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Fiscal Policy in Poland from the Perspective of the EU Member State

100%

Gotz-Kozierkiewicz D.

Ekonomista

2004

issue 6

765-782

Adjustment of fiscal policy to the conditions of the national economy performance in the EU, and in the monetary union in not too distant future, requires the creation of a certain margin of freedom resulting from the shape of public finance. Such a margin means that fiscal deficit is considerably below 3% of GDP. In view of the difficulties the Polish public finance was exposed to in recent years, especially in the period of Poland's accession to the EU and considering many macroeconomic risks involved, it would not be the best move to artificially (i.e. at any price) accelerate Poland's entry to ERM2 and to the monetary union.

Real, equilibrium exchange rate in an economy undergoing transformation

100%

Gotz-Kozierkiewicz D.

Ekonomista

2004

issue 3

309-333

The critical role, in the control of growth and macroeconomic equilibrium, is played by the equilibrium-conditioned real exchange rate. This concept, being theoretically complex as well as difficult in practical implementation, should nonetheless be dwelled upon as it indicates ways of avoidance of serious errors in economic policy. The notion in question requires that a strategy-based approach to the exchange rate and macroeconomic policies be adopted. That, in turn, helps to diagnose the difference between the real exchange rate being observed and the strategically substantiated equilibrium rate. Identification of the latter, assisting policy makers in the formulation of long-range strategy, indicates the potentially desired changes in the real exchange rate.

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2 Ekonomista

2 Gotz-Kozierkiewicz D.

2 2004

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Fiscal Policy in Poland from the Perspective of the EU Member State

Real, equilibrium exchange rate in an economy undergoing transformation