Page contents Page contents MandateThe Board was set up following the Five Presidents' Report on "Completing Europe's Economic and Monetary Union", with the aim to strengthen the EU's economic governance framework.The main responsibilities of EFB areArticle 24, Regulation (EU) 2024/1263provide a timely ex post evaluation of the implementation of the Union fiscal governance frameworkadvise on the prospective fiscal stance appropriate for the euro area as a whole, as well as on the appropriate national fiscal stances that are consistent with it within the rules of the Stability and Growth Pactupon request of the Commission or the Council, provide advice on the implementation of the Stability and Growth Pact, including on the extension of the general escape clause in accordance with Article 25 of Regulation (EU) 2024/1263cooperate closely with independent fiscal institutions as referred to in Article 8a of Directive 2011/85/EUmake suggestions for the future evolution of the fiscal framework.CompositionOn 16 April 2025, the Commission appointed new members of the European Fiscal Board. The appointment follows a call for expressions of interest published in the Official Journal of the European Union on 7 august 2024 and the structured selection process outlined in Commission Decision 2115/2024 including a consultation with the European Parliament and the Council.HASEKAMP PieterChair of the European Fiscal Board Pieter Hasekamp has been director of the CPB Netherlands Bureau for Economic Policy Research since March 2020. General publications23 April 2025Pieter Hasekamp Short Biography JANEBA Eckhard Board Member of the European Fiscal Board Eckhard Janeba is a professor of public economics and economic policy at the University of Mannheim. General publications23 April 2025Eckhard Janeba Short Biography KOPITS GeorgeBoard Member of the European Fiscal Board George Kopits is a former assistant director at the International Monetary Fund, and founding chair of the Fiscal Council, Hungary. General publications23 April 2025George Kopits Short Biography MARZINOTTO BenedictaBoard Member of the European Fiscal Board Benedicta Marzinotto is Adjunct Professor at the Johns Hopkins University, visiting Professor at the College of Europe and Assistant Professor of Economic Policy at the University of Udine. General publications23 April 2025Benedicta Marzinotto Short Biography RODRÍGUEZ LucíaBoard Member of the European Fiscal Board Lucía Rodríguez is an independent Board member of the Bank of Spain, as well as an independent member of its Executive Committee. General publications23 April 2025Lucía Rodríguez Short Biography Previous Board members 2016-2024SecretariatLARCH MartinHead of Secretariat 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:Assists in the decision-making process of the Board by preparing the meetings of the Board;Provides high-quality analytical, statistical, administrative and logistical support to the Board under the direction of the Chair;Ensures cooperation with the national fiscal councils.Reports and publications Report22 October 20252025 annual report of the European Fiscal BoardThe European Fiscal Board (EFB) published its ninth annual report Report23 June 2025The European Fiscal Board assesses the appropriate fiscal stance for the euro area in 2026The European Fiscal Board (EFB) published the assessment of the appropriate fiscal stance for the euro area in 2026 Report2 October 20242024 annual report of the European Fiscal BoardThe European Fiscal Board (EFB) published its eigth annual report Report6 September 2024Public investment: The orphan of politicsThe Secretariat of the European Fiscal Board published a new VoxEU.org column discussing the determinants of public investment in the EU Member States and in particular the role of EU fiscal rules. Report5 July 2024Demographic trends and EU fiscal rulesThe Secretariat of the European Fiscal Board published a new VoxEU.org column that looks at possible implications of adverse demographic trends on public finances of EU Member States Report3 July 2024The European Fiscal Board assesses the appropriate fiscal stance for the euro area in 2025The European Fiscal Board (EFB) published the assessment of the appropriate fiscal stance for the euro area in 2025 Report7 June 2024The independence of fiscal councils in the EUThe Secretariat of the European Fiscal Board Published a new VoxEU.org column highlighting the Independence of Fiscal Councils in the EU Report24 October 2023Glossy icing on a not-so-savoury base: EU fiscal policies in 2022The Secretariat of the European Fiscal Board published a new VoxEU.org column spotlighting Chapter 2 of the EFB’s 2023 Annual Report Report4 October 20232023 annual report of the European Fiscal BoardThe European Fiscal Board (EFB) published its seventh annual report Report28 June 2023The European Fiscal Board assesses the appropriate fiscal stance for the euro area in 2024The European Fiscal Board (EFB) published the assessment of the appropriate fiscal stance for the euro area in 2024 Report22 May 2023The far side of the EU’s expenditure benchmark The Secretariat of the European Fiscal Board published a VoxEu column Report26 October 20222022 annual report of the European Fiscal BoardThe European Fiscal Board (EFB) published its sixth annual report 14 October 2022Exceptional times and old habits: EU fiscal policies in 2021The Secretariat of the European Fiscal Board published a VoxEu column exploring the long-standing issues in EU fiscal surveillance in the context of 2021. 