According to the two-part package, all EU countries had to establish an autonomous public body by October 2013, whose task is to strengthen all efforts to achieve sustainable public finances. Specifically, this body – monitors compliance with the budget rules and – triggers the corrective measures provided for in the fiscal compact, if necessary. In addition, the two-state package stipulates that macroeconomic forecasts are to be drawn up as part of this process. In accordance with the provisions of the two-party pact, the Fiscal Council should be perceived by society and the media (medial public), be able to stir up public opinion if necessary and thus counteract political incentives to pursue an unsound fiscal policy. – In Germany, such an institution was already created in 2009 by the Act on the Establishment of a Stability Council and the Prevention of Budgetary Emergencies – Stability Council Act, StabiRatG. Following the tried-and-tested (?) Teutonic model, the Stability Council would also be assigned an advisory board. The members of the Advisory Council would be one representative each from the Deutsche Bundesbank and the German Council of Economic Experts, one representative each from the research institutes involved in the joint diagnosis, two experts each appointed for a period of five years by the federal government and the Länder through their representatives on the Stability Council, and one expert each appointed for a period of five years by the central municipal associations and the central social security organizations. – See deficit ratio, European, ministry of finance, budget deficit, budgetary preconciliation, European, invergence, debt ratio, government, semester, European, solidarity, financial, governance framework, debt ratio, public, economic policy, European, economic government, European, Stability and Growth Pact. – Cf.
ECB Monthly Bulletin, June 2014, pp. 102 ff. (Finance Councils in the EU Member States; overviews; references).
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