Open AccessMedium-term budgetary framework in the EU Member States: study case
Author(s) -
Tatiana-Camelia Dogaru,
Adelina Dumitrescu–Peculea
Publication year - 2016
Publication title -
global journal on humanities and social sciences
Language(s) - English
Resource type - Journals
ISSN - 2421-8030
DOI - 10.18844/gjhss.v0i0.439
Subject(s) - consolidation (business) , stability and growth pact , context (archaeology) , retrenchment , restructuring , economics , macroeconomics , fiscal policy , premise , member states , european union , economic policy , political science , accounting , public administration , finance , paleontology , linguistics , philosophy , biology
The current economic crisis has called for huge fiscal efforts to avoid a deflationary spiral. In the context of the crisis, the national fiscal frameworks may play an important role in sustaining budgetary retrenchment. Therefore, the need for a fiscal consolidation, meaning a well-designed fiscal and budgetary policy is a challenge for all EU Member States. Moreover, the importance of strong and resilient fiscal frameworks has been emphasised by the October 2009 Council conclusions on the fiscal exit strategy. On this premise, the paper discusses what elements and considerations should be taken into account more carefully in designing resilient fiscal frameworks so as to support optimal policy-making and to promote the respect of the Stability and Growth Pact provisions. The unit analysis consists on several EU Member States, affected by economic crisis. Taking into consideration the aim of the paper, the research methodology is based on a case study as research strategy, and uses the triangulation method to obtain confirmation of findings through convergence of different perspective. Regarding the qualitative research, the authors use theoretical framework, legal analyses, systematic and analytical collecting data from official written sources, and macroeconomic indicators for quantitative aspects.Keywords: budgetary framework, restructuring process, governmental measures and policies.