The Fiscal Council will supervise state companies and budget policies

Starting with this spring, the activity of the government and state companies will be evaluated by a Fiscal Council, a new institution. The Council is made up of a representative of the National Bank of Romania, the Romanian Banking Institute, the Romanian Association of the Banks and the Academy of Economic Studies.

Each member of the Council needs to have economic university studies, a good reputation and at least 5 years experience in economic, budgetary or financial policies. The Council will not admit persons who, two years prior the nomination, had a position in the government, the Romanian Parliament, the European Parliament or had management positions in a political party.

The main attributions of the council will be to analyze and issue opinions and recommendations on macro- economic and budgetary prognosis, evaluating the fiscal- budgetary performances of the Government, analyze and make recommendations on budget laws and other laws that may have an impact on the way the budget is spent before the executive gives its approval. Also, the Council’s attributions will include sending information, following the receipt of written request, to the president of the country, the heads of the two chambers of Parliament, the governor of the National Bank of Romania, the president of the Court of Accounts and the parliamentary commissions. By the end of March each year, the Council must make an annual report regarding the fiscal – budgetary policy.