Raiffeisen Bank’s Chief Economist Ionut Dumitru was elected, with majority of votes, as president of the Fiscal Council, while BNR representative Razvan Stanca was elected vice-president, the institution writes in a press release. The Fiscal Council met on Monday to elect its president and vice-president. This is an independent authority, formed of 5 members experienced in macroeconomic and fiscal policies, which will support the Government and the Parliament in the process of drafting and enforcing fiscal and budget-related policies. Its purpose is to assure the quality of macroeconomic forecasts used in budget projections, and of the medium and long-term fiscal and budget policies. The Fiscal Council also includes Silviu Seitan, representing the Romanian Banking Institute, Lucian Liviu Albu (the Romanian Academy) and Tatiana Mosteanu (ASE Bucharest).