Vol. 10, No 3, 2013 pp. 257 - 272
UDC 339.923:061.1EU
NEW FISCAL FRAMEWORK OF THE EUROPEAN MONETARY UNION
Srdjan Golubović1, Nataša Golubović2, Predrag Cvetković1
1Faculty of Law, University of Niš, Serbia
2Faculty of Economics, University of Niš, Serbia
European Economic and Monetary Union faces the most serious crisis since its foundation. The concept of the Union with a single monetary policy and autonomous fiscal policy, which is partially limited by the fiscal rules, as defined by the Maastricht Treaty (later confirmed by the Lisbon Treaty) and specified by the provisions of the Stability and Growth Pact, has proved to be totally inadequate to address the problems of fiscal discipline of the member states. In such circumstances, the need for institutional reform of the European Economic and Monetary Union has been imposed. Revised fiscal rules and regulations on the coordination of economic policies promote institutional base of EMU. The effectiveness and credibility of the new fiscal framework depends on its strict application, readiness of the Commission to monitor fiscal discipline of the member states and the willingness of other institution, firs of all Council to limit the degree of political discretion.
Key Words: fiscal rules, Stability and Growth Pact, European monetary union, economic policy
NOVI FISKALNI OKVIRI EVROPSKE MONETARNE UNIJE
Evropska ekonomska i monetarna unija (EMU) suočava se sa najozbiljnijom krizom od svog osnivanja. Koncept Unije sa jedinstvenom monetarnom politikom i autonomnom fiskalnom politikom, koja je delimično ograničena fiskalnim pravilima, definisan sporazumom iz Mastrihta, (kasnije potvrđen Lisabonskim sporazumom) i konkretizovan odredbama Pakta o stabilnosti i rastu, pokazao se potpuno neadekvatnim za rešavanje problema fiskalne nediscipline država članica. U takvim uslovima, nametnula se potreba reforme institucionalnih okvira EMU. Izmenjena fiskalna pravila i pravila o koordinaciji ekonomske politike unapređuju institucionalnu osnovu EMU. Efektivnost i kredibilitet novih fiskalnih okvira zavisi od njihove striktne primene, spremnosti Komisije da prati fiskalnu disciplinu država članica i spremnosti ostalih institucija, pre svega Saveta da ograniče stepen političke diskrecije.
Ključne reči: fiskalna pravila, Pakt o stabilnosti i rastu, Evropska monetarna unija, ekonomska politika