FINANCIAL AND ECONOMIC INTEGRATION OF UKRAINE INTO THE EU

GASANOV Sergіi ¹, KUDRJASHOV Vasyl ², BALAKIN Robert ³

¹SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0002-7454-0419
²SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0003-4801-3620
³SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0001-6431-6635

Reforming the Ukrainian fiscal system in the context of European integration processes

The article highlights the issue of reforming the fiscal system of Ukraine in view of its European integration policy and implementation of the Association Agreement between Ukraine and the European Union. It is indicated that the EU has strengthened measures to harmonize fiscal policies of the Member States, in particular control of excessive fiscal deficits and government debt limit. Particular attention is paid to conduction of the indicators of fiscal positions monitoring in member countries. It is found that in order to reduce the budget deficit and public debt Ukraine must take into account the European experience and take fiscal adjustment measures aimed at curbing the accumulation of public debt. It is defined the list of measures, as: strengthening the control of public spending, increase of revenue side of the general government sector by reforming the tax system, improving the tax administration and so on. Also it is revealed the question of intensification of institutional reforms, improvement of the state guaranteed obligations management, and public procurement procedures. It is emphasized the need to improve the transparency of operations in the public sector, facilitating access of the public to participate in solving the problems of formation, distribution and use of resources and improving the regulatory framework focused on preparation and execution of the state budget, increased requirements to comply with financial discipline.

Keywords: fiscal policy, fiscal risks, fiscal harmonization, budget deficit, public debt, public procurement, transparency in public sector operations.

JEL: E62, F36, H60, H61, H63.

Gasanov S. . Reforming the Ukrainian fiscal system in the context of European integration processes / S. . Gasanov, V. . Kudrjashov, R. . BALAKIN // Фінанси України. - 2015. - № 5. - C. 16-38.