Unia Ekonomiczna i Monetarna - wyzwania fiskalne: wnioski dla nowych krajów członkowskich UE

• Autorzy: Sławomir Bukowski

Warianty tytułu

EMU - Fiscal Challenges: Conclusions for the New Members of the EU

• Języki publikacji: PL

Abstrakty

EN

The aim of the paper is to evaluate the fiscal challenges which have appeared before EMU (Economic and Monetary Union) countries after four years of monetary union functioning. Then the author formulates conclusions for accession countries, which plan to be members of EMU in the near future. The first part of the paper deals with criteria of fiscal stabilization within EMU, their meaning and connections with economic growth. The fiscal stabilization criteria were taken from the Pact of Stabilization and Growth and in the Maastricht Treaty. The first criterion concerns budged deficit, whose relation to the GDP should be no higher than 3%. The second criterion concerns public debt, whose relation to the GDP should be no higher than 60%. Special procedure and sanctions are forecasted in case of a country which does not respect those criteria. It fundamentally limits possibilities of using fiscal policy to stabilize economy after the economic shocks. On the other hand, the fiscal criteria have also positive influence, because of implementation of discipline to the economic policy, which is created by the policymakers who act under policy cycle pressure. At that point, a problem of contradictions between short or medium period of economic policy and long period in policymaker's actions appears. If we assume that effective economic policy should be based on the long-run stable rules to assure economic development in long period, we can conclude that fiscal discipline is necessary. But if we assume that government should apply fiscal policy for short run "fine tuning" of economic processes, we can consequently conclude that fiscal stabilization criteria limit government possibilities. After four years of EMU functioning, budged deficit and public debt have appeared as challenges again. Those selected countries are: Portugal, Germany and France. Reasons of budged deficit and public debt are different in each country. An explanation may be found in processes of adjustment to the Maastricht criteria in the period of the 90's. Research by M. Demertzis, M. Hallet and A.H. Rummel indicates that the convergence degree, which was revealed by fulfilling the Maastricht criteria at the end of the 90?s resulted from applying appropriate instruments of economic policy rather than from natural convergence processes in the area of economic and structural adjustments. The authors of the research also emphasise that although politics helped to create conditions which enabled the existence of the Economic and Monetary Union, from that time on the whole project has depended on the impact of all political changes. In the case of fiscal stabilization, governments of many EMU countries increased tax burden rather than cut the budged expenditure to achieve lower deficit. In Germany, France, Portugal and many other countries governments did not implement radical reform of public finance structure. Recession which has started from 2000 is another problem. Especially deep recession has appeared in Germany. One of the reasons is rigidity of German economy and lack of deep public finance reform. The prospect of EMU is dependent on economic reforms in member countries. One of them is deep reform of public finance structure. The new member countries of the EU are facing the necessity of economic adjustment to the convergence criteria, and among them criteria of fiscal stabilization. Experiences of selected EMU countries let conclude that nominal convergence should be the result of real convergence processes. Thus fiscal stabilization should be the result of deep changes in the structure of public finance and tax systems.(original abstract)

Słowa kluczowe

PL

Unia Gospodarcza i Walutowa (UGW); Europejski Pakt Stabilności i Wzrostu; Integracja gospodarcza Polski z UE; Polityka podatkowa; Wydatki publiczne

EN

Economic and Monetary Union (EMU); Stability and Growth Pact (SGP); Poland's economic integration with the EU; Tax policy; Public expenditures

• Czasopismo: Ekonomia / Uniwersytet Warszawski
• Rocznik: 2004
• Numer: nr 15
• Strony: 35--56

