The European “City Economic and Financial Governance Group (CEFG Group)” was initiated in June 2014 by the City Council of Barcelona (ES) together with the cities of Dublin (IE), Hamburg (DE), the City of London (UK), Milan (IT) and Vienna (A), representing approximately 30 million inhabitants in their metropolitan areas. This high-level partnership of CEOs/CFOs and Directors of Finance in the field of economic and financial governance is managed by the European Institute of Public Administration (EIPA). It is a timely initiative, supported and recognised by the European Commission - Eurostat – as it coincides with their efforts to formulate the European Public Sector Accounting Standards (EPSAS) and to implement them across the EU. The uniqueness of the partnership consists in the fact that it is the first time that fiscal and financial management issues are discussed from a cross-border perspective at city level.
After the success of the initial period and results obtained, a decision was taken to enlarge the CEFG Group to eight official city members: the cities of Amsterdam (NL), Barcelona (ES), Bordeaux (FR), Dublin (IE), Hamburg (DE), the City of London (UK), Milan (IT) and Vilnius (LT).
|Standardised Financial Reports and Financial Health KPIs for City Governments in Europe 2013-2015 |
Visualization of the 10 FH KPIs
Amsterdam is the capital of the Netherlands and also its biggest city with 837,155 inhabitants. It makes up a large part of the northern Randstad are...
Area: 219.31 km2
Barcelona, the capital of Catalonia and designated European capital of innovation for 2014, has more than 1,600,000 inhabitants and is at the heart of...
Area: 102 km²
Population: 1.6 mio.
Bordeaux Métropole comprises 750,000 inhabitants in 28 towns, among which the City of Bordeaux with 250,000 inhabitants. Bordeaux Métropole is the h...
Area: 579 km²
Dublin City Council is the largest Local Authority in Ireland, covering an area of 11,761 hectares with a resident population of 527,612 (Census 2011)...
Area: 118 km²
Population: 527 612
The Free and Hanseatic City of Hamburg is Germany’s second largest city following Berlin. At the same time, it is one of the states of the Federal R...
Area: 755.3 km²
Population: 1.8 mio.
With 8.42 mio. inhabitants, London is Europe’s most populous city and one of the command centres for the global economy. It comprises 33 local auth...
City of London
Area: 1,572.00 km2 (Greater London)
Population: 8.42 million (Greater London)
Milan, the capital of Lombardy, has a population of 1.3 million. It is the biggest industrial city in Italy combining different industrial sectors. A ...
Area: 182 km²
Population: 1.3 mio.
Some CEFG Group findings were used for the academic article "The role of a municipality's financial health in a firm's siting decision" by E. Padovani, David W. Young and Eric Scorsone, which was published in the last edition of the journal Business Horizons. The paper argues that companies should pay more attention to the financial health of the municipality where their activities will take place. Read more here.
Public Finance UK published an article about the CEFG Group in their special international issue this October. They state that the CEFG Group "is increasingly recognised as a European reference group in sound financial management thanks to its tangible results and problem-solving approach." You can download the article in PDF or access this link.
On September 28th 2017, the CEFG Group was presented in the annual gathering of the Government Financial Sustainability Workgroup that took place in Washington DC. The main objective of the transatlantic conference was to facilitate the exchange of knowledge, experiences and lessons learnt between representatives of both Europe and U.S. working on similar financial issues.