Nowe ponadnarodowe reguły budżetowe odpowiedzią na kryzys zadłużenia publicznego w strefie euro
New Transnational Budgetary Rules as an Answer to the Public Debt Crisis in the Euro Area

Summary/Abstract: The article analyzes new budgetary rules introduced under the reform of economic governance in the euro area in 2011, namely the spending rule and the rule of the debt pace. The author examines the principles of the above rules against the accepted principles of assessment of the effective budgetary rules and in respect to the proposed changes to the Stability and Growth Pact, which have been presented in the literature since the creation of EMU. The second part of the article presents the results of simulation analysis, based on baseline scenarios of the effects of implementing the new budgetary rules in relation to the actual and predicted values of the deficit and public debt, obtained for individual euro area countries. In the study is used the methodology developed by the European Commission and Eurostat data. The results of the analysis indicate that budget rules of the euro area do not fully meet the conditions of the budget construction rules, especially those considering the simplicity of design, limiting exceptions and emergency situations (criterion of transparency), and legal legitimacy. The empirical analysis suggests a possible high efficiency of the new rules of the euro area, conditional, however, on the implementation of the fiscal adjustments in the national reform programs and strengthening mutual control.

• Details
• Contents