AN INDEPENDENT ADVISORY BODY CHARGED WITH
ASSESSING ESTONIAN FISCAL POLICY
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The summer forecast finds there is not room in the budget for increasing spending Sep 12, 2024
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It is uncertain whether the fiscal targets set by the government will be achieved Apr 30, 2024
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Fiscal consolidation cannot be postponed any longer Apr 26, 2024
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The new members of the Fiscal Council are Viljar Arakas and Robert Kitt Apr 18, 2024
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The government will start to improve the fiscal position under less demanding fiscal rules Sep 28, 2023
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Peter Lõhmus starts work as Chair of the Fiscal Council, Karin Jõeveer is a new member Sep 22, 2023
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The outlook for the state finances remains challenging Sep 07, 2023
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Chair of the Fiscal Council Raul Eamets resigns Aug 16, 2023
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The goal set by the government of reducing the budget deficit is appropriate Apr 28, 2023
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Reducing the budget deficit is warranted Apr 21, 2023
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The Chair of the Fiscal Council is standing to become Rector of the University of Tartu Mar 16, 2023
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The Fiscal Council finds the government should start to reduce the budget deficit from 2024 Sep 27, 2022
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The Fiscal Council does not endorse the summer economic forecast of the Ministry of Finance Sep 06, 2022
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The state debt will double over the next five years Apr 28, 2022
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The spring economic forecast of the Ministry of Finance is appropriate for planning the next steps for the state finances Apr 20, 2022
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The Fiscal Council paper discusses the revisions to the data for Estonia on the structural budget balance, the output gap and the budget balance Mar 01, 2022
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The state budget should be prepared on the assumption of slower economic growth Sep 24, 2021
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The Fiscal Council has assessed the macroeconomic impact analysis of the RRF Jun 28, 2021
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The Fiscal Council has written its report on its activities from 2020 May 26, 2021
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Budget deficits in the coming years should not exceed 3% of GDP Apr 29, 2021
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The budget deficit in 2020 was extraordinarily large and the state debt doubled Apr 22, 2021
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The fiscal rules should be followed from 2022 Apr 16, 2021
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The large fiscal deficit should remain a crisis measure only Oct 01, 2020
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Fiscal discipline needs to be restored after the crisis Sep 21, 2020
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Fiscal Council paper discusses revision of the fiscal rules and their adequacy for Estonia Jul 28, 2020
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The Fiscal Council has written its report on its activities from 2019 May 22, 2020
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The government did not meet its budget targets for 2019 Apr 30, 2020
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Recovery from the crisis could take longer than forecast Apr 15, 2020
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Difficult times call for a wise fiscal policy Nov 07, 2019
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The general government fiscal position needs to be improved Sep 26, 2019
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Frequent changes to the fiscal rules harm the credibility of Estonian fiscal policy and the economy Jun 20, 2019
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The Fiscal Council has written its report on its activities from 2018 May 23, 2019
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If you must hurry then do so slowly May 22, 2019
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The general government fiscal position needs to be improved Apr 18, 2019
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The general government recorded a large deficit in 2018 Apr 11, 2019
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The Fiscal Council of Estonia will continue with the same membership Mar 28, 2019
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.
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The government should set the target of a small structural surplus Sep 24, 2018
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The measures planned by the government are not sufficient to bring the budget into balance Apr 26, 2018
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The Fiscal Council has written its report on its activities from 2017 Apr 16, 2018
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The Fiscal Council and the Ministry of Finance have signed a cooperation agreement Feb 16, 2018
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Rapid economic growth demands a budget surplus Sep 27, 2017
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The general government budget for 2016 is in nominal and structural surplus Jul 25, 2017
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The new look of Estonian fiscal policy Jun 08, 2017
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Now is not the time to be putting the state budget in deficit May 10, 2017
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The Fiscal Council has written its report on its activities from 2016 May 10, 2017
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Despite the reliable economic forecast, the planned budget policy is not in accordance with the law Apr 28, 2017
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We should pick the apples that are within reach Nov 09, 2016
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Despite slower economic growth, tax receipts remain good Sep 29, 2016
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General government budget for 2015 was in nominal and structural surplus Jul 21, 2016
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The government should set a target of a small structural fiscal surplus Apr 28, 2016
Although the targets in the budget strategy are in accordance with the State Budget Act, the Fiscal Council recommends that a target should be set for the structural fiscal position of a small surplus in each of the next four years.
