engleski

Budgeting in European Union Member States in the Period 2007-2017

Fiscal policies have a significant impact on economic growth, macroeconomic stability and inflation. The need for fiscal discipline is even stronger in a monetary union, such as the euro area, which is made of sovereign states that retain responsibility for their fiscal policies. All Member States are committed under rules to pursue sound public finances because they make an essential prerequisite for sustainable economic growth and financial stability. After the financial crisis, the member states, especially the Mediterranean countries, accumulated considerable public debts due to large deficits. The aim of this paper is to analyze the fiscal policy guidelines addressing the issues of imbalance in state budgets and present a comparative analysis of Member States’ budgets, with a special emphasis on external debt structure analysis as well as providing guidelines for optimum portfolio management. Examining the experience of various countries, it is evident that by 2017 most EU member states have recovered from the crisis and reduced budget deficits. This, however, should be accompanied by greater transparency in budgetary targets adjustment, as well as by an increased role of independent monitoring of government's fiscal policy and execution.

European Union ; Government Finance Statistics ; Public Finance ; State Budget

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