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The Portuguese Public Finance Council (CFP) is an independent body that monitors compliance with the fiscal rules in Portugal and the sustainability of public finances.

 

The Council began its activities in February 2012 and its mission is to conduct an independent assessment of the consistency, compliance and sustainability of fiscal policy, while promoting fiscal transparency, in order to contribute to the quality of democracy and of economic policy decisions and to enhance the State’s financial credibility.

 

The CFP is the independent body in Portugal that exercises the monitoring role laid down in Community legislation. The CFP is one of the European fiscal councils, also known as fiscal watchdogs.

 

The CFP was set up by Law no. 22/2011 of 20 May, following the 5th amendment to the Budgetary Framework Law (Law no. 91/2011 of 20 August).  The current Budgetary Framework Law refers to the CFP in article no. 7.