Brussels, 17/05/2010 (Agence Europe) - On Tuesday 18 May, the EU member states' finance ministers will agree upon a conclusions document on national budgets, encouraging countries to strengthen mechanisms to tighten budgetary governance.
The ECOFIN Council's document comments that the existence of resilient, efficient budgetary frameworks will greatly contribute to economic recovery strategies in terms of the budget, implementing the Stability and Growth Pact and ensuring credibility for related budgetary commitments. In order to improve national budgetary governance, a number of aspects have to be respected irrespective of the individual country's culture or institutional policies and the Council therefore calls for digital budgetary rules, medium-term budgets, transparent and credible budget control and implementation systems, and credible budget procedures and budget institutions. When countries introduce reforms, all the above needs to be taken into account and forthright political support is required at all political levels. The ministers call on member states to improve their budget procedures and strengthen procedures that encourage budget discipline. The conclusions document calls for national budgets to be regularly assessed and examined by peers. (A.B./transl.fl)