Twórcy

autor

Sławomir Bukowski

• Politechnika Radomska im. Kazimierza Pułaskiego

Bibliografia

• "Annual Report", European Central Bank, 2002.
• Balassa B. 1964, The Purchasing Power Parity Doctrine: A Reappraisal, "Journal of Political Economy", vol. 72.
• Bieńkowski W., 1995, Reaganomika i jej wpływ na konkurencyjność gospodarki amerykańskiej, Wyd. Naukowe PWN, Warszawa.
• Blinder A.S., 2002, Discussion of Canzoneri, Cumby, and Diba, Jackson Hole, www.kc. frb.Org/Publicat/2002/pdf/Blinder.912pdf.
• Bukowski S., 2002, Polityka fiskalna w unii monetarnej, "Finanse Bankowość Ubezpieczenia", Zeszyt Naukowy nr 1, WSFiB w Radomiu, Radom.
• Bukowski S., 2003, Teoretyczne podstawy i realizacja unii monetarnej krajów członkowskich Wspólnot Europejskich. Szanse i zagrożenia dla Polski, Wydawnictwo Naukowe Politechniki Radomskiej, Radom (maszynopis książki przyjętej do druku).
• Demertzis M., Hallet A. H., Rummel O., 2000, Is the European Union a Natural Currency Area, or Is It Held Together by Policy Makers?, "Welwirtschaftliches Archiv. Review of World Economies", Band 136, Heft 4.
• Demertzis M., Hallet A. H., Rummel O., 1997, Does a Core-Periphery Regime Make Europe into a Optimal Currency Area?, w: P.J.J.Welfens, 1997 (ed.), European Monetary Union. Transition, International Impact and Policy Options, Springer-Verlag, Berlin-Heildelberg-New York.
• Eijffinger S.C.W., 2002, How Can the Stability and Growth Pact Be Improved To Achieve Both Stronger Discipline and Higher Flexibility?, Briefing Paper On "The Conduct of Monetary Policy and an Evaluation of the Economic Situation in Europe - 4th Quarter 2002" (November 2002) for the European Parliament, www.europarl.eu. int/comparl/econ/pdf/emu/speeches/20021203/eijffinger.pdf.
• "European Economy", No 72/2001.
• "European Economy", No 2/2002
• "European Economy", No 3/2002.
• "European Economy", No 4/2002.
• "Economic forecasts", Spring 2002.
• Fitoussi J.P., 2002, The Stability (and Growth) Pact and Monetary Policy, European Parliament, Committee For Economic and Monetary Affairs, Briefing paper no 4-15 November, www.europarl.eu.Int/comparl/econ/pdf/emu/speeches/w0021203/ fitoussi.pdf.
• "General Government Data. General Government Revenue, Expenditure, Balances and Gross Debt", Spring 2005, European Commission, Directorate General ECFIN.
• Hall R.E., Taylor J.B., 1997, Makroekonomia. Teoria, funkcjonowanie i polityka, Wyd. naukowe PWN, Warszawa.
• Keis N., 2001, Koszty i korzyści wynikające z wprowadzenia euro. Przypadek Niemiec, w: P. Temperton (red.), Euro. Wspólna waluta, Feldberg SJA, Warszawa.
• Mortimer-Lee P., 2001, Czy Euroland może funkcjonować przy jednej stopie procentowej?, w: P. Temperton (red.), Euro. Wspólna waluta, Feldberg SJA, Warszawa.
• "OECD Economic Outlook. Economics", Volume 2001/2, No 70, December; "OECD Economic Outlook. Economics", Volume 2002/1, No 71, June.
• Oręziak L., 2002, Polityka budżetowa na obszarze euro (cz. II), "Bank i Kredyt" nr 7, lipiec.
• Samuelson P., 1964, Theoretical Notes on Trade Problems, "Review of Economics and Statistics", vol. 46.
• Scheide J., 2002, For the Round Table on the Stability and Growth Pact, Euraframe - Conference in Berlin, November 29, www.euro-frame.org/projects/ifw-statement-conference-2002.pdf.
• Siwiński W., 2000, Euro a kraje Europy Środkowo-Wschodniej, w: J. Kleer, A. Łukasiewicz (red.), Euro i jego wpływ na system bankowy Europy Środkowo-Wschodniej, WSBFiZ Warszawa.
• Snowdon B., Vane H., Wynarczyk P., 1998, Współczesne nurty teorii makroekonomii, Wydawnictwo Naukowe PWN, Warszawa.
• The Euro and Economic Policy. Legal and Political Texts adopted by the Council of the European Union and the European Council. General Secretariat of The Council of The European Union January 1999.
• Thygesen N., 2002, The Stability and Growth Pact: Any Need for Revision, A note for the Economic and Monetary Affairs Committee of the Europrean parliament 4th quarter 2002, www.europarl.eu.int/comparl/econ/pdf/emu/speeches/20021203/thygesen.pdf.
• Wagner H., 2001, Pitfalls in the European Enlargement Process - Challenges for Monetary Policy, prepared for conference: How to pave the Road to EMU: The Monetary Side of the Enlargement process (and its Fiscal Support) in Eltville, 26/27 October, www.fernumihagen.de.
• Wojtyna A., 1990, Nowoczesne państwo kapitalistyczne a gospodarka. Teoria i praktyka, PWN, Warszawa.