IKBFU's Vestnik

2017 Issue №04

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New stages of the excessive budget deficit procedure for the EU member states and the assessment of their effectiveness

Pages
11-17

Abstract

The majority of EU member states, for which the excessive budget deficit procedure was introduced in 2009, managed to eliminate the deficit of their national budgets in September 2017. The EU started a reform of its subsidiary legislation in 2011 and introduced significant changes to the excessive budget deficit procedure. The article analyses the stages of the excessive budget deficit procedure, particularly those having new and much tougher requirements. The author describes the degree to which these changes contribute to the elimination of the budget deficit. The conducted research shows that the new procedure was supplemented with additional sanctions. However, their introduction depends on the political will of EU member-states. The sanctions can potentially inflict additional damage on the financial situation in the EU states having budget deficit.

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