13 September 2022Making the EU and national budgetary framework work togetherEFB members published a column on VoxEU.org addressing the constraints of EU fiscal policy and suggesting possible solutions. Report27 June 2022Fiscal policy staying the course in troubled timesThe European Fiscal Board and its Secretariat published a short article on VoxEU summarizing the main messages of the latest assessment report. 22 June 2022The European Fiscal Board assesses the appropriate fiscal stance for the euro area in 2023The European Fiscal Board (EFB) has published today the assessment of the appropriate fiscal stance for the euro area in 2023 Report13 June 2022Adjusting ambitions: The EU’s short ‘romance’ with the debt reduction ruleThe Secretariat of the European Fiscal Board published an article on VoxEU.org 16 March 2022Public finances and climate change in the post-pandemic eraThe European Fiscal Board and its Secretariat published a short piece on VoxEU summarizing the highlights of the Annual Conference Agenda29 November 2021Optimism is bad for fiscal outcomesThe Secretariat of the European Fiscal Board published an article on SUERF Report10 November 20212021 annual report of the European Fiscal BoardThe European Fiscal Board (EFB) published its fith annual report Report16 June 2021The European Fiscal Board assesses the appropriate fiscal stance for the euro area in 2022The European Fiscal Board (EFB) has published today the assessment of the appropriate fiscal stance for the euro area in 2022 19 May 2021Economic growth as the ultimate constraint: EU fiscal policies in 2020The Secretariat of the European Fiscal Board published a short article on VoxEU 8 March 2021Rules-based fiscal frameworks under stressThe European Fiscal Board and its Secretariat published a short article on VoxEU summarizing the main conclusions of the Annual Conference 26 October 2020Reforming the EU fiscal framework: Now is the timeThe European Fiscal Board and its Secretariat published a short article on VoxEU 20 October 20202020 annual report of the European Fiscal BoardThe European Fiscal Board (EFB) published its fourth annual report 24 September 2020Tracking compliance with EU fiscal ruleThe Secretariat of the EFB published a short article on VoxEU Report1 July 2020Assessment of the fiscal stance appropriate for the euro areaThe European Fiscal Board (EFB) has published its assessment of the general orientation of fiscal policy in the euro area 24 March 2020Statement by the European Fiscal Board on Covid 19Statement of European Fiscal Board on Covid 19 Report29 October 20192019 annual report of the European Fiscal BoardThe European Fiscal Board (EFB) published its third annual report Report11 September 2019Assessment of EU fiscal rules with a focus on the six and two-pack legislationThe European Fiscal Board (EFB) published its assessment of EU fiscal rules with a focus on the six and two-pack legislation. Study24 July 2019eBook on the EFB workshop on ‘Independent Fiscal Institutions in the EU Fiscal Framework'The European Fiscal Board (EFB) published this ebook which contains articles presented at its 2019 workshop. Report25 June 2019Assessment of the prospective fiscal stance appropriate for the euro areaThe European Fiscal Board (EFB) has published its assessment of the general orientation of fiscal policy in the euro area Report10 October 20182018 annual report of the European Fiscal BoardThe European Fiscal Board (EFB) published its second annual report 26 September 2018Reforming the EU fiscal framework: A proposal by the European Fiscal BoardThe EFB and its Secretariat published a short article on VoxEU Report18 June 2018Assessment of the prospective fiscal stance appropriate for the euro areaThe European Fiscal Board (EFB) has published its assessment of the general orientation of fiscal policy in the euro area 6 March 2018Relocation of the Danish Economic Council away from the Copenhagen areaThe European Fiscal Board issued a statement on the relocation of the Danish Economic Council away from the Copenhagen area Report15 November 20172017 annual report of the European Fiscal BoardThe European Fiscal Board (EFB) published its first annual report Report20 June 2017Assessment of the prospective fiscal stance appropriate for the euro areaThe European Fiscal Board published its first report on the overall direction of fiscal policy in the single currency area. Research Study9 September 2025The role of the European Fiscal Board in the economic governance frameworkArticle by Laszlo Jankovics and Martin Larch published in Revue de l'euro Study10 February 2025Some Intergenerational Arithmetic to Control Public Debt in the EUArticle published as CESifo Working Paper Study24 January 2025The enforcement dilemma of EU fiscal rulesArticle published in Economics & Politics Study4 September 2024Comply and invest: The effect of EU fiscal rules on public investmentArticle published in the research paper series of the College of Europe, Bruges Study15 July 2023Solving the enforcement dilemma of the EU fiscal rulesArticle published as SUERF Policy Brief Study29 March 2023Study