E-Knjižnica FET "Dr. Mijo Mirković"

Fiscal policy and the role of changed fiscal rules in new EU member states

Obadić, Alka (2007) Fiscal policy and the role of changed fiscal rules in new EU member states. In: 4th International Conference "Global Challenges for Competitiveness: Business and Government Perspective", 27-29. 9. 2007., Pula, Croatia.

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When entering a monetary union, a country loses control over its monetary policy, and fiscal policy becomes the only instrument of economic policy in the new circumstances. It is therefore necessary to introduce certain fiscal rules to coordinate the fiscal policies of member states. This paper analyses the most recent changes in fiscal policies in the enlarged EU and indicates whether efficient implementation of the Stability and Growth Pact is of more importance to the old or new EU member states. The paper also considers whether the new member states fulfil the Maastricht fiscal criteria regarding budgetary deficit and national debt. To be more specific, upon joining the EU in May 2004, some larger new member states (the Czech Republic, Poland, Hungary and Slovakia) were subjected to an excessive deficit procedure, as laid down by the rules of the Stability and Growth Pact (SGP). Hungary was even claimed to be a country of excessive deficit. Such an example is in sharp contrast to previous EU experiences. In the past, joining the European monetary union was considered a strong mechanism for improving fiscal adjustment in EU member states, as in the case of Italy. However, over the last several years, the Stability and Growth Pact ceased to be an efficient fiscal policy constraint in EU countries. ECONFIN Council's decision on halting excessive procedure of deficit control for France and Germany in November 2003 weakened the credibility of fiscal rules in the EU. Consequently, the negotiations on the reform of the SGP started in September 2004.

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Tip objekta: Materijal konferencije ili radionice (Paper)
Dodatne informacije: 4/2007
Ključni pojmovi: fiscal policy, economic growth, Maastricht Agreement, Stability and Growth Pact, EU, fiskalna politika, ekonomski rast, ugovor iz Maastrichta, pakt o rastu i stabilnosti.
Teme: 3 Društvene znanosti > 33 Ekonomija. Ekonomska znanost > 336 Financije. Uključujući: Javne financije. Bankarstvo. Novac
Odjeli: Odjel za ekonomiju i turizam "Dr. Mijo Mirković"
Datum pohrane: 17 Oct 2012 11:36
Zadnja promjena: 08 Jan 2013 10:06
URI: http://eknjiznica.unipu.hr/id/eprint/1582

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