There is growing interest in the role of independent fiscal institutions, or fiscal councils, in helping to improve fiscal performance. This paper provides some guidance on the scope for improving fiscal performance through fiscal councils based on the available literature and the range of...

The aim of this paper is to provide an assessment of the medium-term financial strategies operating in and available to OECD economies. Three issues are discussed: first, the rationale for the increasing adoption of medium-term budgetary and monetary objectives; second, the appropriate criteria...

This paper examines the problems raised by the recent sharp increases in the ratio of public debt to GNP in most OECD Member countries. When interest rates exceed growth rates, this development appears as a symptom of instability in public finances. The paper also analyses the evolution of...