Mission, tasks, and organization
The Ministry of Economy and Finance (MEF) performs the functions and tasks incumbent on the State in matters of economic and financial policy, budgeting and public investment planning. The Ministry's activities include coordinating and monitoring public spending and its trends, tax policies and the tax system, and state assets.
In addition, the Ministry is responsible for supervising bodies, activities and functions relating to relations with supervisory and control authorities as provided for by law.
The Ministry of Economy and Finance, in the active management of economic and financial policy, performs the functions of the State in the following areas:
- Economic and financial planning
- Economic and financial policy
- Budget policies, processes and compliance
- Fiscal Policies
- General administration, indivisible services and personnel
A. Economic and financial planning
- preparation of economic and financial planning lines;
- preparation and coordination of economic and financial planning documents and official macroeconomic forecasts;
- forecasting, evaluation and monitoring of economic policies and structural reforms;
- managing financial relations with EU institutions and international bodies.
B. Economic and financial policy
- public debt and liquidity management;
- management of state shareholdings, including the exercise of shareholder rights and the disposal of state-owned shares;
- regulation and supervisory policies on financial stability and crisis management in banking/finance;
- management of financial initiatives in the various sectors of the economy and public guarantees;
- development of state assets and property;
C. Budget policies, processes and compliance
- formation and management of the State budget, both estimated and final, including treasury requirements and the verification of related trends and cash flows;
- quantification of expenses resulting from regulatory measures and innovations and monitoring of public expenditure;
- coordination and verification of public finance trends;
- carrying out the controls provided for in the regulations, including inspection functions and controls of administrative and accounting regularity;
- financial transfers from the budget.
D. Fiscal policies
- analysis and evaluation of economic-fiscal policies and the national tax system;
- coordinating, guiding, supervising and controlling activities provided for by law on tax agencies and other entities or bodies that in any case exercise functions in the field of state tax revenue;
- monitoring and control of the taxation information system;
- planning, development and management of tax justice administration services.
E. General Administration, Indivisible and Common Services of the Ministry
- general affairs and coordination, development and management of the organisation, processes, resources and personnel of the ministry;
- logistical and management support activities for the Ministry and other services, including procurement for public administrations;
- treasury services, including the payment of salaries, and centralised purchasing;
- coordination of the Ministry's institutional communication.
The Ministry comprises the following departments:
At territorial level, the following organisational structures are in place:
- The Territorial Accounts Units are local bodies of the Ministry; they report functionally and organically to the State General Accounting Department. The Territorial Accounts Units are responsible for monitoring public finances of local government bodies. They oversee administrative and accounting compliance for all administrative acts which have an impact on the State budget; and monitor all local bodies, offices, and any other authority relevant to the functioning of local services.
- Secretarial Offices of the Tax Justice Courts of First and Second Instance, peripheral bodies of the Ministry, which carry out hearing preparation and assistance activities for adjudicating panels and their own administrative activities with staff reporting to the Department of Tax Justice.
In addition, there are Central Budget Offices in the Ministries that are responsible for exercising, also on a sample basis, the control of administrative and accounting regularity in addition to other functions provided for by law.
With regards to tax policy, the Ministry avails itself of the support of the Tax Agencies (Revenue Agency, State Property Agency, Customs and Monopolies Agency) whose contributions are regulated by ad hoc Agreements.