The Concept of the Independent Fiscal Council

Abstract

Describing contemporary problems of coordination
between monetary and fiscal policy in
the European Union (the EU) as a whole and in
each particular member state it is easy to notice
that the monetary policy mechanisms are much
better protected from biases created by the political
cycle. The implementation of the concept
of the central bank independence in various national
mutations and the European Central Bank
version introduced more stability into the European
monetary policy though it did not solve
the problem of transparency of that policy.