Next year Ukraine will have to incur a huge debt in order to make ends meet. However, there are fewer and fewer creditors willing to provide it with the necessary financing. In the draft budget for 2021 the Ukrainian government...
Russia’s state Pension Fund is in a desperate need of additional transfers from state coffers. The Russian government is looking for creative ways to fill the gaps, such as confiscating “suspicious savings”, taxing tax...
The Czech government approved the Finance Ministry’s proposal to increase the state deficit to CZK300bn (EUR10.9bn), up from the previously estimated CZK100bn (EUR3.6bn). This is already the worst budgetary performance since...
Montenegro’s example shows that maintaining competitiveness and macroeconomic stability in a country without its own currency requires rigorous adjustment in fiscal policy.
The Latvian Fiscal Discipline Council pushed the government to decrease the budget deficit in 2019. In the first draft the deficit was 0.7 per cent of GDP, in the final version 0.3 per cent of GDP.
Most countries of Western Europe used various types of austerity programs aimed at reducing the budget deficit in order to get out of economic trouble. Professor Alberto Alesina, an economist from Harvard University, examined...
The small Balkan state of Montenegro, a country closest to the full membership in the European Union out of several countries of the Western Balkan, is in a dire need for financial reforms.
In 2016 the general government deficit to GDP ratio in EU countries decreased from 2.4 per cent to 1.7 per cent. Poland is among the countries that have a better result than in 2015.
Unorthodox economic policy is a term used not only by columnists to describe Hungarian government. Also the PM Victor Orbán uses it to describe his approach to the economy with out of the box solutions.
The Stability and Growth Pact says the EU countries have to maintain a fiscal deficit no higher than 3 per cent of the GDP and reduce their public debt below 60 per cent of the GDP. All the countries have decreased the fiscal...