The "Fiscal Council" will function in Albania
In our country, a "Fiscal Council" is expected to be established and operate with the aim of further strengthening the institutional framework that supports the drafting, monitoring and evaluation of fiscal policy in the country.
Everything is defined in the draft law “On the Fiscal Council of the Republic of Albania”, issued for public consultation by the Ministry of Finance. According to the report, in the absence of an independent institution dedicated to the assessment of fiscal and macroeconomic developments, the functional separation between the role of drafting and that of evaluating policies is limited, and the perception of their transparency and credibility is affected.
In this context, the draft law aims to address these shortcomings through the creation of an independent institution, with a defined legal mandate, which will exercise functions of monitoring the implementation of fiscal rules, assessing fiscal policy and analyzing macroeconomic and budgetary forecasts. This approach is in line with international best practices and the strengthened economic governance framework in the European Union, while contributing to the fulfillment of commitments in the European integration process.
The Ministry of Finance argues that, "the establishment of the Fiscal Council is expected to bring significant advantages in terms of strengthening fiscal discipline, increasing transparency in the management of public finances and improving the quality and reliability of fiscal analyses and forecasts. At the same time, it strengthens the oversight role of the Assembly, providing it with an independent professional basis for reviewing key fiscal policy documents."
Furthermore, the implementation of the draft law is expected to contribute to improving the transparency and quality of fiscal analyses, strengthening compliance with fiscal rules and the sustainability of public finances, as well as increasing the credibility of fiscal policy at the domestic and international levels.
"At the same time, the draft law complements the existing framework for public finance management and contributes to the early identification of fiscal risks and to improving the quality of decision-making through independent analysis. The creation of this institution strengthens the mechanisms of inter-institutional control and balance, guaranteeing the exercise of functions based on the principles of independence, professionalism and objectivity," the draft law states.
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