№ 3/2017

Fìnansi Ukr. 2017 (3): 19–35https://doi.org/10.33763/finukr2017.03.019

BUDGET POLICY

KUDRJASHOV Vasyl ¹, PODDERJOGIN Anatolij ²

¹SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0003-4801-3620
²Kyiv National Ecomomic Universiry named after Vadym Hetman

Modernization of fiscal policy in the EU

The article studies changes in the fiscal policy of the European Union aimed at ensuring the sustainability of public finances and support of economic growth. New approaches to the regulation and coordination of public finance management of EU Member States are defined. The research covers the issues of application of austerity policies to meet the challenges of fiscal consolidation. Mechanisms for mitigating fiscal adjustment to reduce the negative impacts of fiscal policy on economic and social development are considered. The policy of income, expenditure and financing of public budgets in the EU as a whole and in individual Member States, in particular in Germany, Poland, Lithuania and the United Kingdom, is analyzed. The directions for further reform of the fiscal policy in order to fulfill the tasks of fiscal consolidation, as well as the promotion of economic growth, are defined. It is stressed that during the modernization of this policy in Ukraine it is necessary to overcome a number of problems, which are largely addressed in the EU. The authors emphasize the importance of the study of these changes for Ukraine, where the recovery of positive dynamics has only just begun and needs support with the use of fiscal policy mechanisms.

Keywords:fiscal policy, fiscal consolidation, expenditure policy, incomes policy, the financing of public budget, public debt, fiscal adjustment, austerity policy.

JEL: E62, F36, H61, H63, H87

Kudrjashov V. . Modernization of fiscal policy in the EU / V. . Kudrjashov, A. . PODDERJOGIN // Фінанси України. - 2017. - № 3. - C. 19-35.

Article original in Ukrainian (pp. 19 - 35)

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