Pursuant to the Section 21(2)(c) of Act No. 23/2017 Coll., on the Rules of Budgetary Responsibility, as amended, the Czech Fiscal Council (CFC) monitors general government finances. As part of this activity, it also seeks to identify risks that may negatively affect the stability of public budgets in the short, medium and long term. Since…
GIS reports, 03.10.2023 – gisreportsonline.com. The European Union’s fiscal rules have been inactive for years. While reforms have been proposed, their success is yet to be seen. For more than three years now, all the basic rules of budgetary responsibility in the European Union have been effectively switched off. In March 2020, at the beginning…
Pursuant to the Section 21(2)(c) of Act No. 23/2017 Coll., on the Rules of Budgetary Responsibility, as amended, the Czech Fiscal Council (CFC) monitors general government finances. As part of this activity, it also seeks to identify risks that may negatively affect the stability of public budgets in the short, medium and long term. Since…
Reuters, 18.03.2023 – reuters.com The Czech government needs to dig deeper than it plans to shore up the state budget which has fallen to record deficits, and must act fast as the next election approaches, a senior budget watchdog official told Reuters. The centre-right government of Prime Minister Petr Fiala plans to cut budget deficit…
The spread of the SARS-CoV-2 virus causing the disease called COVID-19 entails economic consequences for the economy of the Czech Republic that have been made worse by government measures designed to counter the spread of the virus. The expected economic collapse of the Czech economy is historically unprecedented and exceeds the impacts of the global…
On Tuesday 4 February, the Ministry of Finance issued a new macroeconomic prediction. It expects the country’s real GDP to grow by 2% compared to 2019. The growth estimate remains unchanged, compared to the previous prediction published in November. “Our view of the development of the Czech economy has remained principally unchanged. We estimate that…
The Ministry of Labour and Social Affairs and the Committee for Fair Pensions presented the basic principles of the pension system reform. One of the fundamental building blocks of the proposal is the splitting of the existing first pension system pillar in two: the zeroth and the first pillar. The zeroth pillar is to ensure…
Pension expenditures in the Czech Republic are the eighth lowest in the EU, in relation to gross domestic product. Whereas the EU28 states expended an average of 9.2% of GDP on pensions in 2017, it was only 6.9% in this country. In discussions about pension system change, opinions can be heard, based on this data,…
The Chamber of Deputies approved the draft 2020 state budget Wednesday night. A total of 108 were in favour of the Act, which plans on a deficit of 40 billion crowns, like the current year. Total income of the state budget is to amount to 1,578.1 billion crowns, with planned expenditure amounting to 1,618.1 billion. …
The Czech Fiscal Council, along with the European Commission’s Representation in the Czech Republic, organised a professional conference on the role of independent fiscal councils in EU countries, which was held on Monday 18 November. The words of introduction by the Czech Fiscal Council Chairman, Eva Zamrazilová, and deputy head of the Representation of the…
On 29 October 2019, the Austrian Fiscal Advisory Council (known as the “Fiskalrat”) organised a workshop on fiscal multipliers and government transfers. Put in simplified terms, the issue was how to most precisely measure the impact of fiscal policy (e.g., changes in public institution sector expenditure or tax changes) on gross domestic product. The meeting,…
Future pension reform could include the division of the existing first (pay-as-you-go) pillar of the pension system, into two branches – solidary and merit-based branches. The Fair Pensions Committee agreed unilaterally at its meeting on Friday 11 October that it will work further on the concept and discuss all the related changes in parameters at…
