1. GROUP 1

2. Group 1 - COUNTRIES 1. ARMENIA 2. CROATIA 3. BOSNIA AND HERZEGOVINA
4. BULGARIA
5. MACEDONIA
6. MONTENEGRO
7. ROMANIA
8. SERBIA
Including World Bank experts, OECD experts and a representative from the Swedish MoF

3. LEGAL AND INSTITUTIONAL MECHANISMS
Fiscal rules and implementation mechanisms should be anchored in the legislation, i.e. the primary legislation adopted by the Parliament. This helps generate wide political support, and in part hinders constant rule change.
It would be preferable to consolidate all provisions regarding fiscal rules in one location. Possible options:
A special part of the organic budget legislation (which is the case for most countries in the region)
Special Act on Fiscal Rules
Within the framework of a wider Act on Fiscal Responsibility (EU recommendation) which would regulate, apart from fiscal rules, additional measures of the fiscal discipline, transparency and responsibility of the heads of budget users.
The selection depends on the form which has the highest chance of being complied with, but that depends, however, on the peculiarity of each country.

4. LEGAL AND INSTITUTIONAL MECHANISMS
It is essential to simultaneously embed provisions concerning a body authorised to monitor the fiscal rules implementation - which is the Fiscal Council in most cases- in the legislation.
The independency factor of the overview and evaluation of macroeconomic projections and revenue projections is also essential in order to ensure the implementation of rules. The Fiscal Council should also play a key role here.
It would be preferable to embed specific sanctions for non-compliance with fiscal rules in the same legislation...
... but the only guaranteed sanctions are the ones imposed by the public.
The prerequisite of all prerequisites is political will!

5. Key factors for success
the Fiscal Council
the Public
the Government and the Parliament

6. Thank you/Hvala