OECD Review of Latvia’s Fiscal Discipline Council

Latvia's Fiscal Discipline Council (FDC) was established in 2013 by the Fiscal Discipline Law and began operating on 1 January 2014. Its mandate is to monitor the government's compliance with fiscal rules, endorse the macroeconomic forecasts that are used to prepare the budget, assess the adequacy of the fiscal security reserve and assess the sustainability of national fiscal policy, among other responsibilities. The OECD's review concluded that the FDC is an effective fiscal monitoring body for Latvia and adheres closely to the OECD Principles for Independent Fiscal Institutions (IFIs).