New head of fiscal council: Public finances have disintegrated

Ján Tóth was elected new chair of the Council for Budget Responsibility (RRZ), an independent fiscal body in Slovakia, on September 18.

The former vice-governor of the National Bank of Slovakia was picked by Finance Minister Eduard Heger (OĽaNO) in early September, and the nomination was subsequently approved by the cabinet.

Heger preferred Tóth to economists Martin Šuster and Jarko Fidrmuc, who also ran for the post. He replaced Ivan Šramko, who served one year extra in the post.

The appointment of RRZ chair is a very important moment for Slovak public finances. What tasks is the council dealing with and what is Tóth’s vision?

The Index magazine tried to answer some important questions:

• What is the Council for Budget Responsibility (RRZ)?

• What is a debt brake, which was introduced together with the RRZ?

• Is the fiscal council particular to Slovakia?

• What are RRZ reports about?

• Who is Ján Tóth?

• What does he see as the biggest problem of public finances?

• What does he want to change in the RRZ?

• How does he plan to achieve it?

What is the Council for Budget Responsibility (RRZ)?