will help the Fiscal Council to fulfil its functions. Members of the Fiscal Council may not have a job or other position or take part in any activity that could affect the independence of the Council in its work.

The Chair of the Council will receive a monthly salary of 780 euros, which is 15% of the highest salary level for civil servants, and members will receive 520 euros, which is 10% of the highest salary.