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2018-09-05   A Workshop of the Network of the EU Independent Fiscal Institutions is Taking Place in Vilnius

Today, the National Audit Office, implementing the functions of a fiscal institution, is hosting a workshop of the Output Gap Working Group of the Network of the European Union’s (EU) Independent Fiscal Institutions (IFIs). The members of the IFIs from 15 EU Member States are meeting together to discuss the methodological issues of the output gap estimation from the perspective of fiscal institutions.

The fiscal institutions cover a broader set of imbalances associated with the internal, external and financial markets, emphasising the long-term sustainability of general government finances and the timely creation of fiscal space, which is a pre-requisite for the implementation of counter-cyclical fiscal policy.

“The output gap measures the temperature of the country’s economy, namely – whether both our gross revenue and expenditure has risen above, or fallen below, the multi-annual trend. Precise diagnostics are useful for changing behaviour in a timely manner – setting money aside for a rainy day, thereby allowing us to maintain our regular quality of life when the economy takes a downturn,” said Asta Kuniyoshi, Director of the Budget Policy Monitoring Department.

The workshop’s participants are going to discuss the results of the Working Group’s activities, achieved in 2018, and to share best practices related to the modelling of the output gap, as well as the assessment of the estimates quality. Furthermore, at the workshop issues of the concepts of capital and labour inputs, the measurement of the uncertainty of estimates, and practical aspects of the application of potential output and output gap while measuring the structural indicators of the general government and long-term economic development will be discussed.

The Budget Policy Monitoring Department, established at the National Audit Office in 2015, implements the functions of an independent fiscal institution, monitors and provides information on compliance with the fiscal rules. Independent assessment and analysis of the output gap are one of the integral parts of the fiscal rules.

The outcome of the Output Gap Working Group of the Network of the EU IFIs will serve as the basis for discussions held with the European Commission on the improvement of the commonly agreed methodology for the assessment of the output gap applied by the EU Member States.

For more information on the event, please visit the website of the fiscal institution by following this link.

 

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Informacija atnaujinta 2018-11-06

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