Регулаторни домашај Пакта о стабилности и расту у европском монетарном праву
Regulatory domain of the Pact on stability and growth in european monetary law

Summary/Abstract: The subject of the analysis in this paper is the identification and evaluation of the regulatory scope of the implementation of the Stability and Growth Pact in the European monetary law. In this respect, the focus is on issues related to the purpose and object of the original Stability and Growth Pact as a sui generis intergovernmental agreement, the importance of introduced fiscal rules and consideration of the problem of applying financial sanctions for non implementation of fiscal rules by the leading members of the Economic Monetary Union (EMU). In further research, the attention is paid to the analysis of the efficiency of the reformed Stability and Growth Pact in preventive and corrective part. The particular attention is paid to the determination of its importance for achieving the concept of monetary and fiscal legitimacy. By using the dogmatic, axiological and logical method, the author attempts to point out the main advantages and disadvantages of the newly developed solutions within the reformed Pact. The conclusion is that the reformed Stability and Growth Pact has failed to strengthen the concept of fiscal responsibility as a prerequisite for fiscal stability, which together with the concept of monetary stability is imperative of optimizing the direction of international monetary relations, preserving the acquest of international monetary order and achieving the necessary degree of fiscally unity in the European Economic Monetary Union.

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