Процедурата при прекомерен дефицит е ключов елемент на икономическото управление на ЕС. Тя се използва, когато е необходимо да се коригират тенденции в нивата на дефицита и дълга в държавите членки. В рамките на извършения от нас одит проверихме качеството на процедурата при прекомерен дефицит в...
In recent years, amid solid economic growth and measures to increase tax collection, Poland significantly reduced its fiscal deficit and public debt. Simultaneously, the country implemented several policies that are likely to weigh on public finances in the future. In the medium and long term, P...
We update the semi-elasticities of the budget balance to output for the 28 EU Member States using new weights based on ESA2010 data (with unchanged elasticities for individual fiscal items). The revisions of the semi-elasticities are fairly small across Member States and leave the assessment of ...
This statistical paper describes and explains a specific tool enabling statisticians to gain additional insights and assess the consistency of government finance statistics (GFS): analysis of the deficit-debt adjustment (DDA), or stock-flow adjustment (SFA). The DDA reconciles two key government...
The recent financial crisis had serious worldwide impacts. Initial resilience and good past performances led to the illusion that the Central and Eastern European (CEE) region was able to decouple from developments in advanced economies. This initial illusion was however immediately denied since...
It is well known that no single metric can provide reliable cross-country risk assessments of debt sustainability. While approaches to understanding sustainability have traditionally relied heavily on stock metrics, a consensus is emerging that debt sustainability should be linked to both stock ...
The euro area sovereign debt crisis has highlighted the importance of reducing public debt levels and building up sufficient fiscal buffers during normal and good times. It has also reaffirmed the need for a thorough debt sustainability analysis (DSA) to act as a warning system for national poli...
Most EU Member States have carried out substantial pension reforms over the last decades in order to enhance fiscal sustainability, while maintaining adequate pension income. The intensity of pension reforms has been particularly strong since 2000. These reforms have been implemented through a w...
This paper discusses the concept of Euro Area Fiscal Stance (EAFS), the current state of the EAFS and the instruments available to manage it. It closes with a proposal on how the management of the EAFS could be improved. The proposal comes in two parts. First, I discuss how the management of the...
Between 2010 and 2013, the Czech Republic undertook a significant fiscal consolidation that cut the headline government deficit by about 4.5 pps., bringing it well below the reference value in the Treaty. This consolidation was largely achieved by discretionary fiscal measures in two areas: publ...
