Presentation

The Conseil national des finances publiques (CNFP), or 'National Council of Public Finance', is an independent fiscal institution responsible for assessing Luxembourg's public finances. It was establish by the amended law of 12 July 2014 on the coordinatin and governance of public finances.

The establishment of the CNFP forms part of the strengthening of European economic governance following the global financial crisis and the sovereign debt crisis. To reinforce fiscal discipline and ensure sound and sustainable public finances, Member States were required to establish independent fiscal institutions responsible for monitoring public finances at national level. This requirement, introduced by article 3 of the Treaty on Stability, Coordination and Governance (TSCG), has since been incorporated into and further strengthened by the new European economic governance framework, which entered into force on 30 April 2024.

Through its assessments, the CNFP contributes to enhancing the transparency and credibility of public finances. In particular, it monitors compliance with national and European fiscal rules, assesses macroeconomic and budgetary forecasts and, where appropriate, issues recommendations.