Bulgaria’s Govt Approves Bill on Establishing Fiscal Council
Bulgaria’s government has approved a bill on the creation of a Fiscal Council.
The bill, titled Fiscal Council an Corrective Mechanisms Act, describes the new entity as an independent consultative body on issues of fiscal governance, according to reports of dnevnik.bg.
The Fiscal Council is to carry out independent monitoring and analysis of the budget framework so as to keep public finances on a sustainable path. It is to also to help raise awareness about fiscal governance of the country among the population.
The bill provides for the creation of automatic corrective mechanisms in the case of a substantial deviation from the medium-term budgetary strategy.
The introduction of the bill constitutes synchronization of Bulgarian legislation with EU law, the aim being to observe the fiscal rules set out in the Public Finance Act.