The statute requires the Fiscal Council to give an assessment of the forecasts for the macro economy 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 Council has six members. The Council’s Chair, Vice-Chair and four members are appointed to office for a period of five years by the Eesti Pank Supervisory Board at the proposal of the Governor of the central bank.