on "Is the Road to Hell Paved with Good Intentions? An Empirical Analysis of Budgetary Follow-up in the EU" Study published in Journal of International Money and Finance Study31 January 2023Numerical Compliance with EU Fiscal Rules: Facts and Figures from a New DatabaseOur research was published in Intereconomics Study15 November 2022Study on Assessment of the EU’s fiscal framework and the way forward: persisting tensions between risk reduction and risk sharingNew research published in Bruges European Economic Research Papers Study29 March 2022Study on "Is the Road to Hell Paved with Good Intentions? An Empirical Analysis of Budgetary Follow-up in the EU"New research published as Discussion Paper of the Centre for Economic Policy Research (CEPR) Study30 November 2021Enforcement of Fiscal Rules: Lessons From the Fiscal CompactThe Secretariat of the European Fiscal Board published a ZEW discussion paper. Study31 March 2021Study on “Fiscal stabilisation in real time: An exercise in risk management”Our research was published in Economic Modelling. Study15 January 2021Study on ‘Do EU Fiscal Rules Support or Hinder Counter-Cyclical Fiscal Policy?Our research was published in the Journal of International Money and Finance. Study1 July 2020Study on ‘Numerical compliance with EU fiscal rules: The compliance database of the Secretariat of the European Fiscal BoardThis study presents a new database developed by the secretariat of the EFB that tracks numerical compliance with the four main rules of the SGP. Study24 July 2019eBook on the EFB workshop on ‘Independent Fiscal Institutions in the EU Fiscal Framework'The European Fiscal Board (EFB) published this ebook which contains articles presented at its 2019 workshop. Study6 May 2019Study on ‘Fiscal Policy and the Assessment of Output Gaps in Real Time: an Exercise in Risk Management’Study on ‘Fiscal Policy and the Assessment of Output Gaps in Real Time: an Exercise in Risk Management’ Compliance trackerStarting in 2019, the secretariat of the European Fiscal Board regularly updates 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 documents numerical as opposed to legal compliance. 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. Numerical compliance differs from legal compliance, as the latter involves legal interpretations or margins of discretion allowed by the letter or spirit of the SGP.Forecast trackerSince 2025, the secretariat of the European Fiscal Board updates a database with official forecasts relevant for EU fiscal surveillance. The results are summarised and presented in a user-friendly tool, the FORECAST TRACKER. The tool documents forecast performance by comparing projections with outturns and provides statistical measures of forecast accuracy. At this stage, the tool includes the macroeconomic projections of the European Commission, which serve as benchmarks in the EU’s fiscal surveillance framework, and the projections underpinning budgetary plans of EU Member States. The next evolution of the tool will incorporate the projections underpinning the stability and convergence programmes of all EU Member States.Documents 13 NOVEMBER 2017Factsheet: the European Fiscal Board Five Presidents' ReportCommission Decision (EU) 2015/1937 of 21 October 2015 establishing an independent advisory European Fiscal BoardCommission Decision (EU) 2016/221 of 12 February 2016 amending Decision (EU) 2015/1937 establishing an independent advisory European Fiscal BoardCommission 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 BoardRegulation (EU)) 2024/1263 of the european parliament and of the council of 29 April 2024 on the effective coordination of economic policies and on multilateral budgetary surveillance and repealing Council Regulation (EC) No 1466/97Commission Decision (EU) 2024/2115 of 29 July 2024 establishing an independent advisory European Fiscal Board and repealing Decision (EU) 2015/1937Rules of Procedure of the European Fiscal BoardThe European Fiscal Board: Questions and AnswersEventsEFB EventsEVENT | 14 November 2025The 7th annual conference of the European Fiscal Board took place in Brussels. The event was kicked off with a keynote speech by Commissioner Valdis Dombrovskis. Throughout the day, leading policymakers, economists, and experts explored the implications of national escape clauses in the new economic governance framework.The final programme is here.Presentations are available here. EVENT | 22 October 2025The European Fiscal Board presented its ninth annual report to the media. EVENT | 16 October 2025Pieter Hasekamp, the EFB Chair, presented the 2025 Annual Report to the College of Commissioners. The report will be out soon. Stay tuned. EVENT | 7 July 2025Pieter Hasekamp, the new Chair of the European Fiscal Board (first from the right), presented the EFB’s latest assessment of the appropriate fiscal stance for the euro area to the Eurogroup in Brussels. EVENT | 2 October 2024Niels Thygesen, the EFB Chair, presents the last Annual Report of the current EFB team to the Commission college in Brussels. EVENT | 15 July 2024Niels Thygesen, the EFB Chair, participated in the Eurogroup to discuss the fiscal stance appropriate for the euro area in 2025. EVENT | 17 May 2024Sixth Annual Conference of the European Fiscal Board (EFB): The role of independent advice on fiscal policy. The