Fiscal Challenges Facing the New Member States

Marek Dabrowski, Malgorzata Antczak () and Michal Gorzelak ()
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Malgorzata Antczak: CASE, Center for Social and Economic Research, 12 Sienkiewicza St, Warsaw, Poland.
Michal Gorzelak: CASE, Center for Social and Economic Research, 12 Sienkiewicza St, Warsaw, Poland.

Comparative Economic Studies, 2006, vol. 48, issue 2, 252-276

Abstract: This paper provides an analysis of the fiscal challenges faced by the eight transition economies, which joined the European Union (EU) in May 2004. More than half of them run excessive fiscal deficits being partly a legacy of an early transition period, partly – a consequence of additional accession-related costs. In addition, the long-term fiscal outlook, connected with the consequences of population ageing, is dramatic. On the other hand, the perspective of Economic and Monetary Union entry should provide the new member states with a strong incentive to reduce their deficits now because waiting (and postponing both fiscal adjustment and the adoption of the euro) will only result in higher cumulative fiscal costs. Comparative Economic Studies (2006) 48, 252–276. doi:10.1057/palgrave.ces.8100159

Date: 2006
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