Finance Minister George Papaconstantinou, on June 28, presented in Parliament a bill on the public finance management framework which aims at drastically changing the ways of drafting, executing and monitoring state budgets through setting new rules and principles for monitoring public expenditures and strengthening transparency and accountability.

The bill also envisages the establishment of an independent Parliament Budget Office to support the monitoring and execution of budgets and fiscal targets.

The Parliament will thus be able to intervene during the discussion of state budgets, putting forward changes in the allocation of funds.