final programme is here.Video messages, papers and presentations available here.EVENT | 3 October 2023 Prof. Niels Thygesen presents the seventh annual report of the EFB to the College of Commissioners in Strasbourg.EVENT | 28 June 2023Prof. Niels Thygesen presents the latest EFB report assessing the euro area fiscal stance to the College of Commissioners. EVENT | 11 May 2023Centralisation vs decentralisation of the EU fiscal framework. Fifth Annual Conference of the European Fiscal Board The recording of the fifth annual conference of the EFB, entitled “Centralisation vs decentralisation of the EU fiscal framework ”, is available here. The final programme is here.Video messages, papers and presentations are available here.EVENT | 13 April 2023Martin Larch, the Head of Secretariat of the EFB, participated in the 15th annual OECD conference of the Working Party of Parliamentary Budget Officials and Independent Fiscal Institutions. EVENT | 30 November 2022 On 30 November, EFB Chair and Board members met with the IMF on the 2022 euro area staff visit.EVENT | 1 September 2022 On 1 September, EFB Chair met with EVP Dombrovskis to discuss the economic governance review.EVENT | 11 July 2022 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 2022On 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. EVENT | 20 June 2022On 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. (Photo by Rafael G. Antunes / Portuguese Public Finance Council)EVENT | 20 June 2022The European Fiscal Board met with the IMF on the 2022 euro area staff visit. EVENT | 19 May 2022 On 19 May, EFB members met with EVP Dombrovskis to exchange views on fiscal policy orientations.EVENT | 12 May 2022On 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 The recording of the Annual 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 On 25 January 2022, EFB members met with Commissioner Paolo Gentiloni to exchange views on the economic governance review.EVENT | 11 January 2022 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 Niels Thygesen, the Chair of the EFB presents the 2021 report to the ECON committee of the European Parliament. EVENT | 10 November 2021 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 The European Fiscal Board exchanged views on EU fiscal policy with the IMF as part of their euro area staff visitEVENT | 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 outlookEVENT | 23 April 2021 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 – CSEPEVENT | 21 April 2021 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 The Chair of the EFB discussed the future evolution of the Stability and Growth Pact in light of recent experience at EUNIFI network meeting. The EFB exchanged views with the OECD on the EU economic governance framework.EVENT | 26 February 2021 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 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 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 event brought together public finances experts of the European System of Central Banks and independent fiscal institutions.EVENT | 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 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 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 13/08EVENT | 17 January 2020 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 © European Union 2019 – EP/photographerNiels 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.pdfEVENT | 18 November 2019 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 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 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 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 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 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 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 EventsEVENT | 4-5 February 2019 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 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 2018efb-bruegel.pngOn 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 2018eff-ep.jpgOn 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 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 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 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 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 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 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.Questions and AnswersThe European Fiscal Board: Questions and AnswersContactEFB-SECRETARIATec [dot] europa [dot] eu (EFB-SECRETARIAT)
Report22 October 20252025 annual report of the European Fiscal BoardThe European Fiscal Board (EFB) published its ninth annual report
Report23 June 2025The European Fiscal Board assesses the appropriate fiscal stance for the euro area in 2026The European Fiscal Board (EFB) published the assessment of the appropriate fiscal stance for the euro area in 2026
Report2 October 20242024 annual report of the European Fiscal BoardThe European Fiscal Board (EFB) published its eigth annual report
Report6 September 2024Public investment: The orphan of politicsThe Secretariat of the European Fiscal Board published a new VoxEU.org column discussing the determinants of public investment in the EU Member States and in particular the role of EU fiscal rules.
