FISCAL TRANSPARENCY

The concept of fiscal transparency is not new. It constitutes a fundamental principle of the budgetary law along with the other traditional budget principles. However, the concept has evolved over time and today is really at the heart of the initiatives for the improvement of fiscal governance. Various international organizations as well as civil society organizations have undertaken several initiatives and have developed several tools for assessing fiscal transparency and public financial management in general. The introduction of fiscal rules and fiscal institutions, especially in the context of strengthening budgetary discipline in the EU, also contributes to promoting fiscal transparency. The present study attempts to record the above initiatives, the assessment tools, the fiscal rules and the fiscal institutions. Also, the study makes a reference to the reform effort that took place in Greece, after the beginning of the crisis, in order to strengthen fiscal transparency and improve public financial management in general.