Fiscal policy monitoring supports stable and sustainable public finances and makes fiscal rules more transparent and comprehensible.
The NAOF is responsible for monitoring compliance with fiscal rules as well as the setting and implementation of fiscal targets.
The NAOF’s fiscal policy monitoring function assesses, for example:
the drafting and implementation of the General Government Fiscal Plan
compliance with the central government’s spending limits
compliance with the EU’s Stability and Growth Pact and the applicability of EU rules to Finland,
compliance with the medium-term objective (MTO) set for general government finances and the related correction mechanism
the reliability of the macroeconomic and budgetary forecasts on which fiscal policy is based
the fiscal stance in relation to the business cycle.
Publications by the fiscal policy monitoring functions
The fiscal policy monitoring team produces a report on the results of its monitoring twice a year, in May–June and in December.
The spring report assesses the General Government Fiscal Plan, for example. The autumn report deals with the following year’s budget, and it is submitted to Parliament for discussion.
Both reports assess compliance with the EU’s Stability and Growth Pact, the preparation and implementation of the General Government Fiscal Plan, compliance with the central government spending limits, the forecasts of the Ministry of Finance, and the fiscal policy stance in relation to the business cycle.
All publications by the fiscal policy monitoring and audit functions
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