{"id":7375,"date":"2019-05-11T00:00:00","date_gmt":"2019-05-10T22:00:00","guid":{"rendered":"https:\/\/www.rozpoctovarada.cz\/the-first-roundtable-of-the-national-budget-council-addressed-robotics-and-interest-rates\/"},"modified":"2022-12-29T22:15:10","modified_gmt":"2022-12-29T21:15:10","slug":"the-first-roundtable-of-the-national-budget-council-addressed-robotics-and-interest-rates","status":"publish","type":"post","link":"https:\/\/www.rozpoctovarada.cz\/en\/the-first-roundtable-of-the-national-budget-council-addressed-robotics-and-interest-rates\/","title":{"rendered":"THE FIRST ROUNDTABLE OF THE NATIONAL BUDGET COUNCIL ADDRESSED ROBOTICS AND INTEREST RATES"},"content":{"rendered":"<p>On Thursday, 25 April, the National Budget Council held its first roundtable\u2014a discussion between economists from the public, academic and private sectors. The aim was to exchange opinions on certain topics that the National Budget Council examines when assessing the sustainability of public finances. These were primarily areas that economists in the Czech Republic and around the world did not unanimously agree on how, or even whether, to consider regarding the sustainability of public finances.<\/p>\n<img decoding=\"async\" style=\"aspect-ratio: 300 \/ 225;\" class=\"aligncenter wp-image-2353\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/unrr.cz\/wp-content\/uploads\/2019\/04\/DSCF3991-300x225.jpg\" alt=\"\" width=\"473\" height=\"355\" \/>\n<p>Presented by the National Budget Council Office head analyst Jan Kub\u00ed\u010dek, the meeting saw members of the National Budget Council discuss topics such as the impact the state\u2019s growing indebtedness has on interest rates on the financial markets under which the government acquires finances. Digitalization and robotics and their impact on labour productivity and subsequent reflection in the government sector\u2019s budgetary revenues was also reviewed. The topic economists at the meeting agreed on most was in forecasting the sustainability of public finances, concurring that it is prudent to assume existing laws and taxation and expenditure policies will remain in place, even though it is clear that these laws and policies may in fact change. The National Budget Council took this approach when compiling its very first Report on the Sustainability of Public Finances, published in October 2018.<\/p>\n<p>Assuming that existing laws remain in place, one fundamental exception must be made and violate the presumption of compliance with statutory budgetary rules. After all, if these rules always worked flawlessly, debt in the government sector would not significantly exceed the limit of the debt brake (government sector debt consisting of 55 % of GDP). Under these conditions, it would make no sense to forecast the sustainability of public finances. The conclusion would always be that public finances are sustainable, as this is stipulated by law.<\/p>\n<p>An interesting debate also arose on the parameters that should be most carefully considered when assessing the sustainability of public finances. While the parameters used by the National Budget Council include debt in relation to GDP, the Deputy Finance Minister mentioned that, from his point of view, it would be better to use an indicator to determine the highest public finance sector deficits for each forecast year in order to ensure that public finances continued to be sustainable at the end of the year.<\/p>\n<p>After the positive experience with its first roundtable, the National Budget Council is planning to hold similar specialised meetings in the future for attendance by economists.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Thursday, 25 April, the National Budget Council held its first roundtable\u2014a discussion between economists from the public, academic and private sectors. The aim was to exchange opinions on certain topics that the National Budget Council examines when assessing the sustainability of public finances. These were primarily areas that economists in the Czech Republic and&#8230;<\/p>\n","protected":false},"author":3,"featured_media":7085,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[54],"tags":[],"class_list":["post-7375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>THE FIRST ROUNDTABLE OF THE NATIONAL BUDGET COUNCIL ADDRESSED ROBOTICS AND INTEREST RATES | N\u00e1rodn\u00ed rozpo\u010dtov\u00e1 rada<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rozpoctovarada.cz\/en\/the-first-roundtable-of-the-national-budget-council-addressed-robotics-and-interest-rates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THE FIRST ROUNDTABLE OF THE NATIONAL BUDGET COUNCIL ADDRESSED ROBOTICS AND INTEREST RATES | N\u00e1rodn\u00ed rozpo\u010dtov\u00e1 rada\" \/>\n<meta property=\"og:description\" content=\"On Thursday, 25 April, the National Budget Council held its first roundtable\u2014a discussion between economists from the public, academic and private sectors. The aim was to exchange opinions on certain topics that the National Budget Council examines when assessing the sustainability of public finances. These were primarily areas that economists in the Czech Republic and...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rozpoctovarada.cz\/en\/the-first-roundtable-of-the-national-budget-council-addressed-robotics-and-interest-rates\/\" \/>\n<meta property=\"og:site_name\" content=\"N\u00e1rodn\u00ed rozpo\u010dtov\u00e1 rada\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/narodnirozpoctovarada\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-10T22:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-29T21:15:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rozpoctovarada.cz\/wp-content\/uploads\/2022\/12\/Skoda-Auto-vyroba-ekonomika.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"NRR\/UNRR\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@rozpoctova_rada\" \/>\n<meta name=\"twitter:site\" content=\"@rozpoctova_rada\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"NRR\/UNRR\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"THE FIRST ROUNDTABLE OF THE NATIONAL BUDGET COUNCIL ADDRESSED ROBOTICS AND INTEREST RATES | N\u00e1rodn\u00ed rozpo\u010dtov\u00e1 rada","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rozpoctovarada.cz\/en\/the-first-roundtable-of-the-national-budget-council-addressed-robotics-and-interest-rates\/","og_locale":"en_US","og_type":"article","og_title":"THE FIRST ROUNDTABLE OF THE NATIONAL BUDGET COUNCIL ADDRESSED ROBOTICS AND INTEREST RATES | N\u00e1rodn\u00ed rozpo\u010dtov\u00e1 rada","og_description":"On Thursday, 25 April, the National Budget Council held its first roundtable\u2014a discussion between economists from the public, academic and private sectors. 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