Starting in November, political parties can voluntarily submit their policy proposals to the independent Hellenic Fiscal Council (Hfisc) for an assessment of their impact on public finances.
By undertaking to price policies, especially ahead of elections, Hfisc hopes to promote transparency and promises its assessments will be methodologically sound and impartial.
According to Hfisc president Anastasia Miaouli, professor emeritus at the Athens University of Economics and Business, the council’s assessment “will help citizens understand the likely fiscal effects of preelection proposals and will upgrade the quality of democratic debate.”
The council will focus on policy proposals having a fiscal impact of at least €50 million. It will give an assessment of both short-term and medium-term impact (up to four years) depending on the policy. If no quantitative impact can be arrived at, the council’s economists may still issue an opinion on the proposal.
There is at least one major catch: Parties will have to submit their policies for evaluation at least four months before the election. With the government able to call early elections, this element of uncertainty may provide an excuse not to submit any proposals.
