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European Fiscal Board (EFB)

The European Fiscal Board (EFB) is an independent advisory body of the European Commission.

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 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

In April 2019, the European Commission decided to renew the European Fiscal Board for a second and three-year period taking effect on 20 October 2019.

On 9 September 2020, the European Commission appointed Mr. Xavier DEBRUN as new member of the European Fiscal Board for a three-year term.

On 18 October 2022, the European Commission decided to exceptionally extend the mandate of four Board members: Niels Thygesen, Roel Beetsma, Massimo Bordignon and Mateusz Szczurek.

THYGESEN Niels

Chairman
THYGESEN Niels

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

12 JUNE 2017
CV - Niels Thygesen
English
(220.6 KB - PDF)
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BEETSMA Roel

Member
Professor Roel Beetsma

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

25 OCTOBER 2022
CV - Roel Beetsma
English
(95.6 KB - PDF)
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BORDIGNON Massimo

Member
BORDIGNON Massimo

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

25 OCTOBER 2022
CV - Massimo Bordignon
English
(72.77 KB - PDF)
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DEBRUN Xavier

Member
DEBRUN Xavier

Head of the Economics and Research Department of the National Bank of Belgium.                                          

25 OCTOBER 2022
CV - Xavier Debrun
English
(91.37 KB - PDF)
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SZCZUREK Mateusz

Member
Szczurek Mateusz

Former Finance Minister, teacher at Warsaw University, and lead EU Economist at EBRD, Poland.  

25 OCTOBER 2022
CV - Mateusz Szczurek
English
(97.94 KB - PDF)
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Secretariat

LARCH Martin

Head of Secretariat
LARCH 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

Research

Compliance tracker

Over the past several years, the secretariat of the European Fiscal Board has collected information on budgetary policies in the EU Member States vis-à-vis the rules of the Stability and Growth Pact (SGP). The results are summarised and presented in a user-friendly tool, the COMPLIANCE TRACKER. The database underpinning the tool assesses numerical as opposed to legal compliance with the rules of the SGP. Abstracting from legal interpretations or margins of discretion allowed by the letter or spirit of the law, it assesses whether in pure quantitative terms the relevant fiscal aggregates – the budget balance, the debt-to-GDP ratio or government expenditure – evolved in line with the main course of action implied by the rules or not.

Documents

13 NOVEMBER 2017
Factsheet: the European Fiscal Board
English
(92.92 KB - PDF)
Download

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

Commission Decision (EU) 2022/1946 of 10 October 2022 amending Decision (EU) 2015/1937 as regards the length of the mandate of members of the European Fiscal Board

Amended Rules of Procedure of the European Fiscal Board

The European Fiscal Board: Questions and Answers

Events

EFB Events

EVENT |  30 November 2022

EFB-meeting-01112022

On 30 November, EFB Chair and Board members met with the IMF on the 2022 euro area staff visit.

EVENT |  1 September 2022

EFB-meeting-01092022

On 1 September, EFB Chair met with EVP Dombrovskis to discuss the economic governance review.

EVENT | 11 July 2022

Event 11 July EFB

On 11 July, the Chair of the EFB discussed the latest assessment report with the euro area finance ministers at the Eurogroup meeting.

EVENT | 22 June 2022

On 22 June, the Chair of the European Fiscal Board presented the latest assessment report on the appropriate fiscal stance for the euro area to the college of Commissioners in Brussels.

Niels at College

EVENT | 20 June 2022

On 20 June, the Chair of the European Fiscal Board gave a keynote speech at the conference “Ten Years of Portuguese Public Finance Council". The Portuguese Public Finance Council celebrated the 10th anniversary of the Senior Board appointment.

Niels Lisbon

(Photo by Rafael G. Antunes / Portuguese Public Finance Council)

EVENT | 20 June 2022

The European Fiscal Board met with the IMF on the 2022 euro area staff visit.

IMF visit

EVENT | 19 May 2022

EFB 19 May event

On 19 May, EFB members met with EVP Dombrovskis to exchange views on fiscal policy orientations.

EVENT | 12 May 2022

On 12 May, EFB Chair and Board members met with Commissioner Gentiloni to exchange views on a broad set of fiscal policy issues.

Public Finances and Climate Change in the Post-Pandemic Era |  Fourth Annual Conference of the European Fiscal Board |  25 February 2022

EFB 25 February event

The recording of theAnnual Conference of the European Fiscal Board on “Public Finances and Climate Change in the Post-Pandemic Era” is available here. The final programme is here.

