by Georgia Kaplanoglou

The lack of effective fiscal institutions and the weak monitoring of public finance developments in Greece has been a major cause of the fiscal crisis that broke out nine years ago. This paper explores aspects of the weak institutional framework that did not prevent fiscal derailment even within the context of EU fiscal rules. As a result, the efforts to build up institutional capacity on the fiscal front in recent years is one of the main challenges ahead. A deeper understanding of the Greek case against valuable experience on the quality of fiscal institutions and monitoring, particularly in the European Union, is crucial in order not only to prevent unsustainable fiscal deficits in the future, but also to support a more efficient allocation of resources in the public sector, and to enhance accountability and democratic control.

Link to the Paper