The Fiscal Council is an independent and autonomous state authority that supervises the conduct of fiscal policy in the country. It monitors the implementation of the fiscal rule and the medium-term balance between revenue and expenditure without borrowing and verifies the implementation of the EU legislation governing the economic governance in Member States.
It assesses, among other things, the sustainability of the implemented fiscal policy and its compliance with fiscal rules and issues recommendations in this regard. It assesses the state budget proposal, drawing attention to exceptional circumstances that may cause deviations from the medium-term fiscal balance.
The Fiscal Council is composed of three members appointed by the National Assembly on the proposal of the Government. Members of the Fiscal Council are appointed for a period of five years, but for not more than two consecutive periods.