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REPORT (COM(2023)0242 – C90171/2023 – 2023/0136(NLE))

On the proposal for a Council directive amending Directive 2011/85/EU on requirements for budgetary frameworks of the Member States

A-9-2023-0440

Committee on Economic and Monetary Affairs · Rapporteur: Esther de Lange, Margarida Marques

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Parliament's amended version of the Commission proposal for a Council directive amending Directive 2011/85/EU on requirements for budgetary frameworks of the Member States. It requires Member States to have integrated public accounting systems by 2030, publish quarterly debt and deficit data, and base fiscal planning on realistic forecasts produced or endorsed by independent fiscal institutions. It requires all Member States to establish independent fiscal institutions with operational independence, adequate resources and access to information, and lists their tasks including forecasts, debt assessments and monitoring compliance with fiscal rules. It requires medium-term budgetary frameworks of at least 4 years, annual budgets consistent with medium-term objectives, and publication of information on tax expenditures, contingent liabilities and climate-related fiscal risks. It asks the Commission to review the directive's effectiveness and report on public sector accounting, and sets deadlines for Member States to comply.

Committee position. The Committee on Economic and Monetary Affairs approves the Commission proposal as amended and calls on the Commission to alter its proposal accordingly.

Key points

  1. Parliament approves the Commission proposal as amended and calls on the Commission to alter its proposal accordingly.
  2. Member States must have integrated, comprehensive and nationally harmonised public accounting systems covering all general government subsectors by 2030, subject to internal control and independent audits.
  3. Member States must publish quarterly debt and deficit data for central government, state government, local government and social security funds before the end of the following quarter or after Eurostat publishes the data.
  4. The Commission (Eurostat) must publish quarterly government finance statistics every 3 months in accordance with tables 25, 27 and 28 of Annex B to Regulation (EU) No 549/2013.
  5. Annual and multiannual fiscal planning must be based on realistic macroeconomic and budgetary forecasts produced, supported or endorsed by independent fiscal institutions, and compared with the Commission's forecasts.
  6. Member States must specify which institution produces forecasts, engage in annual technical dialogue with the Commission, and have forecasts evaluated by an independent body, with action required if bias is detected over at least 4 consecutive years.
  7. Each Member State must establish specific numerical fiscal rules to promote compliance with TFEU obligations over a multiannual period for general government as a whole.
  8. Escape clauses in numerical fiscal rules must set out a limited number of specific circumstances and stringent procedures with clear time limits.
  9. Member States must ensure independent fiscal institutions are established by national laws, adequately staffed and funded, composed of members appointed transparently, and not taking instructions from budgetary authorities.
  10. Independent fiscal institutions must have tasks including producing forecasts and debt assessments, assessing policy impacts, monitoring compliance with fiscal rules, reviewing the budgetary framework, and participating in parliamentary hearings.
  11. Budgetary authorities must comply with assessments or opinions of independent fiscal institutions, or publicly justify non-compliance within a month.
  12. Member States must establish a credible medium-term budgetary framework of at least 4 years, with annual budgets consistent with medium-term objectives, and publish information on tax expenditures, contingent liabilities and climate-related fiscal risks.

Who is affected

  • Member States, which must comply with new accounting, forecasting, fiscal rule and independent institution requirements.
  • Independent fiscal institutions, which gain tasks, independence safeguards and resource requirements.
  • National budgetary authorities, which must justify non-compliance with independent fiscal institution assessments.
  • The Commission, which must publish reviews, reports and quarterly statistics.

Figures and deadlines

  • by 2030, deadline for Member States to have integrated public accounting systems.
  • every 3 months, frequency for Eurostat to publish quarterly government finance statistics.
  • at least 4 consecutive years, period of bias triggering action on macroeconomic forecasts.
  • at least 4 years, minimum fiscal planning period for medium-term budgetary frameworks.
  • By 31 December 2025, deadline for Commission report on public sector financial accounting.
  • by 31 December 202X, deadline for Member States to comply with the directive.
  • By 14 December 20XX, deadline for Commission interim progress report on implementation.

Legal basis: Article 126(14), third subparagraph, of the Treaty on the Functioning of the European Union