Fiscal Council – the new institution to monitor state companies and to evaluate the Government's activity

Starting this spring, the activity of the government and of the state companies will be judged by a Fiscal Council, formed by a representative of the National Central Bank, Romanian Banking Institute, Romania’s Banks Association, Romanian Academy and the Economic Studies Academy, a draft of the fiscal responsibility law reads, approved by the Government and obtained by the Romanian news agency Mediafax.

According to the document, each member of the council needs to have economic studies, a good reputation and a 5 year minimum experience in economic, budgetary or financial policies. Representatives in the Fiscal Council are not allowed to have worked in the Government, the Parliament, the European Parliament or have had management functions in a political party.

The Council will be named by the Romanian Academy president, with the approval of the Parliament for a period of five years and cannot be reelected. Nominated persons will be heard by the Budget- Finance Parliamentary Committee and voted in the Parliament.

The President of the Council will answer to the Parliament for the accuracy and objectivity of the analysis and recommendations. He will have the same salary as a state secretary and the deputy President will be remunerated as an under-state secretary.

The Council’s main attributions include analysis and delivery of opinions and recommendations over macro-economic and budgetary estimates, the evaluation of the Government’s fiscal and budgetary performances, the analysis and recommendation of budgetary laws and other laws with an impact on budgetary spending before the approval of the government.

The Fiscal Council will be able to request information, documents or relevant data even if these are classified. By the end of March, each year, the Council will issue an annual report on the evolution of the fiscal – budgetary policy.