Funkcja stabilizacyjna polityki fiskalnej w Unii Gospodarczo-Walutowej (UGW). Doświadczenia kryzysu gospodarczo-finansowego
Stabilization function of fiscal policy in the Economic and Monetary Union. Experience of economic and financial crisis

Summary/Abstract: In 2008–2009 the EU and the world were hit by one of the deepest crisis in modern history. In response governments around the world initiated huge fiscal stimulus packages. It may be stated that fiscal policy in its stabilizing role came back. The paper argues that in such a multilevel governance system as the EU, the stabilization policy should be executed at the European level. Such a corollary stems from theoretical considerations as well as the experience of 10 years of functioning of the Economic and Monetary Union. Such a role could be performed by the EU general budget as long as it was profoundly reformed.

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