Current Issues
Sustainable finance: Government needs to ensure effective monitoring of EU taxonomy
The EU taxonomy serves to protect investors from financial products wrongfully marketed as green. The application of the taxonomy is not systematically monitored. The government must step in to address the situation.
Current Issues
Banking resolution: Joint report published by European Supreme Audit Institutions
The Supreme Audit Institutions (SAIs) of Austria, Estonia, Finland, the Netherlands, Portugal, Spain and Germany conducted a parallel audit of national resolution authorities. The Contact Committee of the Supreme Audit Institutions of the European Union has published the findings in a joint report.
Current Issues
Federal government evading responsibility and forfeiting oversight powers
At the expert hearing held by the parliamentary Budget Committee on 7 September 2020, we raised our concerns over two amendments to the German Constitution. We particularly cautioned that the federal government thus voluntarily forfeited powers of oversight that we consider imperative. The matter of discord is federal funding towards housing and heating costs under the Second Book of the German Social Security Code.
Current Issues
Second supplementary budget constitutionally questionable – the German SAI sees no need for reaffirming the fiscal emergency situation
On 29 June 2020, at the expert hearing of the parliamentary Budget Committee, the German SAI criticised the second supplementary budget. We hold that seen in particular from the constitutional law perspective, this instrument is no viable option.
Current Issues
Hildesheim Declaration on new borrowing of federal and regional governments to mitigate COVID-19 impacts
The Conference of the presidents of the German SAI and of the audit institutions of the federal states recognises the need for prompt government action to mitigate the impact of the coronavirus pandemic. The Conference recommends making as little use as possible of the exceptions to the debt rule.
