{"id":712,"date":"2011-04-22T22:50:25","date_gmt":"2011-04-22T20:50:25","guid":{"rendered":"http:\/\/www.poleconomix.gr\/portal\/?p=712"},"modified":"2011-05-12T23:07:50","modified_gmt":"2011-05-12T21:07:50","slug":"what-are-fiscal-councils-and-what-do-they-do","status":"publish","type":"post","link":"https:\/\/www.poleconomix.gr\/portal\/what-are-fiscal-councils-and-what-do-they-do\/","title":{"rendered":"What are fiscal councils, and what do they do?"},"content":{"rendered":"<p><a href=\"http:\/\/voxeu.org\/index.php?q=node\/6368\" target=\"_blank\">Calmfors, Lars<\/a>\u00a0&amp;\u00a0<a href=\"http:\/\/voxeu.org\/index.php?q=node\/4687\" target=\"_blank\">Wren-Lewis, Simon<\/a>.<\/p>\n<p><em>Fiscal councils are independent bodies set up by governments to evaluate fiscal policy. As problems with debt and deficits have taken hold, they have become increasingly popular. This column looks at what existing councils do and what dangers they face. It argues that, with the right guarantees of their independence in place, independent fiscal councils can make a significant positive contribution to fiscal policy.<\/em><\/p>\n<p>The delegation of monetary policy to independent central banks is now commonplace. Could delegation also play a role in controlling government deficits and debt? A number of academics have proposed this (e.g. von Hagen and Harden 1995; Wren-Lewis 1996; Calmfors 2003; Wyplosz 2005). In the last few years, five countries (Sweden, Canada, Hungary, Slovenia, and the UK) have established independent organisations, generally called fiscal councils, to provide macroeconomic fiscal advice. A few similar bodies have existed for some time, the largest being the Congressional Budget Office in the US and the Central Planning Bureau in the Netherlands.\u00a0Proposals for new such bodies have been advanced in other countries, and their establishment has been encouraged by the IMF, OECD, and the European Commission.\u00a0<\/p>\n<p><strong>\u03a0\u03b7\u03b3\u03ae: <\/strong>Voxeu<\/p>\n<p><a href=\"http:\/\/voxeu.org\/index.php?q=node\/6369\" target=\"_blank\">\u03c0\u03bb\u03ae\u03c1\u03b5\u03c2 \u03ba\u03b5\u03af\u03bc\u03b5\u03bd\u03bf<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Calmfors, Lars\u00a0&amp;\u00a0Wren-Lewis, Simon. Fiscal councils are independent bodies set up by governments to evaluate fiscal policy. As problems with debt and deficits have taken hold, they have become increasingly popular. This column looks at what existing councils do and what dangers they face. It argues that, with the right guarantees of their independence in place, [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[25],"class_list":["post-712","post","type-post","status-publish","format-standard","hentry","category-37","tag-25"],"_links":{"self":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/comments?post=712"}],"version-history":[{"count":9,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/712\/revisions"}],"predecessor-version":[{"id":1072,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/712\/revisions\/1072"}],"wp:attachment":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/media?parent=712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/categories?post=712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/tags?post=712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}