Public debt and fiscal risks in the European Union

Marko Primorac () and Anto Bajo
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Marko Primorac: University of Zagreb, Faculty of Economics and Business

No 3505879, Proceedings of International Academic Conferences from International Institute of Social and Economic Sciences

Abstract: At the beginning of 2015, the Statistical Office of the European Commission ? Eurostat ? for the first time released data on contingent liabilities and non-performing loans of European Union (EU) member states. Contingent liabilities include guarantees, liabilities related to public-private partnerships and liabilities of public corporations that are controlled by the state, but excluded from the statistical coverage of general government. The scale of the contingent liabilities of member states reveals a completely new image of their indebtedness and exposure to fiscal risks, and also raises the issue of the need to redefine the Maastricht fiscal criteria. It is obvious that member states ? under pressure from budgetary restrictions (in line with the Maastricht criteria) ? are creating liabilities that certainly affect the growth of public debt. At the same time these liabilities were only until recently beyond the reach of Eurostat.

Keywords: public debt; contingent liabilities; fiscal risks; EU (search for similar items in EconPapers)
JEL-codes: H63 (search for similar items in EconPapers)
Pages: 13 pages
Date: 2016-04
New Economics Papers: this item is included in nep-pbe
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Published in Proceedings of the Proceedings of the 22nd International Academic Conference, Lisbon, Apr 2016, pages 206-218

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