A NEW Budgetary Responsibility Council, also known informally as the Fiscal Council, that will be established in accordance with Slovakia’s constitutional law on budgetary responsibility will likely be headed by Ivan Šramko, a former governor of the National Bank of Slovakia (NBS), the country’s central bank, the SITA newswire reported on June 18.
In addition to Šramko the council will have two other members appointed for seven years, economists Ľudovít Ódor and Michal Horváth. The three nominations were approved by parliament’s financial committee, which recommended that the full parliament appoint these individuals to the new council.
The Fiscal Council is an independent body that will monitor and assess developments in the Slovak economy and fulfilment of the law’s rules on budgetary responsibility. The council will submit regular reports on long-term sustainability, on meeting budget rules under the law as well as provide guidance on the impact of legislative proposals before parliament from the perspective of the state budget and long-term sustainability.
25. Jun 2012 at 0:00 | Compiled by Spectator staff