AN OVERVIEW OF FISCAL CONSOLIDATION PROCESS IN THE EUROPEAN UNION
This paper aims to explore, based on theoretical and empirical research in the field and on data available on Eurostat and European Commission, in the context of financial significant imbalances and thus of the financial stress in the EU countries and especially in the Euro area, the main developmen...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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University of Bacău
2014-12-01
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| Series: | Studies and Scientific Researches: Economics Edition |
| Subjects: | |
| Online Access: | http://sceco.ub.ro/index.php/SCECO/article/view/291 |
| _version_ | 1819237301987835904 |
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| author | Iulia Andreea Bucur Mircea Muntean |
| author_facet | Iulia Andreea Bucur Mircea Muntean |
| author_sort | Iulia Andreea Bucur |
| collection | DOAJ |
| description | This paper aims to explore, based on theoretical and empirical research in the field and on data available on Eurostat and European Commission, in the context of financial significant imbalances and thus of the financial stress in the EU countries and especially in the Euro area, the main developments in the fiscal consolidation process given the fiscal effort of each country towards fiscal union. Since the financial crisis started in 2008, many EU Member States demonstrates an obvious macroeconomic imbalance which requires increased responsibility regarding fiscal developments. The impact of the crisis and the causes of sovereign debt high levels trends varied between EU countries as well as the budget deficit levels. Thus, the main priority for EU members must be the continuation of differentiated fiscal consolidation, given the specificities of each economy, favoring growth. The medium-term fiscal policy needs to focus on consolidating public finances along with restoring long-term sustainability. |
| first_indexed | 2024-12-23T13:18:10Z |
| format | Article |
| id | doaj.art-937b0d7536d44751806319502537d4e2 |
| institution | Directory Open Access Journal |
| issn | 2066-561X 2344-1321 |
| language | English |
| last_indexed | 2024-12-23T13:18:10Z |
| publishDate | 2014-12-01 |
| publisher | University of Bacău |
| record_format | Article |
| series | Studies and Scientific Researches: Economics Edition |
| spelling | doaj.art-937b0d7536d44751806319502537d4e22022-12-21T17:45:33ZengUniversity of BacăuStudies and Scientific Researches: Economics Edition2066-561X2344-13212014-12-0102010.29358/sceco.v0i20.291266AN OVERVIEW OF FISCAL CONSOLIDATION PROCESS IN THE EUROPEAN UNIONIulia Andreea Bucur0Mircea Muntean1Vasile Alecsandri University of BacauVasile Alecsandri University of BacauThis paper aims to explore, based on theoretical and empirical research in the field and on data available on Eurostat and European Commission, in the context of financial significant imbalances and thus of the financial stress in the EU countries and especially in the Euro area, the main developments in the fiscal consolidation process given the fiscal effort of each country towards fiscal union. Since the financial crisis started in 2008, many EU Member States demonstrates an obvious macroeconomic imbalance which requires increased responsibility regarding fiscal developments. The impact of the crisis and the causes of sovereign debt high levels trends varied between EU countries as well as the budget deficit levels. Thus, the main priority for EU members must be the continuation of differentiated fiscal consolidation, given the specificities of each economy, favoring growth. The medium-term fiscal policy needs to focus on consolidating public finances along with restoring long-term sustainability.http://sceco.ub.ro/index.php/SCECO/article/view/291EU fiscal consolidationfinancial stresssovereign debt crisispublic deficitfiscal effort |
| spellingShingle | Iulia Andreea Bucur Mircea Muntean AN OVERVIEW OF FISCAL CONSOLIDATION PROCESS IN THE EUROPEAN UNION Studies and Scientific Researches: Economics Edition EU fiscal consolidation financial stress sovereign debt crisis public deficit fiscal effort |
| title | AN OVERVIEW OF FISCAL CONSOLIDATION PROCESS IN THE EUROPEAN UNION |
| title_full | AN OVERVIEW OF FISCAL CONSOLIDATION PROCESS IN THE EUROPEAN UNION |
| title_fullStr | AN OVERVIEW OF FISCAL CONSOLIDATION PROCESS IN THE EUROPEAN UNION |
| title_full_unstemmed | AN OVERVIEW OF FISCAL CONSOLIDATION PROCESS IN THE EUROPEAN UNION |
| title_short | AN OVERVIEW OF FISCAL CONSOLIDATION PROCESS IN THE EUROPEAN UNION |
| title_sort | overview of fiscal consolidation process in the european union |
| topic | EU fiscal consolidation financial stress sovereign debt crisis public deficit fiscal effort |
| url | http://sceco.ub.ro/index.php/SCECO/article/view/291 |
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