Podrobný výpis o publikaci

There is quite an extensive variety of factors underlying decisions on the set-up and use of fiscal rules, such as election systems, forms of governments, institutional and administrative set-ups, democratic traditions etc. Experience suggests, that a proper enforcement of the rules contributes to increase the credibility of fiscal policies as such. The Maastricht fiscal criteria have been agreed upon already fifteen years ago. They reflect economic and fiscal conditions of the EEC countries in the early years of the previous decade and, since, they have attracted a lot of criticism for not being sensible enough to the variations of the business cycle and to the structural specificities of the EU countries. Most of the new EU members experience rapid economic growth, based on catching-up productivity levels. These countries could live with higher fiscal deficits while at the same time avoiding increasing relative public debt levels. Yet, there is plenty of unfinished business on the fiscal reform front in most, if not all, of those countries, making impossible for them to seriously launch the debate with the EC on the suitability of the specific values of the Maastricht fiscal criteria.