Cunoaştere, Interes Responsabilitate ... - Institutul de Istorie

FINANŢELE PUBLICE EUROPENE:
MOMENTUL ADEVĂRULUI
Andrei RĂDULESCU
European Public Finance: Final Countdown
Abstract. Over the past quarters central banks and governments
adopted several measures in order to counter the worst financial crisis since
World War II. However, expansionary fiscal policies led to deterioration in
public finance around the world. In 2009 several countries had a budget deficit
/ GDP ratio around 10%: United States of America, Great Britain, Ireland,
Spain, Greece, Portugal. Recently, Greece has been the target of speculators,
as budget deficit/GDP ratio and public debt/GDP ratio soared to 13.6% and
115% in 2009. Some economists already compare Greece with Lehman
Brothers. The poor fiscal position of Greece reveals the structural fiscal
problems of european countries. Despite the budgetary criteria established by
Maastricht Treaty and reinforced by Stability and Growth Pact, European
Union had an average budget deficit/GDP ratio of 3.4% during the period
1980-2009. It remains to be seen to what extent the governments of european
countries will manage to combine medium-long term commitment (reduction of
deficit and debt ratios) with needed short term felixbility.
Keywords: financial crisis; public finance; European Union; debt crisis;
structural budget deficit; Stability and Growth Pact; Hodrick-Prescott filter.
Criza financiară declanşată în Statele Unite în vara anului
2007 s-a intensificat în 2008, pierderile consemnate la nivelul
sistemul financiar determinând mai multe instituţii să intre în
procedură de faliment (printre acestea şi companii importante
precum Lehman Brothers). Panica instaurată în sectorul financiar
american (şi concomitent în cel mondial) a determinat
transformarea crizei financiare într-una economică, fără precedent
în ultimele decenii.
*** Cunoaştere, Interes, Responsabilitate¸ Vasile MARIAN (coord.), Edit.
„Argonaut”, Cluj-Napoca, 2010, p. 269–276