What changed between the plenary report and the adopted text

4 unchanged paragraphs

(1) Article 2 is amended as follows:

(a) in the first paragraph, the second sentence is replaced by the following:

‘The definition of subsectors of general government set out in Annex A to Regulation (EU) No 549/2013 of the European Parliament and of the Council shall apply.*

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Change 20

Changed:*OJ L 174, 26.6.2013, p.1.’p. 1.’

(b) the second paragraph is amended as follows:

(i) point (a) is replaced by the following:

Change 21

Changed:‘(a) systems of public sector accounting and statistical reporting;’reporting by the general government;’

(ii) point (c) is replaced by the following:

Change 22

Changed:‘(c) country-specific numerical fiscal rules that contribute to the consistency of Member States’ conduct of fiscal policy with their respective obligations under the TFEU, and that are expressed in terms of a summaryan indicator of budgetary performance, such as the government budget deficit, borrowing, debt, or a major component thereof;’

(iii) point (e) is replaced by the following:

‘(e) medium-term budgetary frameworks as a specific set of national budgetary procedures that extend the horizon for fiscal policy-making beyond the annual budgetary calendar, including the setting of policy priorities and of national budgetary objectives over the medium-term;’

(iv) the following point (h) is added:

Change 23

Changed:‘(h) independent fiscal institutions as bodies structurally independent or bodies endowed with functional autonomy as regards the budgetary authorities of the Member States established by national legal provisions in accordance with Article 8.’

(2) Article 3 is replaced by the following:

Change 24

Changed:‘1. As concerns national systems of public accounting, Member States shall have, by 2030,have integrated,in comprehensiveplace andpublic nationallyaccounting harmonisedsystems ▌comprehensively accountingand systemsconsistently covering all subsectors of general government and containing the ▌informationinformation needed to preparegenerate accrual data with a view to preparing data based on ESAthe 2010.European ThoseSystem publicof sectorNational financialand Regional Accounts. Those public accounting systems by the general government shall be subject to internal control and independent audits.

Change 25

Changed:2. Member States shall ensure timely and regular public availability of fiscal data for all subsectors of general government as set out by Regulation (EU) No 549/2013 of the European Parliament and of the Council*. In particular, Member States shall publish quarterly debt and deficit data separately for central government, state government, local government and social security funds, quarterly debt and, unless they have in place integrated, comprehensive and nationally harmonised accrual financial accounting systems, deficit data separately, before the end of the following quarter or after publication of the relevant data by the Commission (Eurostat).

5 unchanged paragraphs

3. The Commission (Eurostat) shall publish the quarterly government finance statistics data in accordance with tables 25, 27 and 28 of Annex B to Regulation (EU) No 549/2013, every 3 months.

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*OJ L 174, 26.6.2013, p. 1.’

(3) Article 4 is amended as follows:

(a) paragraph 1 is replaced by the following:

Change 26

Changed:‘1. Member States shall ensure that annual and multiannual fiscal planning is based on realistic macroeconomic and budgetary forecasts using the most up-to-date information. Budgetary planning shall be based on the most likely macrofiscal scenario or on a more prudent scenario. The macroeconomic and budgetary forecasts shall be either produced, supported or, where applicable according to national rules, endorsed by independent fiscal institutions established in accordancecompared with Articlethe 8.most Theyupdated shallforecasts beof comparedthe withCommission theand, mostif updatedappropriate, forecaststhose of theother Commission.independent bodies. Significant differences between the macroeconomic and budgetary forecasts of the Member State and the Commission’s forecasts shall be explained, including where the level or growth of variables in external assumptions departs significantly from the values contained in the Commission’s forecasts.’

(b) paragraph 4 is deleted.

(c) paragraphs 5 and 6 are replaced by the following:

Change 27

Changed:‘5. Member States shall specify which institution is responsible for producing macroeconomic and budgetary forecasts.forecasts and shall make public the official macroeconomic and budgetary forecasts prepared for fiscal planning. At least annually, the Member States and the Commission shall engage in a technical dialogue concerning the assumptions underpinning the preparation of macroeconomic and budgetary forecasts.

