FISCAL INSTITUTIONS IN EU COUNTRIES

The present paper aims at empirically verifying if fiscal institutions in Europe (as a complement or substitute for the fiscal rules) have an impact on governments' fiscal decisions and if this impact exists and is positive which feature of their functioning is relevant for their effectiveness? The present study aims to develop a comparative analysis of independent fiscal institutions in order to better understand the role given to these public bodies in different countries. The effectiveness of so-called "fiscal watchdogs" depends on their independence and the reputation they are able to build. They are or become strong if their creation follows the path of the country's constitutional traditions and there is compatibility with the specific political context. Taking into particular consideration some experiences (mostly European) the paper discusses the connections between introducing an independent fiscal institution and reinforcing the activities of public policy evaluation, especially in parliaments. This article provides an overview of recent efforts by EU member states to establish fiscal councils and the specific forms these have taken.