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CONSOLITAION OF PUBLIC FINANCES – THE EXPERIENCE OF THE SLOVAK REPUBLIC
Abstract
The debt crisis in the European Union revealed the bottlenecks developments in public finances of several Member States. Despite the fact that the deepening fiscal imbalance is correlated mainly with crisis phenomena of the prior five years, insight into the evolution of public finances suggests long-term problems for management of public administration in several countries of the European Union, both in the field of streamlining processes in the public sector, as well as approaches to the responsible fulfillment of the rules of fiscal responsibility. It is therefore important to identify not only the causes that exacerbated the development of public finances, as well as ways to ensure fiscal sustainability, because required radical consolidation of public finances, as a prerequisite for increasing the competitiveness of the economy and economic growth, been seriously hampered in present time to requirement of stimulation of economic activity, which can then destabilize public finances. The presented work is an input to the developments in public finances and approaches to consolidation in Slovakia over recent twenty years.
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