Improving the quality of public finances is a key part of the growth agenda for Europe. While maintaining fiscal discipline and a sustainable fiscal position, greater attention should be paid to the quality of public finances. This would help to raise the growth and employment potential of the EU economies and to contribute to budget consolidation.
Whilst recognising that the quality of public finances is the responsibility of the Member States, it is important to work towards improving the measurement and the analysis of the quality of public finances, especially within the framework of the Broad Economic Policy Guidelines.
The mandate of the Group is to develop a more systematic analysis and to define a broader foundation for the analysis of the quality of public finances in the framework of the Broad Economic Policy Guidelines (BEPG) and the revised Stability and Growth Pact. This goes also hand in hand with the improvement of data availability, particularly of the Classification of the Functions of Government (COFOG) Level I and II.
The Group focuses on:
Members of this Working Group will be expert staff working on public expenditure and fiscal policy analysis and budget planning in the national administrations, the European Commission and the ECB. The OECD and the IMF also participate as observers and are encouraged to provide input. The Group will avail itself of other experts from national or international academia or administrations, as appropriate.
The Working Group on the Quality of Public Finances will liaise closely with the Ageing Group, and the Country Reviews Working Group, as appropriate.