The Fiscal Council of Estonia will continue with the same membership
The mandates of the six experts who make up the Estonian Fiscal Council will end in the middle of May this year. The Supervisory Board of Eesti Pank this week approved the proposal of the Governor of the central bank that the same experts should remain in post for the next five years.
The Fiscal Council provides independent assessment of Estonian fiscal policy and is chaired by Professor Raul Eamets, the Dean of the Faculty of Social Sciences at the University of Tartu, with financial expert Andrus Alber as Vice-Chair. The other members of the Fiscal Council are Urmas Varblane, Professor of International Business at the University of Tartu; Andres Võrk, an analyst at the Johan Skytte Institute of Political Studies at the University of Tartu; Ülo Kaasik, Deputy Governor of Eesti Pank; and Martti Randveer, Head of the Economics and Research Department at Eesti Pank.
Chair of the Eesti Pank Supervisory Board Mart Laar said that the Fiscal Council members have handled their work well. Governor of Eesti Pank Ardo Hansson said they knew a great deal about macroeconomics and fiscal policy and they all had spotless reputations.
The law says the Fiscal Council is an independent advisory body that assesses the macroeconomic and monetary forecasts of the state and how well the budget rules are followed. Under European Union law each member state of the euro area needs to have a council of this sort.
The statute of the Council requires it to publish its opinion on the forecasts for the macroeconomy and state financing and on the budget strategy and how the goals of the structural budget position of the general government are being achieved.
The Fiscal Council meets whenever necessary, but at least five times a year. The work of the council is supported by technical analysis by three Eesti Pank economists.
The Council has six members. Under the statute, the Council's Chair, Vice-Chair and four members are nominated to office for a period of five years by the Eesti Pank Supervisory Board at the proposal of the Governor of the central bank.
Members of the Council must have unblemished reputations, a Master's degree or equivalent in economics, and experience that will help the Fiscal Council to fulfil its functions. Members of the Fiscal Council may not have a job or other position that could affect the independence of the Council in its work.
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