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The Fiscal Council presented its report on its activities from 2015 Apr 26, 2016
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Forecasts for tax revenues are based on optimistic assumptions Apr 19, 2016
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Let's not be overoptimistic about the state of the economy Nov 13, 2015
Keeping the public finances in order means sticking to the fiscal rules
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A formal network of EU independent fiscal institutions has been established Oct 06, 2015
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The budget should aim for a surplus in the years ahead Sep 29, 2015
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General government budget position better than expected in 2014 Jul 31, 2015
The State Budget Act requires the general government budget to be at least in structural balance and to take corrective steps if there are significant deviations from that target. The Fiscal Council finds that the general government structural budget position in 2014 was consistent with the legal framework as well as fiscal policy targets set for 2014.
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Goals of the government’s budget policy are in line with the principles of sustainable state finances May 20, 2015
The Fiscal Council finds that the goals set for the structural position of the general government in the state budget strategy and stability programme for 2016−2019 are in accordance with Estonian regulations and the principles of a sustainable fiscal policy.
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We should not tempt the government to break the law May 07, 2015
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The Fiscal Council presented its report on its activities from 2014 May 06, 2015
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Economic forecast indicates need for balanced budget May 05, 2015
The Fiscal Council is of the opinion that the spring forecast of the Ministry of Finance indicates a need to prepare a state budget strategy where the budget of the government sector for the coming year is at least in nominal balance.
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We need to remember the old saying about borrowed bread Mar 19, 2015
Raul Eamets
Chairman of the Fiscal Council of Estonia -
Half-truths are being said about the budget balance Nov 20, 2014
Raul EametsChairman of the Fiscal CouncilThis article is a comment on the assertion by Helir-Valdor Seeder (IRL) of the Riigikogu Finance Committee that the recent assessment of Estonia by the European Commission shows that there is a hole of 300 million euros in the state budget for next year. -
Temptations of a Pre-Election State Budget Oct 16, 2014
Raul Eamets
Chairman of the Fiscal Council
The global economy is going through difficult times, with the crisis in Ukraine, the events in Syria, and the disappointingly weak performance of emerging economies. These stories are constantly in the news in countries that are having to correct their economic forecasts downwards, just as Estonia did this year. As far as the economy is concerned, we are not standing on solid ground. -
The government may be overestimating the structural fiscal surplus Sep 15, 2014
Calculations by the Fiscal Council show a serious risk that the structural budget position for 2014–2015 has been overestimated. For this reason the Fiscal Council recommends that the government draft its budget for 2015 so that the structural surplus in the general government budget is not less than the 0.8% of GDP noted in the summer forecast.
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The structural budget position of the general government for 2013 meets expectations Jul 24, 2014
At the regular meeting of the Fiscal Council on 23 July, discussions were held on the achievement of the target for the general government structural budget position for last year.
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The Supervisory Board of Eesti Pank approved the list of members of the Fiscal Council May 14, 2014
The Supervisory Board of Eesti Pank approved the list of members proposed by the Governor of the central bank for the five-year term of the Fiscal Council, with Professor Raul Eamets, Programme Leader for Doctoral Studies of Economics at the University of Tartu as chair.
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The Supervisory Board of Eesti Pank confirmed the statute of the Fiscal Council Apr 09, 2014
The Fiscal Council is an independent advisory body charged with assessing Estonian fiscal policy.