The CFP was set up in May 2011 at the end of the 11th legislative period under the 5th amendment to the Budgetary Framework Law. Portugal had long seen the need to set up a body of this type. Agreement was reached between the two main political parties in October 2010, even before the approval of the European guidelines on the subject.
At the time the Government, headed by the Socialist Party, and the opposition Social Democrat Party agreed to form a working party to draw up the statutes of the future body. This step was part of the political agreement that allowed Parliament to approve the Draft State Budget for 2011. The signatory parties undertook to accept the proposals made by the working party, appointed in January 2011, headed by António Pinto Barbosa and including Teodora Cardoso and João Loureiro. The draft statues were presented in April and the final version was approved by Parliament in October (Law no. 54/2011, from 19 October).
In its first year the CFP produced four publications, to be followed by ten in 2013. From 2014 to 2016 there were 13 publications per year, with the number of documents published rising to 15 in 2017. In 2018 the CFP published 17 reports and other documents. A list of all the publications is available in CFP’s Activity Reports.