FINANCIAL CRISIS IN EU: PROBLEMS AND PERSPECTIVES
Journal Title: Вісник Київського національного університету імені Тараса Шевченка. Економіка. - Year 2014, Vol 7, Issue 160
Abstract
The article summarizes the causes of the financial crisis and reveals a set of measures to overcome the consequences of the financial crisis and stabilize the financial systems of EU member states. Practical and theoretical issues of financial crisis in the European economy are explored in this article. Changes in approaches to overcome fiscal imbalances at the national and the supranational levels in the EU are considered. Significant role in stabilizing public finances is given to the fiscal policy and its main instruments. Organizational basis of tax policy of developed countries – members of the EU, in order to reach financial stability and population's well being, are studied. We consider the budget balance rules aimed at ensuring the sustainability of public finances, borrowing, and debt rules that limit the growth of public debt as percentage of GDP, expenditure norms focused on ensuring fiscal discipline by enhancing the control of volumes and directions of the budget resources use, rate of return, aimed both at ensuring a level of revenues needed to fund state's functions and to prevent excessive growth of the tax burden and increase in size of the general government.
Authors and Affiliations
Liudmyla Demydenko
Keywords
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- EP ID EP404196
- DOI 10.17721/1728-2667.2014/160-7/5
- Views 89
- Downloads 0
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