The Fiscal Council was created under the Act LXXV of 2008 on Cost-efficient State Management and Fiscal Responsibility. The Act was adopted by the Parliament, in order to promote the creation and maintenance of the discipline, transparency and long-term sustainability of fiscal policy and to foster the long-term competitiveness of Hungary through fiscal means, in consideration of the requirement of justice between present and future generations and the expected growth of public expenditures owing to the aging of society in the forthcoming decades. The Act CXCIV of 2011 on the Economic Stability of Hungary followed the same thoughts and goals, and had assigned new tasks to the Council that has been acting since 2009.
The Council was trusted with a very important task, namely to make comments on the draft of the Act on the Central Budget, on the planning and execution of the budget, the use of public funds and the state of public finances, moreover to make comments on a half-yearly basis on any issues related to the planning and execution of the budget or the use of public funds.
Fulfilling these tasks is an extraordinary responsibility for those who can strengthen the economic stability of Hungary.
On 10th January, 2012 I was granted the honor for being appointed by the President of Hungary for chairing the Council. According to the law, the Council as a body consists of three members: myself as Chairman of the Council; László Domokos, President of the State Audit Office and Dr. György Matolcsy, Governor of the Central Bank of Hungary as Members of the Fiscal Council.