Mandate

The Board was set up following the Five Presidents' Report Completing  Europe's Economic and Monetary Union", with the aim to strengthen the current economic governance framework.

The main responsibilities of EFB are

  • evaluate of the implementation of the Union fiscal framework and the appropriateness of the actual fiscal stance at euro area and national level
  • make suggestions for the future evolution of the Union fiscal framework
  • assess the prospective fiscal stance appropriate for the euro area as a whole based on an economic judgment, as well as the appropriate national fiscal stances, within the rules of the Stability and Growth Pact
  • cooperate with the National Independent Fiscal Councils
  • provide ad-hoc advice to the Commission President

Composition

THYGESEN Niels

Chairman

THYGESEN NielsTHYGESEN Niels

Professor Emeritus of International Economics at the University of Copenhagen and former adviser to governments and international institutions, Denmark.

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BEETSMA Roel

Member

Professor Roel Beetsma

Professor at the University of Amsterdam and Vice-Dean of the Faculty of Economics and Business, The Netherlands.

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BORDIGNON Massimo

Member

BORDIGNON MassimoBORDIGNON Massimo

Professor and Director of the Department of Economics and Finance at the Catholic University of Milan, Italy.

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DUCHENE Sandrine

Member

DUCHENE SandrineDUCHENE Sandrine

General Secretary of AXA France in charge of audit and compliance, France.

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SZCZUREK Mateusz

Member

Szczurek MateuszSzczurek Mateusz

Former Finance Minister, teacher at Warsaw University, and EBRD Associate Director, Poland.

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Secretariat

LARCH Martin

Head of Secretariat

LARCH MartinLARCH Martin

Manage the secretariat of the European Fiscal Board (EFB).

The secretariat consists of a Head of secretariat and dedicated supporting staff members. It is responsible for the following activities:

  1. Assists in the decision-making process of the Board by preparing the meetings of the Board;
  2. Provides high-quality analytical, statistical, administrative and logistical support to the Board under the direction of the Chair;
  3. Ensures cooperation with the national fiscal councils.

Reports and publications

Assessment of the prospective fiscal stance appropriate for the euro area
Report18 June 2018

Assessment of the prospective fiscal stance appropriate for the euro area

European Fiscal Board (EFB) has published its assessment of the general orientation of fiscal policy in the euro area

Relocation of the Danish Economic Council away from the Copenhagen area
06 March 2018

Relocation of the Danish Economic Council away from the Copenhagen area

The European Fiscal Board issued a statement on the relocation of the Danish Economic Council away from the Copenhagen area

2017 annual report of the European Fiscal Board
Report15 November 2017

2017 annual report of the European Fiscal Board

The European Fiscal Board (EFB) published its first annual report

Assessment of the prospective fiscal stance appropriate for the euro area
Report20 June 2017

Assessment of the prospective fiscal stance appropriate for the euro area

The European Fiscal Board published its first report on the overall direction of fiscal policy in the single currency area.

Documents

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Five Presidents' Report

Commission Decision (EU) 2015/1937 of 21 October 2015 establishing an independent advisory European Fiscal Board

Commission Decision (EU) 2016/221 of 12 February 2016 amending Decision (EU) 2015/1937 establishing an independent advisory European Fiscal Board

Call for expressions of interest for the selection of the members of the European Fiscal Board

The European Fiscal Board: Questions and Answers

Events

EVENT | 2 July 2018

EFB event 2 July 2018

On Monday 2 July, Prof. Niels Thygesen, the chair of the European Fiscal Board, presented the latest report of the Board at Bruegel, the Brussels-based economics think tank.

EVENT | 18 June 2018

EFB event 18 June 2018

On Monday 18 June, the European Fiscal Board presented its latest report to the press. The report provides an assessment of the macroeconomic situation and outlook in the euro area and offers independent advice on the general orientation of fiscal policy in the single currency area. It also includes a discussion on how to improve the fiscal architecture of the Economic and Monetary Union.

EVENT | 10 May 2018

Roel Beetsma

On 10 May 2018,  the European Fiscal Board participated in the final conference of the ADEMU research project at the European University Institute in Florence. The objective of the ADEMU research project is to reassess the overall fiscal and monetary framework of the EU and, in particular, the euro area. Roel Beetsma, a Member of the European Fiscal Board and Professor of Economics at the University of Amsterdam, was invited to speak in a policy panel on A New Fiscal and Monetary Framework for the EMU? The EU Presidents’ roadmap in 2018.

EVENT | 12 April 2018

EFB event 12 April

12 April 2018 - Professor Niels Thygesen, the Chair of the European Fiscal Board, met the President of the Eurogroup, the Portuguese Minister of Finance Mário Centeno in Lisbon. On the same day he also had an exchange with members of the independent Portuguese Fiscal Council.

EVENT | 22 March 2018

EFB event 22 March 2018

On 22 March 2018, the European Fiscal Board participated in the 20th Banca d' Italia Workshop on Public Finance, "Fiscal challenges for the Euro area: institutional and policy fixes". Mr. Roel Beetsma, member of the Board, was invited to a policy panel reviewing the current EU fiscal framework. The policy panel was preceded by a presentation of the EFB's Annual Report 2017.

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