Article 5 Independent bodies monitoring compliance with fiscal rules
United Kingdom
Member States shall have in place independent bodies for monitoring compliance with:
numerical fiscal rules incorporating in the national budgetary processes their medium-term budgetary objective as established in Article 2a of Regulation (EC) No 1466/97;
numerical fiscal rules as referred to in Article 5 of Directive 2011/85/EU.
Those bodies shall, where appropriate, provide public assessments with respect to national fiscal rules, inter alia relating to:
the occurrence of circumstances leading to the activation of the correction mechanism for cases of significant observed deviation from the medium-term objective or the adjustment path towards it in accordance with Article 6(2) of Regulation (EC) No 1466/97;
whether the budgetary correction is proceeding in accordance with national rules and plans;
any occurrence or cessation of circumstances referred to in the tenth subparagraph of Article 5(1) of Regulation (EC) No 1466/97 which may allow a temporary deviation from the medium-term budgetary objective or the adjustment path towards it, provided that such a deviation does not endanger fiscal sustainability in the medium term.