THE FISCAL SOVEREIGNTY AND THE TAX POLICIES OF THE NEW EU MEMBER STATES: THE EMU CHALLENGES AND PROSPECTS OF FISCAL GOVERNANCE REFORM

Authors

Keywords
fiscal policy, tax system, tax policy, tax harmonization, EU governance reform

Summary
The paper is focused on issues of fiscal policy coordination in the Euro area and the challenges to the new EU Member States from Central and Eastern Europe in implementation of different national fiscal policy options while preparing for the entry in the EMU. The main research question concerns the evaluation of the impact of the fiscal sovereignty in the new EU Member States in implementing their national tax systems in preparation to join the Euro area. The paper discusses the ways in which the new EU Member States adjust their national tax systems by making better use of introducing the appropriate tax structure and fiscal systems in order to reflect the specific conditions and priorities of the national economic policy and to achieve the required in the EMU sustainability of public finances in medium and long term aspect. The evaluation of options of tax reforms in the new EU Member States is done with regard to the problems of rising fiscal deficits as a result of higher Government expenditures and the reduction of revenues during the Global economic and financial crisis. Conclusions are drawn for the main trends in the EU governance reform and the fiscal sustainability of the EMU Member States.

JEL: H6, E6, H32
Pages: 18
Price: 3 Points

More titles

  • MODERN ASPECTS OF AGRICULTURAL STATISTICS IN BULGARIA

    The development of agricultural statistics in Bulgaria over the last two decades has been accompanied by a number of organizational and methodological problems. On the one hand, they are generated by the overall restructuring of the agricultural sector – changes in the form of ownership, land relations, production and industrial restructuring, and ...

  • STATE AND PROSPECTS FOR DEVELOPMENT OF LOGISTICS SECTOR CONCENTRATION IN BULGARIA

    Logistics sector concentration is viewed theoretically by deducing key characteristics that can be identified as essential in describing modern centres of logistics functions such as: location, size of areas, type of areas, technical specification, additional areas, infrastructure and services. Indicators for assessing the state and level of ...

  • FINANCIAL INNOVATION AND THE NEW REGULATION

    The majority of experts and practitioners share the opinion that one of the major reasons for the world financial crisis from the period 2007-2009 is the failure of the market regulation both as statutory framework and professional practice. Unfortunately, the traditional financial doctrine was not in position to adequately assess the high ...