Fiscal Rules: Theory, Practice and Implications for Bulgaria
The Institute for Market Economics publishes a report on fiscal rules, the logic behind their implementation, and history of fiscal rules in several countries. The report also presents
Economy
Four Myths of Rising the State Pension Age in Poland
Polish government began public consultation on the rise of the state pension age in February. It provoked a national debate about how long the Polish will work. There are numerous arguments for and against the reform. Some of them are just and other are demagogic. We should select them and consider issues which are important for us – future pensioners. It is essential because the reform is unavoidable and most members of the European Union…
Fiat Euro! 07/2012
We can safely mark this week as Greek. No, it’s not about action week in McDonalds but the majority of messages that stirred euro came right from that country. On Sunday Greek Parliament passed new austerity package (199 MPs for, 77 against), so-called Memorandum of Understanding, based on which Greece will receive further bailout of 130 bln. euro (or more if we count also 15 bln. euro which has been discussed since the end of…
Austrian School Three Times Right
It is good that an agreement concerning law regulating fiscal responsibilities is reached in our Parliament, involving whole political spectrum. It is great to put down the fire with common effort. It would be even better, however, if we agreed on reasons of this long fire of debt, who and how caused it. And one of the main reasons is the fact that politicans in many countries willingly listened to economic theories, whose implementation in…
Planned Fiscal Adjustment in Poland 2010-2012
After the general government deficit in Poland reached 7.8% GDP in 2010, at the beginning of 2011 Polish government presented a plan to reduce it to 3% GDP by 2012, a goal which is in line with Maastricht criteria.
Bulgaria Needs Stricter Fiscal Rules
There have been talks, for a few months now, about introducing new and stricter fiscal rules in European Union (EU) member-states, which would help reduce the fast piling up of public debt. During the last week of January there was, at last, a public debate about the position of Bulgaria on this issue. The debate was in the form of a round table organized by the Institute for Market Economics called “Fiscal Rules – Alternatives…
