Has the Office for Budget Responsibility promoted greater fiscal responsibility on the part of government? - Peers to question witnesses

At 3pm on Tuesday 18 November, the House of Lords Economic Affairs Committee will be hearing evidence from:

• Dr Xavier Debrun, Head of Economics and Research, National Bank of Belgium
• Professor Ethan Ilzetzki, Associate Professor in Economics, London School of Economics.

This evidence session is part of the committee's inquiry on the effectiveness of the UK's fiscal framework and its effect on the Government's fiscal policy.

The session is open to the public and will be held in Committee Room 2 of the House of Lords. It will also be streamed live and on demand on Parliament TV.

Questions the committee is likely to cover in this session include:

• What is the thinking that led to the creation of fiscal councils? What is the value of having a fiscal framework?
• Have fiscal rules and watchdogs changed the role that bond markets play in enforcing fiscal discipline?
• Do the UK's existing fiscal rules – and particularly the fixed-year timeframes they stipulate – inhibit a countercyclical response to a downturn?
• How does the OBR compare with other international fiscal oversight bodies?
• Some have called for the OBR to produce only one forecast per year; how many do witnesses believe is optimal?