EU Independent Fiscal Institutions 🇪🇺

🗞️A new working paper from the IFIs Network is out! 💡The study examines the assessment & endorsement of macroeconomic and fiscal forecasts as a core function of IFIs across the EU, and concludes with a set of best-practice recommendations. READ HERE👉 euifis.eu/publications/48

🗞️ New position paper on external evaluations for EU IFIs! As some issues may arise with this new legal requirement, we have set out 6️⃣ key guidelines for the design and conduct of credible external reviews. Read our recommendations here 👉 euifis.eu/publications/47

Deep dive into the 🇪🇺Fiscal Monitor – our flagship publication! Finding # 5️⃣ – 16/29 IFIs judge their country's long-term fiscal position unsustainable under current policy, against 9 ‘mostly’ sustainable and only 2 ‘fully’ sustainable. 🔗Read more: tinyurl.com/yh7n7ydm

🗞️The Hellenic PBO published a working paper on house prices & marketable housing supply in 🇬🇷! 💡Suggesting that reduced marketable utilisation may account for a meaningful share of the observed nominal increase in house prices in 2018-2025. READ HERE: tinyurl.com/mwe9x2rc

Deep dive into the 🇪🇺Fiscal Monitor – our flagship publication! Finding # 4⃣: 1/3 of IFIs doubt their country's debt will be on a downward path by the end of the adjustment period. 🔴 IFIs in 9/27 countries rate this implausible or very implausible. 🔗 tinyurl.com/yh7n7ydm

The @upBilancio's "Policy Report – June 2026" is out! 🔍Following reforms introduced in 2014, including the establishment of the UPB, the macroeconomic & public finance forecasts contained in government planning documents have become more reliable. 🔗tinyurl.com/3tzpsdmp

The 🇬🇷Fiscal Council published its "Spring Report 2026"! Although the annual increase of net nationally financed primary expenditure is expected to exceed the reference rate in 2026, the cumulative expenditure path remains within the permitted limits. 🔗 tinyurl.com/cmputdp6

Deep dive into the 🇪🇺Fiscal Monitor – our flagship publication! Finding # 3️⃣: Not a single IFI reported feeling entirely unconcerned about their government's: 🟡fiscal stance 🟡compliance with national and 🇪🇺EU fiscal rules 🟡transparency. 🔗Read more: tinyurl.com/yh7n7ydm

The @upBilancio's Hearing on the Preliminary Draft Agreements for greater regional autonomy for Liguria, Lombardy, Piedmont and Veneto is out! 🔍It pays particular attention to the potential financial implications of the transfer of functions. READ HERE: tinyurl.com/2uzwe2ey

🗞️@AIReF_es published its report on "Budget Execution, Public Debt and the Expenditure Rule for 2026"! Revising upward the growth in net spending forecast, well above the % committed to in the MTP, which complicates compliance with fiscal commitments. 🔗tinyurl.com/msv9u7x5

Check out the Hellenic PBO's latest research note on 🇬🇷sovereign yield sensitivity to global uncertainty shocks! 🔍Highlighting the key role of sustained primary surpluses and a declining debt-to-GDP ratio in reducing such sensitivity. READ HERE: tinyurl.com/4eb87wur

🗞️Check out the Romanian Fiscal Council's analysis "Public Debt Sustainability in Romania"! In the absence of additional fiscal adjustment measures, 🇷🇴’s public debt would remain on an unsustainable trajectory. READ HERE: tinyurl.com/5th9b5vd

The 🇮🇹@upBilancio's Hearing in the context of the examination of the 2026 Public Finance Document reports that the UPB endorsed the PFD’s trend macroeconomic scenario, while highlighting significant risks. READ HERE: tinyurl.com/2n944w8c

Deep dive into the 🇪🇺European Fiscal Monitor – our flagship publication! Finding # 2️⃣: Defence spending remains the dominant fiscal risk for most IFIs. IFIs in NEC-activated countries appear more worried about national debt and deficits. 🔗Read more: tinyurl.com/yh7n7ydm

The @fiskalrat published its "Fiscal rules compliance report 2025-30"! 🇦🇹's fiscal consolidation measures are insufficient to achieve the 3% deficit target and structural reforms are lacking, resulting in continued high medium-term budget deficits. 🗞️tinyurl.com/mt3tjtt6

🗞️ Check out the @cfp_pt 's report on NHS performance in 2025! Heavy reliance on transfers from the 🇵🇹State Budget and the structural growth in health expenditure continue to pose significant challenges to the financial sustainability of the NHS. 🔗tinyurl.com/7t5685ym

The 🇸🇮@FiskalnisvetRS published its Assessment of the fiscal consequences of the Coalition Agreement! 🔍 While the document is opaque, the quantifiable measures point to significant risks to fiscal sustainability if they are adopted. READ HERE: tinyurl.com/f8385e6t

The @fiskalrat published its latest fiscal policy recommendations! 🇦🇹's public finances remain strained despite the planned consolidation measures, as high expenditure, weak economic growth and new relief measures are putting pressure on the budget. 🗞️tinyurl.com/y9um49jt