The Course is meant to make students acquainted with the main issues of the new approaches to and techniques of the governance of public finance. The traditional model of public finance was based on established structures of government, and the sole responsibility for an efficient management of public finances was political. This means any mismanagement of public finances (e. g. a significant accumulation of budget deficit and government debt) was potentially sanctioned in the next parliamentary elections by the electorate which may have entrusted a new government with the management of public finances. This system proved, however, obviously inadequate under the conditions of the crisis of the world economy from 2007 on. It turned out that the normal political cycle doesn?t allow for fast reactions by incumbent governments to the deterioration of public finances, and independent (or at least impartial, politically not influenced) monitoring of the budgeting process and especially public spending is of vital importance. An increasing number of countries have opted for setting up new, independent institutions to increase fiscal responsibility in order to avoid further debt crises in the world. It may be useful to students to acquire in-depth knowledge of how such institutions are set up, operated and, last but not least, how their co-operation with the respective governments (mainly the ministries of finance), national banks, state auditing organisations and parliaments is organised. It is important to show how the independent bodies of public finance governance help increase the credibility of fiscal policy.