New Fiscal Policy Commission Chair Sought

By 19 January 2019

ZAGREB, January 19, 2019 - The parliamentary committee on finances and state budget on Friday advertised a public call for applications for the post of the president of the Fiscal Policy Commission, and the applications can be submitted in the next 15 days.

The requirements for applicants to qualify for this position are Croatian citizenship, university degree and eight years of experience in the field of public finances, the macroeconomic sector or in other branches of the economic policies.

The seven-member Fiscal Policy Commission is appointed to a five-year term by the national legislature at the proposal of the finance committee.

The new Fiscal Responsibility Act, adopted by the parliament in late 2018, envisaged the professionalisation of the Fiscal Policy Commission, as an independent and standing body without lawmakers sitting on it.

The first Croatian law on fiscal responsibility was adopted in 2010 and was amended upon accession to the European Union in mid-2013.

The new act is fully adjusted to obligations stemming from the Stability and Growth Pact.

The first rule refers to structural balance whereby the targeted value becomes a medium-term budget objective.

The second rule regulates budget expenditure, and general government budget expenditure growth must not exceed the referential potential growth rate of the country's economy.

The third rule does not allow public debt to exceed 60% of GDP.

The main task of the Fiscal Policy Commission is to envisage and evaluate the implementation of fiscal rules.

More news on Croatia’s public spending can be found in the Business section.