Reguły fiskalne a kryzys zadłużeniowy w krajach Unii Europejskiej

Karolina Maciocha

Abstract

The aim of this article is to analyze the implementation of fiscal rules in the countries of the European Union. In the years 2008-2015, the state of public finances of most European countries, especially euro area countries, has deteriorated dramatically. In this period, the average level of the public finance sector deficit in the European Union reached almost 7% of GDP and public debt in 2014 was over 85% of GDP (92% of GDP for euro area countries). The main cause of the violation of the rules was the financial crisis, dated to 2008. Under conditions of recession, most states in order to revive the economy decided to loosen fiscal policy, which was directly related to increased public spending. The work was based on the analysis of the literature of the subject, analysis of statistic data from the European Statistical Office and the European Commission