Video messages, papers and presentations available here.

EVENT | 25 January 2022

25 January 2022 EFB event

On 25 January 2022, EFB members met with Commissioner Paolo Gentiloni to exchange views on the economic governance review.

EVENT | 11 January 2022

meeting EVP Dombrovskis

On 11 January, EFB Chair Niels Thygesen and Board members met with EVP Dombrovskis to discuss the EFB’s work programme for 2022 and exchange views on the EU economic governance review.

EVENT | 18 November 2021

EFB event Nov 18

Niels Thygesen, the Chair of the EFB presents the 2021 report to the ECON committee of the European Parliament. 

EVENT | 10 November 2021

Event fifth report presentation

On 10 November, the Chair of the European Fiscal Board presented the Board´s latest annual report to the college of Commissioners in Brussels.

EVENT | 25 October 2021

EFB 25 october event

The European Fiscal Board exchanged views on EU fiscal policy with the IMF as part of their euro area staff visit

EVENT | 19 May 2021

EFB meeting 19 May 2021

The European Fiscal Board met with the IMF on the 2021 euro area staff visit. The exchange focused on fiscal developments and outlook

EVENT | 23 April 2021

EFB 23 April event

At a CSEP-IMF High-Level Roundtable Niels Thygesen reflects on the history and performance of the EU’s fiscal framework: Roundtable | Securing sustainable finances and medium-term fiscal frameworks: International experience and relevance for India – CSEP

EVENT | 21 April 2021

EFB 21 April Event

At a high-level ESM Seminar on Debt Sustainability, Xavier Debrun - member of the EFB - cautions against turning a blind eye on debt developments in times of low interest rates.

EVENTS  | 11 March 2021

eunifi 4

The Chair of the EFB discussed the future evolution of the Stability and Growth Pact in light of recent experience at EUNIFI network meeting.

oecd 18

The EFB exchanged views with the OECD on the EU economic governance framework.

EVENT | 26 February 2021

EFB 26 February event

Conference of the European Fiscal Board on “High Debt, Low Rates and Tail Events: Rules-Based Fiscal Frameworks under Stress”. The full programme is here.

NEW – Full speeches, papers and presentations available here.

EVENT | 28 January 2021

EFB event 21Jan

The Chair of the EFB contributed to an eminent policy panel at this year’s ECFIN fiscal policy webinar attended by close to 400 participants.

EVENT | 1 July 2020

EFB event 1 July

The Chair of the EFB was in Brussels to present the latest report in fiscal policy in the euro area. He met President von der Leyen and the college of Commissioners to discuss the key messages of the new analysis.

EVENT | 2 March 2020

The EFB chair contributed to a high-level panel at the ECB on fiscal policy challenges at the current juncture

The EFB chair contributed to a high-level panel at the ECB on fiscal policy challenges at the current juncture. The event brought  together public finances experts of the European System of Central Banks and independent fiscal institutions.

EVENT | 28 February 2020

EFB Conference 28 February 2020

Conference of the European Fiscal Board on “Rethinking the European Fiscal Framework” organised jointly with the Centre for Economic Policy Research (CEPR) and the Amsterdam Centre for European Studies (ACES). The full programme is available here.

The experience with the current European fiscal framework is at best mixed, as the European Fiscal Board has shown in its recent evaluation report of the EU fiscal rules. Indeed, there is substantial discussion about how they could be best revised. This conference revisits the EU fiscal rules. However, it also takes a broader view of EU arrangements by exploring the case for a central fiscal capacity and “blue sky arrangements” based on a complete overhaul of the current fiscal framework.

NEW – Full records, papers and presentations available here.

EVENT | 28 January 2020

EFB ECFIN

Alongside high-level representatives of the IMF, the OECD and the ECB, the EFB contributed to a debate on "Fiscal Rules in Europe: Design and Enforcement" organised by the Economic and Financial Affairs Directorate-General of the European Commission in Brussels. 

 

EVENT | 15 January 2020

EFB icon

One position of Member of the European Fiscal Board is vacant. The call for expressions of interest was published in the Official Journal: 2020/C 13/08

EVENT | 17 January 2020

EFB EVENT 17012020

Martin Larch, the Head of Secretariat of the European Fiscal Board, had the opportunity to reach out to representatives of national Parliaments in an event organised by the European Parliament in Brussels.

