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In our research, we intend to observe the influence of fiscal policy together with theinterest rate and inflation rate on economic growth in the European Union member states.Therefore, our goal is to identify the impact of the main instruments of fiscal policy, using anunrestricted panel VAR model, on the evolution of GDP. In this way we can understand what is theresponse of the GDP of the member states of EU 27 to the evolution of public debt, governmentdeficit, government spending, interest rate and inflation. Using impulse response functions we haveseen that private consumption has a positive influence on GDP, the rise in public debt has anegative influence on the evolution of GDP, government expenditure has an alternating influencethat turns from positive in the first half of the observation period into negative in the second, theinterest rate has a strong negative influence while the inflation rate has a positive influence on theevolution of GDP.

"The Impact Of Fiscal Policy On Gross Domestic Product In The European Union. A Panel Var Model Aproach "