PUBLIC FINANCES AND THE NEW ECONOMIC GOVERNANCE

The book "Public Finances and the New Economic Governance" by Stanisław Owsiak is an attempt to assess the extent to which the new economic governance of the EU has helped to discipline public finances in the member states. The author analyzes the impact of the financial crisis on fiscal policy and the methods of consolidating public finances in various European countries.

• Analysis of the impact of the financial crisis on public finances
• Assessment of the effectiveness of the new economic governance of the EU
• Detailed study of fiscal policy in Germany, Great Britain, Poland and Hungary
• Examination of methods for consolidating public finances
• Use of quantitative methods to analyze the relationship between the budget balance and macroeconomic variables
• Assessment of the processes of economic convergence in the EU

The authors point out the weak institutional design of the EU, which exacerbated the negative fiscal effects of the last financial crisis. The work attempts to examine the degree of fiscal consolidation of member states. Austerity policies, as a method of consolidating public finances, and the so-called non-Keynesian fiscal policy effects have been scrutinized. In addition, the methods of disciplining public finances in Germany, Great Britain, Hungary and Poland have been thoroughly evaluated.

The specific experience of other Member States has also been taken into account, identifying the advantages and disadvantages of current fiscal consolidation strategies. In order to examine the relationship between the budget balance and other macroeconomic variables, as well as to identify changes in the economic potential of the member states and to assess the economic convergence processes, the work relies on quantitative methods. The book is a valuable source of knowledge for economists, politicians and all those interested in the issue of public finances in the context of European integration.

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