OECD Review of Finland’s Independent Fiscal Institution
OECD Review of Finland’s Independent Fiscal Institution
The Independent Monitoring and Fiscal Policy Evaluation Function was established in the National Audit Office of Finland (NAOF) in January 2013 and later renamed the Impact Team for Fiscal Policy Monitoring (“the IFI Team”). The IFI Team is tasked with monitoring Finland’s national fiscal rules under EU treaties and the fiscal management objectives set out in the government’s fiscal plan.
The review found that the IFI Team’s design and operations satisfy the OECD Principles for Independent Fiscal Institutions and its reports have been influential in the public debate, featuring regularly in parliamentary committees, the media and the decisions of policymakers.
The review identified several challenges that the IFI Team faces that arise from its institutional arrangement as a project team within the NAOF. This arrangement limits some of the IFI Team’s independence, the time its staff is able to devote to deepening its analysis, and the public visibility of the team’s role in Finland’s fiscal framework. The OECD makes several recommendations to further strengthen the IFI Team’s operational independence and increase the influence of its work.
