But, by this measure the. Iulian Vacarel and the co-authors, „ Finante publice ”, The 6-th Edition, Publishing house Didactica si Pedagogica,. Bucharest, 64/ on public debt, approved by Government Decision no. .. Văcărel Iulian, (coordonator), Finanţe Publice, Editura Didactică şi Pedagogică, București. Finantele publice sunt necesare, în mod subiectiv şi obiectiv [8] Văcărel Iulian , Finanţe Publice, Editura Didactică şi Pedagogică ,;. [9]Văcărel Iulian.

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The financial crises at global level during the latest 25 years resulted in the fiannte impacting of governments’ capacity to reimburse accumulated debt, which triggered bot h budget difficulties and economic disturbances. Recent examples taken from emerging economies showed that shocks may turn into financial crises, which can make public management difficult and have significant budgetary consequences.

Văcărel, Iulian

The statute as a member state of a monetary union triggers the opening degree of the economy by percent swhich in turn influences the dynamics of the GDP [37].

According to the data listed by EUROSTAT [29]in the period —the average level of public debt within EU 28 [30] had an upward trend, from 11, million euro to 12, million eurorespectively an increase by 7. Taxes on physical and juridical persons constitute a permanent source of income for the authorities, income that is used to cover public expenses. However, changes brought in the current fiscal legislation have brought a series of decreases theoretically substantial of the fiscal obligations owed by the tax payers.

The state loan is a defining element of public debt, as provided in the specialised literature and in the legal texts. As of its accession to the European Union, Romania had one of the lowest public debt level within the EU The Romanian economy, as a component part of world economy, displays the same trends, respectively an increase of public debt in a rhythm superior to the economic growth one, so that public finances sustainability needs to be a major challenge at the level of public policies [21].


It is important to mention that engaging public debt involves a series of risks, generated both by general and by specific factors [13]. User Account Sign in to save searches and organize your favorite content. The decision to make a sub-loan involves recovery risks.

Economic shocks may have, individually or cumulatively, an impact on external public debt of an economy, which leads to the vulnerability of the public debt strategy, which in turn may impact on global economy and, last but not least, may seriously deteriorate a state’ s financial situation.

From the analysis of the above, there results that public debt sustainability is a concept inter-relating with public finances sustainability.

T he other 12 EU member states had higher deficits in as compared to Furthermore, two member states had budget excedents on the overall analysed period, respectively Germany with a peak in and Luxembourg with a peak in The increase of gross domestic product may be reached by abating taxation pressure over economyespecially over the productive sector of all economic branchesas well as by increasing the collection degree of taxes and feeswhich can generate financial resources, funds which need to be oriented with priority towards investment making in the production sector of the Romanian economy.

Public and Fiscality: Facts and Unknowns : International conference KNOWLEDGE-BASED ORGANIZATION

As compared topublic deficit in relation to the GDP decreased in in 10 member states, the Netherlands and the United Kingdom had the same deficits in as in iiulian, Estonia and Denmark switched from a deficit in to an excedent inGermany recorded a little higher excedent in than inwhile the excedent of Luxembourg had slightly decreased from 3 until Economic openness is one of the actual convergence criteria, while actual convergence is obtained by sustained macro-economic policies.

At European and world level, financial stability is upset by the alarming increase of states ‘ debts. The level of the GDP within the EU 28 had a similar, but less abrupt tendencywhich only went up by 3. The evolution of public debt percent of the GDP indicator for the period — [26] is shown in the following chart, as follows: Furthermore, the special conjunctures on international financial markets may negatively impact on state loans contracting conditions.


Current economic context of public debt The financial crises at global vacrael during the latest 25 years resulted in the negative impacting of governments’ capacity to reimburse accumulated debt, which triggered bot h budget difficulties and economic disturbances. Considering this situation, the adequate policies to tackle public finances sustainability need to have, as a launching base, the overall strategy vacrael the European Union, focused on the three component parts, namely abatement of public debt, increasing productivity and employment and last but not least, reforming the pension and healthcare systems.

The periodcharacterised by higher budgetary deficits, practically lead to the doubling of the public debt. Up to now, the public debt notion went through the following defining process [6]: Inthe deficit exceeded To ensure sustainable levels of public debt it is important that EU member states understand certain medium term budgetary objectives, which would result in a descending trend of public debt, through strict compliance with budgetary policy [22].

Among general factors acting in the financial domain, the special regulations providing different conditions for certain loans are extremely important.

Volume 4, Issue 4, Current economic context of public debt. Thus, as compared vaczrelthe year of the previous world financial crisis, at the end ofdebts at global level increased by 57, billion dollars, reaching a level close tobillion dollars. In this context, states’ needs are covered, to the greatest extent, from taxes, fees, contributions, take-offs, which the state vaccarel from tax payers.

Another series of general risk factors is that of the high ly complex issues, which may emerge in the unfold of current processes. Moreover, it can be established if there is a possibility to replace eventual losses of resources from the targeted taxpayers with tax charges that affect other financial actors. Sign in to annotate.