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EN
The article attempts to assess the state of public finances of the Visegrad Group (V4) during the contemporary economic crisis. At the beginning there are shown two faces of the economic crisis in the European Union and that this crisis firstly took the form of abanking crisis, and next extend to the public finance sector. Analysis of GDP proved that when we have crisis in the European Union in all V4 countries there has been adecline in the volume of GDP, and in the next years there were rather its growth. Analysis of the budget deficit showed that in 2008-2015 the V4 countries had problems in complying with the deficit below 3% of GDP. At the same time analysis of public debt showed that as aresult of the economic crisis public debt in the Visegrad Group had atendency to rather increase, but in the Czech Republic, Poland and Slovakia, it was less than 60% of GDP, while in Hungary exceeded 71% of GDP.
EN
The aim of the publication is to examine the fiscal position of the euro area countries and fiscal policy architecture in Europe after the outbreak of the financial and economic crisis started in 2008. The first part of the publication consists of the analyses of the budgetary situation of euro area countries and complications with the increasing costs of servicing the public debt in the European market affected by the financial liquidity crisis. In the second section the most important changes in the framework of budgetary policies coordination process in the euro zone are presented. The final section describes the role and activities of the European Central Bank in minimising the negative consequences of the debt crisis in the euro zone.
PL
Opracowanie odnosi się do istotnego problemu społecznego i gospodarczego, jaki stanowi niedostrzeganie efektów politycznego cyklu koniunkturalnego. W pracy dokonano przeglądu dotychczasowych doświadczeń w zakresie funkcjonowania reguł fiskalnych w UE oraz wskazano ich niedoskonałości. Szczególną uwagę poświęcono niezależnym instytucjom fiskalnym, jako podmiotom, których funkcjonowanie mogłoby ograniczyć pokusę prowadzenia przez polityków nieefektywnej polityki gospodarczej. Wskazano polskie doświadczenia w zakresie ratyfikacji Paktu fiskalnego oraz przedstawiono teoretyczne uzasadnienie powołania Rady Fiskalnej.
EN
The research paper refers to the significant social and economic problem that is not recognizing the effects of the political business cycle. It has been reviewed in the paper the past experience in the operation of fiscal rules in the EU and pointed out their shortcomings. Particular attention was paid to the independent fiscal institutions as entities with which the political temptation to keep the ineffective economic policies could be reduced. Pointed Polish experience in the ratification of the fiscal pact and presented the theoretical justification for the establishment of the Fiscal Council.
4
72%
PL
Kryzys finansowy i jego następstwa miały negatywny wpływ na państwa strefy euro i Unii. Obnażone zostały wady konstrukcyjne Unii Gospodarczej i Walutowej. Doty-czyły one niestosowania się do kryteriów konwergencji i nieprzestrzegania zasad Paktu Stabilności i Wzrostu. UE podjęła istotne działania w celu poprawienia sytuacji w Europe. Utworzono szereg zaostrzonych instrumentów prawnych w celu ściślejszego zintegrowania.
EN
The financial crisis and its consequences badly affected the EU countries. The dis-advantages of the Economic and Monetary Union of the EU were exposed. They resulted from the fact that the criteria of convergence and the rules of the Stability and Growth Pact were not obeyed. The EU has taken significant actions in order to improve the situation in Europe. A number of strict legal implements have been created in order to make the integration closer.
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