Fiscal stability protection in Poland in the face of the debt crisis
AbstractThe debt crisis in the euro area forced a significant revision of the views on the nature of fiscal stability. More emphasis is now placed on the dynamic approach to this idea and it is viewed in the broader context of the state’s economic stability and the tasks it faces. Thus fiscal stability may not be equated with the ability to market the borrowing needs of the Treasury. It is of a much broader and more multifaceted dimension. The Polish legislator should not focus exclusively on defending the reference values of particular fiscal indicators. It is equally important to create space for active use of fiscal policy instruments in times of economic slowdown. It is therefore necessary to devise legislative solutions that would force adjustment measures in good times and consequently bring public debt to a level significantly below the reference value. The aim of the article is to analyze the steps which influenced the shape and functioning of the Polish fiscal policy rules that were undertaken by the Polish legislator in the age of the debt crisis. They will be assessed from the point of view of a new understanding of the nature of fiscal stability. The resulting conclusions will form the basis for formulating de lege ferenda regarding solutions that may contribute to increasing the protection of fiscal stability in Poland.
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