Change 28

Changed:6. The macroeconomic and budgetary forecasts for annual and multiannual fiscal planning produced by the national institutions shall be subject to regular, objective and comprehensive ex post evaluation by an independent body,body includingor exother postbodies evaluation.with functional autonomy vis-à-vis the fiscal authorities of the Member States different from the one producing the forecast. The result of that evaluation shall be made public and taken into account appropriately in future macroeconomic and budgetary forecasts. If the evaluation detects a significant bias affecting macroeconomic forecasts over a period of at least 4 consecutive years, the Member State concerned shall take the necessary action and make it public.’

(d) paragraph 7 is deleted.

(4) Article 5 is replaced by the following:

‘Article 5

Change 29

Changed:Each Member State shall establish its specific numerical fiscal rules to effectively promote compliance with its obligations deriving from the TFEU in the area of fiscalbudgetary planningpolicy over a multiannual period for the general government as a whole. Such rules shall promote in particular:

Change 30

Added:(a) compliance with the reference values and provisions on deficit and debt set in accordance with the TFEU;

Added:(b) the adoption of a medium-term fiscal planning horizon, consistent with the provisions of Regulation [XXX preventive arm of the SGP].*

Added:_________________

Added:* Regulation (EU) of the European Parliament and of the Council of [insert date] [insert full title] (OJ L ..).’

(5) Article 6 is amended as follows:

(a) in paragraph 1, point (b) is replaced by the following:

Change 31

Changed:‘(b) The effective and timely monitoring of compliance with the rules, based on reliable and independent analysis carried out by independent fiscal institutions established in accordance with Article 8.’;8 or other bodies with functional autonomy vis-à-vis the fiscal authorities of the Member States;’

(b) paragraph 2 is replaced by the following:

Change 32

Changed:‘If numerical fiscal rules contain escape clauses, such clauses shall set out a limited number of specific circumstances, consistent with the Member States’ obligations deriving from the TFEU and Regulation [XXX preventive arm of the SGP], and stringent procedures in which temporary non-compliance with the rules is permitted. Escape clauses shall have clear time limits.’SGP].’

(6) Article 7 is replaced by the following:

‘Article 7

Change 33

Changed:The annual budget legislation of the Member States shall be consistent with the countryspecificcountry-specific numerical fiscal rules in force.’

(7) In Chapter V, the title is replaced by ‘INDEPENDENT FISCAL INSTITUTIONS’

(8) Article 8 is replaced by the following:

‘Article 8

Change 34

Changed:1.‘1. Member States shall ensure that independent fiscal institutions, such as structurally independent bodies or bodies endowed with functional autonomy as regards the budgetary authorities of the Member States, are established by national laws, regulations or binding administrative provisions, and adequately staffed and funded.provisions.

Change 35

Removed:2. The institutions referred to in paragraph 1 shall be composed of members nominated and appointed on the basis of their experience and competence in public finances, macroeconomics or budgetary management, and by means of transparent procedures. The Member States shall ensure a diversity of views and backgrounds in the compositions of those institutions.

Added:1a. Member States may establish more than one independent fiscal institution.

Added:2. The institutions referred to in paragraph 1 shall be composed of members nominated and appointed on the basis of their experience and competence in public finances, macroeconomics or budgetary management, and by means of transparent procedures.

3. The institutions referred to in paragraph 1 shall:

(a) not take instructions from the budgetary authorities of the Member State concerned or from any other public or private body;

(b) have the capacity to communicate publicly about their assessments and opinions in a timely manner;

Change 36

Removed:(ba) allow for the disclosure of minority and divergent positions in such assessments and opinions;

Added:(c) have adequate and stable resources to carry out their tasks in an effective manner, including any type of analysis within their tasks;

Removed:(c) have adequate and stable own resources to carry out their mandate in an effective manner, including any type of analysis within their mandate;

Added:(d) have adequate and timely access to the information needed to fulfil their tasks;

Removed:(d) have adequate and timely access to the information needed to fulfil their mandate;

Added:(e) be subject to regular external evaluations by independent evaluators.

Removed:(e) be subject to regular external evaluations by independent evaluators;