Report5 July 2024Demographic trends and EU fiscal rulesThe Secretariat of the European Fiscal Board published a new VoxEU.org column that looks at possible implications of adverse demographic trends on public finances of EU Member States
Report3 July 2024The European Fiscal Board assesses the appropriate fiscal stance for the euro area in 2025The European Fiscal Board (EFB) published the assessment of the appropriate fiscal stance for the euro area in 2025
Report7 June 2024The independence of fiscal councils in the EUThe Secretariat of the European Fiscal Board Published a new VoxEU.org column highlighting the Independence of Fiscal Councils in the EU
Report24 October 2023Glossy icing on a not-so-savoury base: EU fiscal policies in 2022The Secretariat of the European Fiscal Board published a new VoxEU.org column spotlighting Chapter 2 of the EFB’s 2023 Annual Report
Report4 October 20232023 annual report of the European Fiscal BoardThe European Fiscal Board (EFB) published its seventh annual report
Report28 June 2023The European Fiscal Board assesses the appropriate fiscal stance for the euro area in 2024The European Fiscal Board (EFB) published the assessment of the appropriate fiscal stance for the euro area in 2024
Report22 May 2023The far side of the EU’s expenditure benchmark The Secretariat of the European Fiscal Board published a VoxEu column
Report26 October 20222022 annual report of the European Fiscal BoardThe European Fiscal Board (EFB) published its sixth annual report
14 October 2022Exceptional times and old habits: EU fiscal policies in 2021The Secretariat of the European Fiscal Board published a VoxEu column exploring the long-standing issues in EU fiscal surveillance in the context of 2021.
13 September 2022Making the EU and national budgetary framework work togetherEFB members published a column on VoxEU.org addressing the constraints of EU fiscal policy and suggesting possible solutions.
Report27 June 2022Fiscal policy staying the course in troubled timesThe European Fiscal Board and its Secretariat published a short article on VoxEU summarizing the main messages of the latest assessment report.
22 June 2022The European Fiscal Board assesses the appropriate fiscal stance for the euro area in 2023The European Fiscal Board (EFB) has published today the assessment of the appropriate fiscal stance for the euro area in 2023
Report13 June 2022Adjusting ambitions: The EU’s short ‘romance’ with the debt reduction ruleThe Secretariat of the European Fiscal Board published an article on VoxEU.org
16 March 2022Public finances and climate change in the post-pandemic eraThe European Fiscal Board and its Secretariat published a short piece on VoxEU summarizing the highlights of the Annual Conference
Agenda29 November 2021Optimism is bad for fiscal outcomesThe Secretariat of the European Fiscal Board published an article on SUERF
Report10 November 20212021 annual report of the European Fiscal BoardThe European Fiscal Board (EFB) published its fith annual report
Report16 June 2021The European Fiscal Board assesses the appropriate fiscal stance for the euro area in 2022The European Fiscal Board (EFB) has published today the assessment of the appropriate fiscal stance for the euro area in 2022
19 May 2021Economic growth as the ultimate constraint: EU fiscal policies in 2020The Secretariat of the European Fiscal Board published a short article on VoxEU
8 March 2021Rules-based fiscal frameworks under stressThe European Fiscal Board and its Secretariat published a short article on VoxEU summarizing the main conclusions of the Annual Conference
26 October 2020Reforming the EU fiscal framework: Now is the timeThe European Fiscal Board and its Secretariat published a short article on VoxEU
20 October 20202020 annual report of the European Fiscal BoardThe European Fiscal Board (EFB) published its fourth annual report
24 September 2020Tracking compliance with EU fiscal ruleThe Secretariat of the EFB published a short article on VoxEU
Report1 July 2020Assessment of the fiscal stance appropriate for the euro areaThe European Fiscal Board (EFB) has published its assessment of the general orientation of fiscal policy in the euro area
24 March 2020Statement by the European Fiscal Board on Covid 19Statement of European Fiscal Board on Covid 19
Report29 October 20192019 annual report of the European Fiscal BoardThe European Fiscal Board (EFB) published its third annual report
Report11 September 2019Assessment of EU fiscal rules with a focus on the six and two-pack legislationThe European Fiscal Board (EFB) published its assessment of EU fiscal rules with a focus on the six and two-pack legislation.
