Skopje – EU ambassador Michalis Rokas emphasized the importance of public finance reforms as a crucial step for countries aspiring to EU membership during a presentation before parliamentary committees on economic affairs and finance.
During his discussion on fiscal governance in the EU and the role of Fiscal Councils, Rokas highlighted that policymakers should prioritize the establishment of fiscal councils in their public policy-making processes.
He explained that fiscal councils promote public discourse on financial matters and enhance transparency, enabling citizens, businesses, and investors to better comprehend their country’s fiscal and financial conditions. In this regard, he commended the formation of the Fiscal Council in the country and the initiatives aimed at bolstering its capabilities and authority.
Rokas reminded attendees that within the EU framework, the primary function of fiscal councils is to provide independent oversight and ensure compliance with fiscal regulations. He noted that this oversight helps prevent overly optimistic government forecasts and unsustainable spending plans that could result in fiscal imbalances.
– Since 2018, we have invested approximately 13 million euros in supporting public finance reforms. The establishment of the Fiscal Council in 2023 marked a significant step towards aligning with the economic governance framework. Policymakers should view fiscal councils as essential in the formulation of public policies. Consequently, enhancing fiscal councils throughout the EU is pivotal for achieving fiscal stability, the EU ambassador concluded. (March 11)
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