Task Force on Improving Fiscal Performance: Assessment and Transparency

Members of the CEPS Task Force on Improving Fiscal Performance chaired by Professor Enrico Giovannini, former Minister of Labour and Social Policy of Italy, will hold their second meeting on October 17th. Discussions will address three critical questions: i) How to change the member states’ approach to public-sector balance sheets? ii) What are the barriers that are impeding greater public expenditure accountability? iii) How to move the discussion from numbers to decisions and bring proper balance sheet management into the public sector? The objective of the Task Force is to evaluate the potential benefits of adopting accrual accounting for central governments, which so far has been implemented in just a few member states. In addition, the Task Force will explore the growth potential of promoting balance sheet management in the public sector. Given the strong implications of enhanced transparency in governments’ financial reports for the stability of the euro area and of the EU as a whole, the topic is attracting considerable interest. A final report is expected to be published in early 2017.