ROSNĄCY DŁUG PUBLICZNY JAKO WYZWANIE DLA STABILNOŚCI FISKALNEJ PAŃSTW CZŁONKOWSKICH UNII EUROPEJSKIEJ
GROWING PUBLIC DEBT AS A CHALLENGE TO THE FISCAL STABILITY OF THE EUROPEAN UNION MEMBER STATES

Summary/Abstract: Purpose | The aim of this article is to determine the level and dynamics of changes in debt in individual Member States and the European Union as a whole, as well as to assess the consequences of growing public debt in the context of fiscal stability. Research method | A directional descriptive analysis and a comparative analysis of the size and dynamics of debt in the European Union Member States in 2014-2023 were conducted. Results | The analyses indicate a persistently high level of public debt in the European Union member states. In the years 2014-2023, 14 EU Member States did not meet the convergence criterion, i.e. in the period under review, the average debt of these countries exceeded 60% of GDP. At the same time, 6 EU Member States (Belgium, France, Greece, Spain, Portugal and Italy) had an average public debt to GDP ratio exceeding 100%. The systematic increase in public debt is a significant threat to the fiscal stability of the European Union Member States. Originality / value / implications / recommendations | Limiting the negative consequences of growing public debt requires monitoring the level of debt and striving to curb its growth by establishing an effective fiscal policy strategy. It is necessary to identify other key factors determining fiscal stability in the European Union, which is an area for further research.

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