The sovereign debt problems in European countries have increased the interest in fiscal watchdogs. This paper discusses the world’s oldest fiscal watchdog, CPB Netherlands Bureau for Economic Policy Analysis (CPB). CPB was founded directly after World War II. It has built a reputation of independence and quality, while it has also achieved a solid position in Dutch policy making. CPB provides the macroeconomic forecast underlying the annual budget, a midterm review of the state of public finance at the start of each election cycle, cost-benefit analyses of all kind of policy proposals (from education to physical infrastructure), and an assessment of the economic impact of the platforms of political parties before the election. Four lessons can be drawn from 65 years of Dutch experience. Firstly, a reputation of quality and independence is crucial for the success of a watchdog [...]