Study24 July 2019eBook on the EFB workshop on ‘Independent Fiscal Institutions in the EU Fiscal Framework'The European Fiscal Board (EFB) published this ebook which contains articles presented at its 2019 workshop.
Report25 June 2019Assessment of the prospective fiscal stance appropriate for the euro areaThe European Fiscal Board (EFB) has published its assessment of the general orientation of fiscal policy in the euro area
Report10 October 20182018 annual report of the European Fiscal BoardThe European Fiscal Board (EFB) published its second annual report
26 September 2018Reforming the EU fiscal framework: A proposal by the European Fiscal BoardThe EFB and its Secretariat published a short article on VoxEU
Report18 June 2018Assessment of the prospective fiscal stance appropriate for the euro areaThe European Fiscal Board (EFB) has published its assessment of the general orientation of fiscal policy in the euro area
6 March 2018Relocation of the Danish Economic Council away from the Copenhagen areaThe European Fiscal Board issued a statement on the relocation of the Danish Economic Council away from the Copenhagen area
Report15 November 20172017 annual report of the European Fiscal BoardThe European Fiscal Board (EFB) published its first annual report
Report20 June 2017Assessment of the prospective fiscal stance appropriate for the euro areaThe European Fiscal Board published its first report on the overall direction of fiscal policy in the single currency area.
Study9 September 2025The role of the European Fiscal Board in the economic governance frameworkArticle by Laszlo Jankovics and Martin Larch published in Revue de l'euro
Study10 February 2025Some Intergenerational Arithmetic to Control Public Debt in the EUArticle published as CESifo Working Paper
Study24 January 2025The enforcement dilemma of EU fiscal rulesArticle published in Economics & Politics
Study4 September 2024Comply and invest: The effect of EU fiscal rules on public investmentArticle published in the research paper series of the College of Europe, Bruges
Study15 July 2023Solving the enforcement dilemma of the EU fiscal rulesArticle published as SUERF Policy Brief
Study29 March 2023Study on "Is the Road to Hell Paved with Good Intentions? An Empirical Analysis of Budgetary Follow-up in the EU" Study published in Journal of International Money and Finance
Study31 January 2023Numerical Compliance with EU Fiscal Rules: Facts and Figures from a New DatabaseOur research was published in Intereconomics
Study15 November 2022Study on Assessment of the EU’s fiscal framework and the way forward: persisting tensions between risk reduction and risk sharingNew research published in Bruges European Economic Research Papers
Study29 March 2022Study on "Is the Road to Hell Paved with Good Intentions? An Empirical Analysis of Budgetary Follow-up in the EU"New research published as Discussion Paper of the Centre for Economic Policy Research (CEPR)
Study30 November 2021Enforcement of Fiscal Rules: Lessons From the Fiscal CompactThe Secretariat of the European Fiscal Board published a ZEW discussion paper.
Study31 March 2021Study on “Fiscal stabilisation in real time: An exercise in risk management”Our research was published in Economic Modelling.
Study15 January 2021Study on ‘Do EU Fiscal Rules Support or Hinder Counter-Cyclical Fiscal Policy?Our research was published in the Journal of International Money and Finance.
Study1 July 2020Study on ‘Numerical compliance with EU fiscal rules: The compliance database of the Secretariat of the European Fiscal BoardThis study presents a new database developed by the secretariat of the EFB that tracks numerical compliance with the four main rules of the SGP.
Study24 July 2019eBook on the EFB workshop on ‘Independent Fiscal Institutions in the EU Fiscal Framework'The European Fiscal Board (EFB) published this ebook which contains articles presented at its 2019 workshop.
Study6 May 2019Study on ‘Fiscal Policy and the Assessment of Output Gaps in Real Time: an Exercise in Risk Management’Study on ‘Fiscal Policy and the Assessment of Output Gaps in Real Time: an Exercise in Risk Management’
