Managing Uncertainty through Fiscal Councils: Communication, Analysis, and Practical Instruments

Abstract

Background and aim: In the context of economic and political uncertainty, fiscal councils and independent fiscal institutions are playing an increasingly important role in strengthening transparency, accountability, and the democratic governance of public finances. The purpose of this article is to analyze how these institutions use communication, expert analysis, and practical tools to reduce uncertainty and support informed decision-making. Scope: The study focuses on selected independent fiscal institutions from a comparative perspective, namely those of Bulgaria, Romania, Czechia, and the Netherlands. The main limitations arise from the number of institutions included, the availability of public information, and the responses received through the survey. Methods: A combined approach is applied, including a literature review, a questionnaire, and an analysis of official websites, social media profiles, published reports, statements, and other communication materials. Results: The analysis shows that the effectiveness of fiscal councils and independent fiscal institutions depends not only on the quality of their expert assessments, but also on their ability to communicate clearly, promptly, and accessibly with institutions, the media, citizens, and stakeholders. Conclusions: These institutions can contribute to more sustainable fiscal policies when they combine analytical capacity, public visibility, and structured communication tools. Originality: The article offers a comparative perspective on the communication practices of the selected independent fiscal institutions in Bulgaria, Romania, Czechia, and the Netherlands, thereby complementing the existing literature with a stronger focus on communication, public visibility, and practical instruments for managing uncertainty. Practical applications: The findings may be useful for public administration, parliaments, fiscal councils, businesses, and investors, as clearer fiscal communication promotes predictability, risk assessment, and confidence in public finances.