Budgetary and debt situation in the euro zone member sta- tes in the years 1995-2007. Comparative analysis
Marian Szołucha
SGH Warsaw School of Economics , PolandAbstract
Although a number of euro zone countries in the years 1995-2007 recorded problems concerning the requirements of TEC and S&GP, the fact is that, generally speaking, since the introduction of the new currency the EMU member states’ public finances systematically improved. Disciplined budgetary policy, in at least a few cases caused by the mentioned criteria, has led to significant improvement of both the relationship of the state budget balance and public debt to GDP. There were even those, among the EMU member states, who maintained positive balance of their finances for a longer period, e.g. Luxemburg, Ireland and Finland. The Phenom - none that the balance of the budget automatically deteriorates during the weakening of the over-all economic downturn still remains a rule. This should be considered as one of the most serious sources of problems with full meeting the fiscal convergence criteria. It is particularly important in countries, which failed to carry out a sufficiently deep reforms of public finances before adopting the common currency, as problems with budgetary discipline, that occurred in 2001 in Germany, France, Portugal and Italy, proved.
Keywords:
deficyt budżetowy, dług publiczny, kryteria konwergencji, Unia Gospodarcza i Walutowa, strefa euroReferences
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SGH Warsaw School of Economics
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This work is licensed under a Creative Commons Attribution 4.0 International License.
This work is licensed under a Creative Commons Attribution 4.0 International License.
