2008 Fiscal Notifications of Candidate Countries

Download or read book 2008 Fiscal Notifications of Candidate Countries written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2008 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an overview and assesses the 2008 fiscal notifications made by candidate countries (Croatia, former Yugoslav Republic of Macedonia, Turkey). All candidate countries were invited to submit fiscal notifications to the Commission services, in accordance with the commitments made under the pre-accession fiscal surveillance procedure. This notification is the eight such annual exercise, though only the fourth for Croatia, a candidate country since June 2004, and the third for the former Yugoslav Republic of Macedonia, a candidate country since December 2005.Candidate countries are more or less familiar with the EU legal and methodological principles for the calculation of general government deficits and debt levels. The presentation of the notification tables and in particular the reconciliation between the national budget balance and the balance used in EU fiscal surveillance is generally in line with the requirements. Significant efforts have been made to provide figures that comply as much as possible with the methodology and coverage required by the fiscal notifications.The prospect of accession is a catalyst for reforms in the scope and the management of the national budgets. Budget presentations are being modernised, and national budgetsœ coverage of government operations is being made more exhaustive. In particular, there has been a spectacular reduction in the number of off-budget and special funds accounts and operations. Also, the reference to central and general government in EU fiscal surveillance often leads to more systematic monitoring, supervision and controllability of the operations of local authorities and of social security.