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Federal Department of Finance FDF
Federal Finance Administration FFA
Role of fiscal rules and
fiscal targets
Christoph Mosimann, Co-Head of Budget Section
Federal Finance Administration
2
Federal Department of Finance FDF
Federal Finance Administration FFA
A decade of debt
Role of fiscal rules and fiscal targets
Federal government gross debt
0
20
40
60
80
100
120
140
0
5
10
15
20
25
30
35
1980 1985 1990 1995 2000
in bn of Swiss francs (rhs)
in percent of GDP (lhs)
3
Federal Department of Finance FDF
Federal Finance Administration FFA
Track record
Federal government gross debt
Role of fiscal rules and fiscal targets
0
20
40
60
80
100
120
140
0
5
10
15
20
25
30
35
1980 1985 1990 1995 2000 2005 2010
in bn of Swiss francs (rhs)
in percent of GDP (lhs)
4
Federal Department of Finance FDF
Federal Finance Administration FFA
Experiences and limitations
Positive experience so far
• Introduced top-down approach into fiscal policy, which
facilitates budget process
• Rule-based fiscal policy strengthens fiscal responsibility
within coalition government and within parliament
• Forces rapid reaction to changing budgetary situations
However no panacea
• Problems of budget quality and composition must be
solved by other instruments (e.g. Task Evaluation
Program)
• Focus of debt brake is short term: no direct incentive to
tackle long-term challenges
Role of fiscal rules and fiscal targets
5
Federal Department of Finance FDF
Federal Finance Administration FFA
Impact of debt brake on
budgeting and fiscal policy
• Strong top-down elements in the budget process
• Pressure to define priorities
• Revenue forecasting is of particular importance
• Consolidation programs within a predefined framework
• Short term effects on budget composition
• Strengthening of medium-term perspective
Role of fiscal rules and fiscal targets

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Role of fiscal rules and fiscal targets - Christoph Mosimann, Switzerland

  • 1. Federal Department of Finance FDF Federal Finance Administration FFA Role of fiscal rules and fiscal targets Christoph Mosimann, Co-Head of Budget Section Federal Finance Administration
  • 2. 2 Federal Department of Finance FDF Federal Finance Administration FFA A decade of debt Role of fiscal rules and fiscal targets Federal government gross debt 0 20 40 60 80 100 120 140 0 5 10 15 20 25 30 35 1980 1985 1990 1995 2000 in bn of Swiss francs (rhs) in percent of GDP (lhs)
  • 3. 3 Federal Department of Finance FDF Federal Finance Administration FFA Track record Federal government gross debt Role of fiscal rules and fiscal targets 0 20 40 60 80 100 120 140 0 5 10 15 20 25 30 35 1980 1985 1990 1995 2000 2005 2010 in bn of Swiss francs (rhs) in percent of GDP (lhs)
  • 4. 4 Federal Department of Finance FDF Federal Finance Administration FFA Experiences and limitations Positive experience so far • Introduced top-down approach into fiscal policy, which facilitates budget process • Rule-based fiscal policy strengthens fiscal responsibility within coalition government and within parliament • Forces rapid reaction to changing budgetary situations However no panacea • Problems of budget quality and composition must be solved by other instruments (e.g. Task Evaluation Program) • Focus of debt brake is short term: no direct incentive to tackle long-term challenges Role of fiscal rules and fiscal targets
  • 5. 5 Federal Department of Finance FDF Federal Finance Administration FFA Impact of debt brake on budgeting and fiscal policy • Strong top-down elements in the budget process • Pressure to define priorities • Revenue forecasting is of particular importance • Consolidation programs within a predefined framework • Short term effects on budget composition • Strengthening of medium-term perspective Role of fiscal rules and fiscal targets