Fiscal sustainability and fiscal risk in the EU: forecasts and challenges in terms of COVID-19

Abstract

This study focuses on examining the relationship between fiscal and debt sustainability indicators in EU Member States, based on the multidimensional approach to estimating and forecasting different time horizons applied by the European Commission. The relationship between fiscal sustainability and the numerical fiscal rules applied at national and supranational level in the context of the Stability and Growth Pact has been established. The dynamics of medium-term risks in the Member States of the European Union for the period 2015 -2019 is traced. The main challenges to fiscal sustainability in the European space in the context of the COVID-19 pandemic are outlined.

Were we happy and we didn’t know it? A subjective dynamic and financial assessment pre-, during and post-COVID-19

“…According to Wyplosz [ 86 ], national public debts would increase by approximately 15–30% of GDP and the entire post-pandemic European economy would be different. Indeed, increased public debts and their related fiscal and monetary implications have been addressed by Elyassi [ 21 ] and Zahariev et al [ 92 ]. On the other hand, Laborde et al [ 49 ] estimate that globally, more than 140 million people could fall into extreme poverty.…”

“…According to this study, from the point of view of national monetary policies, countries would opt between decreased interest rates for keeping the cost of lending down, and increased interest rates, fearing price instabilities. Furthermore, Zahariev et al [ 92 ] analyze the connection between fiscal and debt sustainability indicators for the European Union member states, covering the 2015–2019 time period and pandemic economic shocks’ implications as well. Fiscal reforms throughout Europe are outlined and the authors consider them to be urgent, due to this ‘unprecedented economic crisis’.…”

International Master Degree Partnership Through Double Diploma Programme of International Financial Management (On the Example of Bulgaria and Ukraine)

“…As a result, the agreement is signed and approved with clear definition of the scope of cooperation, programme management, admission requirements, selection and study programme, structure of the study programme, final thesis, financial issues, and duration, amendment, review and termination of agreement. According the fiscal status of Bulgaria (Zahariev, Radulova, Aleksandrova, & Petrova, 2021a) the access to the programme for Ukrainian students is organised on a subsidised level with a scholarship for each full-time student by academic foundation "Prof. D-r Minko Roussenov".…”

Корпоративна соціальна відповідальність в умовах Covid-19: досвід болгарського бізнесу

“…Traditional industrial sectors such as energy and mining have also been put under pressure (Deneva & Grasic, 2020) [4]. European Commission logically derogates from public debt and deficit limits in spring 2020 (Zahariev, Radulova, Aleksandrova, & Petrova, 2021a) [14] in favore of resource-providing policies to address the negative effects of Covid-19. The European Central Bank (Zahariev, et al, 2020c) [12] allowed the central banks of the Eurozone and EU member countries to implement mechanisms for deferring the maturity of loans, which naturally led to liquid business support, but also reduced the profits of commercial banks.…”