Fiscal policy monitoring and audit

Fiscal policy monitoring supports stable and sustainable public finances and makes fiscal rules more transparent and comprehensible. Fiscal policy audit, in turn, supports these objectives by providing decision-makers with useful information on the preparation of fiscal policy and its knowledge base.

The NAOF is responsible for monitoring compliance with fiscal rules as well as the setting and implementation of fiscal targets.

The NAOF’s fiscal policy monitoring function assesses, for example:

  • the drafting and implementation of the General Government Fiscal Plan

  • compliance with the central government’s spending limits

  • compliance with the EU’s Stability and Growth Pact and the applicability of EU rules to Finland,

  • compliance with the medium-term objective (MTO) set for general government finances and the related correction mechanism

  • the reliability of the macroeconomic and budgetary forecasts on which fiscal policy is based

  • the fiscal stance in relation to the business cycle.

Read more about the monitoring task.

As regards fiscal policy, the National Audit Office also audits:

  • the reliability of information used in decision making

  • the functionality and effectiveness of steering instruments

  • whether the picture given of the financial position of the central government and the sustainability of general government finances is true and fair.

Read more about the fiscal policy audit.

Publications by the fiscal policy monitoring and audit functions

The fiscal policy monitoring function reports its assessments twice a year, in May–June and in December.

The fiscal policy audit function completes one to two fiscal policy audits each year. The fiscal policy audit function also produces information for fiscal policy monitoring.

All publications by the fiscal policy monitoring and audit functions