On 22 September 2014, the Parliamentary Budget Office sent the Ministry for the Economy and Finance its comments on the provisional macroeconomic trend scenario, which it had received on 9 September. This completed the initial phase of the dialogue between the PBO and the MEF concerning the upcoming presentation of the Update of the 2014 EFD. The process is governed by the Memorandum of Understanding signed on 15 September 2014, which established the calendar for the validation of the macroeconomic forecasts by the Parliamentary Budget Office.