Współczesny kryzys zadłużenia a powrót do dyscypliny fiskalnej
Sovereign debt crisis today and return to fiscal discipline

Summary/Abstract: Keynesian theory, manifested among the others in financing of deficit spending provided an excuse to politicians to increase spending without raising taxes and thus resign from the self-imposed discipline in the form of balanced budgets that existed before the advent of the theory. The global financial and economic crisis revealed clearly threats connected with excessive indebtedness of countries, whose cause came from maintaining of structural deficits. As a consequence, there was a sudden deepening of deficits and jumping growth of indebtedness in the world. The major aim of this article it to prove that the outbreak of financial and economic crisis which then turned into a sovereign debt crisis is the final proof of the need to return to the concept of maintaining a continued fiscal discipline

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