Uwarunkowania stabilności fiskalnej w wybranych krajach Unii Gospodarczo-Walutowej
The Determinants of Fiscal Sustainability in Selected EMU Countries

Summary/Abstract: The aim of this paper is to present the current state of public finances in selected EMU countries not covered by the EU, IMF and ECB financial aid, the challenges for fiscal sustainability and the factors affecting the risk of deviations from those forecasts in the medium and in the long- run. The analysis shows that the most important factor leading to the increased fiscal sustainability will be the success in restoring credibility in the field of the possibility of the enhanced budgetary discipline in this group of countries. It requires a deep reform of the rules of the EMU functioning. In a view of the extreme controversy regarding the direction of reforms, and in the terms of avoiding difficult decisions by EU institutions, ultimately the most important factor leading to maintaining fiscal discipline seems to be the existence of the fi scal sustainability culture in the individual countries.

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