High Council of Public Finances

The High Council of Public Finances (HCFP) is an independent fiscal oversight body created by the Organic Law 2012-1403 in December 2012 by the french government in the framework European Union budgetary coordination. Its aim is to evaluate the assumptions made by the government in relation to the budgets and to ensure the coherence of public finances with the European budgetary agreements and pacts to which France is party. The HCFP operates under the responsibility of the Court of Audit. Legal basis The HCFP operates under the authority granted to it by; Organic Law 2012-1403 on public finances governance European Budgetary Pact Objective The HCFP reports of the following variables used by the government when setting the budget; GDP growth rate Revenues & Spending by central & local government and public bodies Revenues & Spending of the Social Security system Deviations between previous year forecasts and assumptions and outcomes