DEVELOPMENTS AND FISCAL PERSPECTIVES MANIFESTED AT THE NATIONAL LEVEL

Ionel Leonida
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Ionel Leonida: Centre for Financial and Monetary Research “Victor Slavescu”, N.I.E.R., Romanian Academy, Bucharest, Romania Author-Name: CEPOI, Cosmin-Octavian

Journal of Financial and Monetary Economics, 2023, vol. 11, issue 1, 72-80

Abstract: The paper presents synthetically the fiscal evolution at the national level in the period 2019Q1-2023Q2, based on some indicators of fiscal revenues, budget expenditures and derivatives from them, from which to extract benchmarks regarding the fiscal status of the reference period, to present possible prospects for reconfiguration fiscal-budgetary, taking into account the trends manifested at the international and European level. In the analyzed interval, the fiscal policy had to adapt in order to quickly respond to the atypical economic conditions of the health crisis period, undergoing changes compared to the pre-existing situation, more significant being the increase in the budget deficit and the public debt, being the most affected indicators in the periods of crisis (see also post-economic and financial crisis effects from 2008 - 2010). Externally, the pandemic episode signaled the need to accelerate ongoing fiscal reforms, but, above all, the fact that this moment can be favorable for substantial changes in fiscal-budgetary policies to adjust the fiscal vulnerabilities highlighted by the state of crisis, as well as of increasing the homogeneity of fiscal-budgetary systems, chosen within the EU.

Keywords: fiscal policy; fiscal stance; fiscal perspectives (search for similar items in EconPapers)
JEL-codes: E62 H21 O23 (search for similar items in EconPapers)
Date: 2023
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