The Hellenic Financial Council bears the following responsibilities:

1) assesses the macroeconomic forecasts upon which the Medium Term Fiscal Strategy (MTFS), the preliminary draft and the annual State Budget are based.

2) monitors compliance with numerical fiscal rules as determined in the national fiscal management framework.

3) evaluates the implementation of fiscal rules, especially their deviation from the medium-term targets and decides on the activation of corrective mechanism, if warranted.

4) publishes at least bi-annually its assessment of the macroeconomic and the budgetary forecasts, the budgetary targets, as well as on compliance with fiscal rules.

5) signs a Memorandum of Understanding (MOU) with the Ministry of Finance to determine essential deadlines and procedures for the execution of its responsibilities.

The Hellenic Fiscal Council is a member of the EU Independent Fiscal Institutions Network (EUFI'S NETWORK).