Principles of fiscal policy

(1) The Government shall conduct all of its fiscal policy in accordance with the following principles– (a) transparency in the setting of fiscal policy objectives and targets, the implementation of fiscal policy, and the publication of the public accounts; Finance and Audit (Reform) 165 (b) stability in the fiscal policy-making process and the way fiscal policy impacts on the economy; (c) fairness at all levels, including fairness between the present and future generations; and (d) efficiency in the design and implementation of fiscal policy and the management of both the asset and liability sides of the public sector balance sheet. (2) The full realisation of the principles set out in paragraphs (c) and (d) of subregulation (1) above are the long-term goals and the Government shall provide information from time to time on the progress made towards the realisation of those principles. PART 2 Overview of Government Obligations