Public finances in practice: Insights from senior European public finance professionals
- Jan 2016
- Institute of Chartered Accountants in England and Wales (ICAEW)
- International
How governments manage their public finances is an issue that concerns all of us. Public finances are under strain in many European countries. This has an impact on the ability of governments to deliver shared goals of stable and sustainable growth. To meet both present and future challenges, countries need to have best inclass public finance functions. We believe this to be of vital public interest. This paper seeks to encourage dialogue and more open conversation about the financial management capabilities of governments in Europe and beyond. It captures the insights of a select group of senior finance professionals in 10 different EU member states, large and small, older and newer, and describes their day-to-day concerns. The research highlights practical issues relating to public finance structures, processes and people. By and large these are shared across countries. Building on our wider activities to encourage discussion on public finance issues, from the key attributes of finance ministries to specific recommendations on European public sector accounting reform, we also share our reflections on potential areas of improvement in public financial management. Ultimately, governments – not just in Europe – are going to have to think harder and more creatively about how they resource and run their finance ministries and finance functions across
government and the public sector.
