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Rokas: Reforms in public finance are key for EU membership

by AI | 11.Mar 2025 | Europe in brief AI

The establishment of the Fiscal Council in 2023 was a significant milestone in aligning with the economic governance framework, noted Rokas.

Michalis Rokas, EU ambassador to North Macedonia. Photo: MIA

Skopje – Reforms in public finances are a key step for any country preparing for EU membership, said today EU ambassador Michalis Rokas before the members of the parliamentary committees for economic affairs and financing and budget. 

In the presentation on fiscal governance in the EU and the role of the Fiscal Council, Rokas noted that policymakers should consider fiscal councils as a key goal in the process of making public policies.

Fiscal councils, according to him, encourage public debates on fiscal issues and transparency that allow citizens and businesses, as well as investors, to better understand the fiscal and financial situation in their countries. In this context, he welcomed the formation of the Fiscal Council in the country, as well as efforts to strengthen its capacity and mandate.

Rokas reminded that in the EU, the goal of fiscal councils is to exercise independent oversight and monitor compliance with fiscal rules which means, as he pointed out, avoiding over-optimistic government estimates or unsustainable public spending plans that could lead to fiscal imbalances.  

– Since 2018, we have supported public finance reforms with projects of around 13 million euros. The establishment of the Fiscal Council in 2023 was a significant turning point in alignment with the economic governance framework. Policymakers should consider fiscal councils as a key goal in the process of making public policies and therefore, strengthening fiscal councils across the EU is regarded as a key to fiscal stability, noted the EU ambassador. (March 11)