The National Fiscal Council has issued new opinion on one-off and temporary measures according to the 4th updated edition of the Methodology for Derivation of the Expenditure Frameworks of the State Budget and State Funds and opinion on the determination of the expenditure frameworks of the state budget and state funds for the years 2026…
Pursuant to the Section 21(2)(c) of Act No. 23/2017 Coll., on the Rules of Budgetary Responsibility, as amended, the Czech Fiscal Council (CFC) monitors general government finances. As part of this activity, it also seeks to identify risks that may negatively affect the stability of public budgets in the short, medium and long term. Since…
One of the main tasks of the Czech Fiscal Council (CFC) under Act No. 23/2017 Coll., on the Rules of Budgetary Responsibility, as amended (the “Act”), is to regularly prepare the Report on the Long-Term Sustainability of Public Finances (the “Long-Term Sustainability Report”) and, in accord-ance with Section 21 of the Act, to submit it…
Pursuant to the Section 21(2)(c) of Act No. 23/2017 Coll., on the Rules of Budgetary Responsibility, as amended, the Czech Fiscal Council (CFC) monitors general government finances. As part of this activity, it also seeks to identify risks that may negatively affect the stability of public budgets in the short, medium and long term. Since…
Pursuant to the Section 21(2)(c) of Act No. 23/2017 Coll., on the Rules of Budgetary Responsibility, as amended, the Czech Fiscal Council (CFC) monitors general government finances. As part of this activity, it also seeks to identify risks that may negatively affect the stability of public budgets in the short, medium and long term. Since…
GIS reports, 03.10.2023 – gisreportsonline.com. The European Union’s fiscal rules have been inactive for years. While reforms have been proposed, their success is yet to be seen. For more than three years now, all the basic rules of budgetary responsibility in the European Union have been effectively switched off. In March 2020, at the beginning…
Pursuant to the Section 21(2)(c) of Act No. 23/2017 Coll., on the Rules of Budgetary Responsibility, as amended, the Czech Fiscal Council (CFC) monitors general government finances. As part of this activity, it also seeks to identify risks that may negatively affect the stability of public budgets in the short, medium and long term. Since…
Reuters, 18.03.2023 – reuters.com The Czech government needs to dig deeper than it plans to shore up the state budget which has fallen to record deficits, and must act fast as the next election approaches, a senior budget watchdog official told Reuters. The centre-right government of Prime Minister Petr Fiala plans to cut budget deficit…
The spread of the SARS-CoV-2 virus causing the disease called COVID-19 entails economic consequences for the economy of the Czech Republic that have been made worse by government measures designed to counter the spread of the virus. The expected economic collapse of the Czech economy is historically unprecedented and exceeds the impacts of the global…
On Tuesday 4 February, the Ministry of Finance issued a new macroeconomic prediction. It expects the country’s real GDP to grow by 2% compared to 2019. The growth estimate remains unchanged, compared to the previous prediction published in November. “Our view of the development of the Czech economy has remained principally unchanged. We estimate that…
The Ministry of Labour and Social Affairs and the Committee for Fair Pensions presented the basic principles of the pension system reform. One of the fundamental building blocks of the proposal is the splitting of the existing first pension system pillar in two: the zeroth and the first pillar. The zeroth pillar is to ensure…
Pension expenditures in the Czech Republic are the eighth lowest in the EU, in relation to gross domestic product. Whereas the EU28 states expended an average of 9.2% of GDP on pensions in 2017, it was only 6.9% in this country. In discussions about pension system change, opinions can be heard, based on this data,…