EVENT | 11 December 2019

Workshop of the ECON committee of the European Parliament

© European Union 2019 – EP/photographer

Niels Thysgesen was part of an expert group invited to a workshop of  the ECON committee of the European Parliament discussing ways to simplify the Stability and Growth Pact: http://www.europarl.europa.eu/cmsdata/192044/Draft_programme_WS_on_SGP_simplification-original.pdf

EVENT | 18 November 2019

EFB 18 November event

Mateusz Szczurek and Martin Larch, were in Prague to met the youngest national independent fiscal institution in the EU, the Czech fiscal council. The meeting was sponsored by the EU representation and offered the opportunity for a very fruitful exchange of views and experiences.

EVENT | 15 November 2019

15 November 2019 EFB Event

On 15 November 2019, Prof. Roel Beetsma, a Member of the European Fiscal Board, was invited to discuss a paper by Olivier Blanchard on fiscal policy in a low interest rate environment at the Annual Research Conference organised by the European Commission’s Directorate-General for Economic and Financial Affairs.  

EVENT | 24 September 2019

Event 24 09 2019

On Tuesday 24 September, Prof. Niels Thygesen, the chair of the European Fiscal Board (EFB), presented the EFB’s assessment of the general orientation of fiscal policy in the euro area for 2020 at the European Parliament in Brussels.

EVENT | 14 September 2019

EFB 14092019 event

On Saturday 14 September 2019, Niels Thygesen, the Chair of the European Fiscal Board, was at the informal ECOFIN in Helsinki to present the Board’s recent report on the effectiveness of EU fiscal rules.

EVENT | 8 July 2019

EFB event 09 July 2019

On Monday 8 July, Prof. Niels Thygesen, the chair of the European Fiscal Board (EFB), attended the meeting of euro area finance ministers in Brussels. He presented and discussed the EFB’s assessment of the general orientation of fiscal policy in the euro area for 2020. Ahead of the meeting, Prof. Thygesen had an exchange with the President of the Eurogroup Mario Centeno.

EFB EVENT | 25 June 2019

250620119 efb event

On Tuesday 25 June 2019, the European Fiscal Board has published its assessment of the general orientation of fiscal policy in the euro area for 2020. The Board concludes that, in an economy expected to operate around potential, a neutral fiscal stance is appropriate for the euro area as a whole in 2020.

EFB EVENT | 28 February 2019​

First Workshop by the European Fiscal Board

On Thursday 28 February 2019, the first European Fiscal Board workshop took place in Brussels. The objective was to exchange best practice in order to strengthen IFI effectiveness in a long-lasting manner.

External Events

EVENT | 4-5 February 2019

Meeting MS Lisbon OECDNetwork
copyright OECD

On 4-5 February 2019, Mr. Mateusz Szczurek, Member of the European Fiscal Board (EFB), participated in the 11th Annual Meeting of the OECD Network of Parliamentary Budget Officials and Independent Fiscal Institutions (PBO-IFIs) in Lisbon. The meeting was a prime opportunity to present the work of the EFB to an international audience and to exchange best practice with other independent fiscal institutions.

EVENT | 28 November 2018

EFB 28 November 2018 event

On Thursday 28 November, Prof. Niels Thygesen, the chair of the European Fiscal Board, presented the 2018 Annual Report of the Board at the European Stability Mechanism (ESM) in Luxembourg.

EVENT | 22 November 2018

efb-bruegel.png

On Thursday 22 November, Prof. Niels Thygesen, the chair of the European Fiscal Board, presented the 2018 Annual Report of the Board at Bruegel, the Brussels-based economics think tank. A video recording of the event is available on the Bruegel website.

EVENT | 22 November 2018

eff-ep.jpg

On Thursday 22 November, Eloïse Orseau from the EFB Secretariat presented the 2018 Annual Report in the European Parliament, at a meeting with national parliament administrations. The aim of the workshop was to strengthen cooperation and better understanding among EU national parliaments’ administrations on the main steps and tools of the European Semester process, through knowledge sharing and the exchange of best practice.

EVENT | 3-4 July 2018

Event - 3-4 July 2018 - Seoul

On 3-4 July 2018, Mr. Mateusz Szczurek, Member of the European Fiscal Board (EFB), participated in the 10th Annual Meeting of the OECD Network of Parliamentary Budget Officials and Independent Fiscal Institutions (PBO-IFIs) in Seoul. The meeting was a prime opportunity to present the work of the EFB to an international audience and to exchange best practice with other independent fiscal institutions.

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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