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Screwdriver of the Value for money project

The proposal for the implementation of expenditure ceilings into the Slovak budget management

 The introduction of binding multi-annual expenditure ceilings into Slovak budgetary practice could strengthen medium-term planning. It also has the potential to better anchor fiscal discipline and increase the counter-cyclicality of the fiscal policy. In addition, it could make the use of public expenditures more efficient, facilitate prioritization across public policies and support the application of the value for money principles. Expenditure ceilings could also lead to an additional strengthening of budget control and transparency. Expenditure rules are considered an optimal operational fiscal rule by the wider academic community as well as by various international institutions. This study aims to open a public debate on the possible form of expenditure ceilings in Slovakia. Following the practice of other countries, it is appropriate to test expenditure ceilings, based on real budgetary data over several years, before their final introduction within the country’s budgetary rules.