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FISCAL RULES: THE ROLE IN FISCAL CONSOLIDATION PROCESS
Abstract
The existing negative trend in fiscal development and increasing indebtedness of public finances, strengthened by the last crisis, have disrupted the fiscal stability of countries and have required governments’ interventions in the form of fiscal consolidation within their fiscal systems. The success of the fiscal consolidation process is conditioned by many determinants, among which may the fiscal rules be included. The role of fiscal rules is to provide a permanent pressure on fiscal policies with the intention to reach predetermined numeric limits of fiscal aggregates and to ensure the credibility of public funds management in a country. The object of this research is based on theoretical knowledge about fiscal rules and fiscal consolidation using a systemic review (in accordance to EBHC approach), to clarify the interaction between the fiscal consolidation process and fiscal rules. The objective of the research is by using the quantitative methods (trend analysis and correlation approach) to assess the importance of fiscal rules within the identified consolidation periods (during the period 1995-2016) in EU member countries and to clarify the dependence between the fiscal consolidation success and fiscal rules.
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