Gospodarka jako spójny system strumieni pieniądza a problem racjonalności pakietu fiskalnego
Economy as a consistent system of money flows vs. the issue of fiscal pact rationality

Summary/Abstract: The author examines economic rationality of the fiscal pact postulate – the public finance balance, in the context of money flows coherence. He proves that it is not strictly true that the fiscal imbalances are the reason of the crisis. It is the other way round: the imbalance in savings-investments relations and international trade imbalances must be the real reason for countries fiscal imbalances. Therefore there is a need for industrial policy to balance international trade positions of the union members.

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