Open AccessProces doskonalenia oceny równowagi budżetowej w Unii Gospodarczej i Walutowej
Author(s) -
Juliusz Giżyński,
Ryszard Wierzba
Publication year - 2015
Publication title -
kwartalnik kolegium ekonomiczno-społecznego studia i prace
Language(s) - English
Resource type - Journals
ISSN - 2082-0976
DOI - 10.33119/kkessip.2015.4.3.1
Subject(s) - maastricht treaty , stability and growth pact , debt , economics , treaty , balance (ability) , government debt , government (linguistics) , enforcement , economic policy , international economics , member states , macroeconomics , political science , european union , european integration , medicine , linguistics , philosophy , law , physical medicine and rehabilitation
Fiscal discipline is one of fundamental requirements of the Economic and MonetaryUnion as specified in the provisions of the Maastricht Treaty (1992) and laterelaborated on in the Stability and Growth Pact (1997). EMU Member States fromthe beginning had serious difficulties in adhering to the fiscal rules, which ledto the first reform of the SGP in 2005 resulting in more flexible fiscal rules. Despitegood economic situation, EMU’s economies still had budget deficits which furtherincreased with the global financial crisis causing government debts to soar overacceptable limits. In due time, two further reforms of SGP were enacted, in 2011and 2013, introducing new indicators and improvements in the assessment of thegovernment budget balance in the euro area. Nevertheless, enforcement of newrules still will depend on EMU governments political will.