Romanian Fiscal Council

The Fiscal Council is an independent authority, established by the fiscal responsibility law, compounded by five members with relevant background on macroeconomic and budgetary policies and selected by rigorous eligibility criteria. The members of the Fiscal Council are appointed by the Romanian Parliament for a period of 9 years, following the nomination from the Romanian Academy, the National Bank of Romania, the Academy of Economic Studies, the Romanian Banking Institute and the Romanian Banking Association. In carrying out its mission, the Fiscal Council performs a wide range of tasks: the assessment of macroeconomic projections underlying the revenue forecast in the annual budget law, the estimation of the fiscal impact of measures influencing the budgetary balance, the monitoring of budget implementation and its compliance to the assumed targets, as well as issuing opinions and recommendations on the current and future fiscal policy.