The NAOF is responsible for monitoring compliance with fiscal rules as well as the setting and implementation of fiscal objectives. The aim of the monitoring is to promote the transparency and intelligibility of fiscal rules as well as stable and sustainable government finances.
The NAOF’s fiscal policy monitoring assesses, for example:
the drafting and implementation of the General Government Fiscal Plan, including compliance with the central government 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 realism of the macroeconomic forecasts on which fiscal policy is based and the reliability of macroeconomic and budgetary forecasts, and
the fiscal stance in relation to the business cycle.
The fiscal policy monitoring reports its assessments twice a year, in May–June and in December.
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