CONSIDERATIONS ON THE FISCAL AND BUDGETARY IMPLICATIONS OF THE ACTIVATION OF THE GENERAL DEROGATORY CLAUSE FROM THE STABILITY AND GROWTG PACT

The Stability and Growth Pact was adopted in order to coordinate the national tax policies within the Economic and Monetary Union and initially consisted in the Resolution of the European Council from Amsterdam of 17 June 1997, the Council Regulation (EC) no. 1467/97 of the Council of 7 July 1997 on...

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Autores principales:	Daniela IANCU, Andreea DRAGHICI, Adriana PIRVU
Formato:	article
Lenguaje:	EN
Publicado:	Publishing house of University of Pitesti, Romania 2020
Materias:	inte fiscal policies budgetary deficit derogatory clause pandemic economic impact. Economic theory. Demography HB1-3840
Acceso en línea:	https://doaj.org/article/9cea5fad09ab48a6915856377eb1259b
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spelling	oai:doaj.org-article:9cea5fad09ab48a6915856377eb1259b2021-11-04T18:02:05ZCONSIDERATIONS ON THE FISCAL AND BUDGETARY IMPLICATIONS OF THE ACTIVATION OF THE GENERAL DEROGATORY CLAUSE FROM THE STABILITY AND GROWTG PACT1583-18092344-4908https://doaj.org/article/9cea5fad09ab48a6915856377eb1259b2020-12-01T00:00:00Zhttp://economic.upit.ro/RePEc/pdf/2020_3_5.pdfhttps://doaj.org/toc/1583-1809https://doaj.org/toc/2344-4908The Stability and Growth Pact was adopted in order to coordinate the national tax policies within the Economic and Monetary Union and initially consisted in the Resolution of the European Council from Amsterdam of 17 June 1997, the Council Regulation (EC) no. 1467/97 of the Council of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure, and the Council Regulation (EC) no. 1466/97 of the Council of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies. The derogatory clause is part of the series of additions and amendments introduced following the revision of the legislation in 2011-2013, offering flexibility to the rules establishing the limits of the budgetary deficit and of the public debt. Thus « in case of an unusual event outside the control of the Member State concerned, which has a significant impact on the financial position of the general budget or in case of severe economic downturn for the euro area or the EU as a whole, the Member States can be authorized to temporarily drift from the trajectory of adjustment in order to achieve the medium-term budgetary objective (…) on condition that this does not endanger budgetary sustainability in the medium-term ». Within the pandemic generated by COVID-19 this spring, for the first time since its introduction, the general derogatory clause was activated in order to fight its economic impact.Daniela IANCU Andreea DRAGHICI Adriana PIRVU Publishing house of University of Pitesti, Romaniaarticleinte fiscal policiesbudgetary deficitderogatory clausepandemiceconomic impact.Economic theory. DemographyHB1-3840ENBuletin ştiinţific: Universitatea din Piteşti. Seria Ştiinţe Economice, Vol 19, Iss 3, Pp 41-46 (2020)
institution	DOAJ
collection	DOAJ
language	EN
topic	inte fiscal policies budgetary deficit derogatory clause pandemic economic impact. Economic theory. Demography HB1-3840
spellingShingle	inte fiscal policies budgetary deficit derogatory clause pandemic economic impact. Economic theory. Demography HB1-3840 Daniela IANCU Andreea DRAGHICI Adriana PIRVU CONSIDERATIONS ON THE FISCAL AND BUDGETARY IMPLICATIONS OF THE ACTIVATION OF THE GENERAL DEROGATORY CLAUSE FROM THE STABILITY AND GROWTG PACT
description	The Stability and Growth Pact was adopted in order to coordinate the national tax policies within the Economic and Monetary Union and initially consisted in the Resolution of the European Council from Amsterdam of 17 June 1997, the Council Regulation (EC) no. 1467/97 of the Council of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure, and the Council Regulation (EC) no. 1466/97 of the Council of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies. The derogatory clause is part of the series of additions and amendments introduced following the revision of the legislation in 2011-2013, offering flexibility to the rules establishing the limits of the budgetary deficit and of the public debt. Thus « in case of an unusual event outside the control of the Member State concerned, which has a significant impact on the financial position of the general budget or in case of severe economic downturn for the euro area or the EU as a whole, the Member States can be authorized to temporarily drift from the trajectory of adjustment in order to achieve the medium-term budgetary objective (…) on condition that this does not endanger budgetary sustainability in the medium-term ». Within the pandemic generated by COVID-19 this spring, for the first time since its introduction, the general derogatory clause was activated in order to fight its economic impact.
format	article
author	Daniela IANCU Andreea DRAGHICI Adriana PIRVU
author_facet	Daniela IANCU Andreea DRAGHICI Adriana PIRVU
author_sort	Daniela IANCU
title	CONSIDERATIONS ON THE FISCAL AND BUDGETARY IMPLICATIONS OF THE ACTIVATION OF THE GENERAL DEROGATORY CLAUSE FROM THE STABILITY AND GROWTG PACT
title_short	CONSIDERATIONS ON THE FISCAL AND BUDGETARY IMPLICATIONS OF THE ACTIVATION OF THE GENERAL DEROGATORY CLAUSE FROM THE STABILITY AND GROWTG PACT
title_full	CONSIDERATIONS ON THE FISCAL AND BUDGETARY IMPLICATIONS OF THE ACTIVATION OF THE GENERAL DEROGATORY CLAUSE FROM THE STABILITY AND GROWTG PACT
title_fullStr	CONSIDERATIONS ON THE FISCAL AND BUDGETARY IMPLICATIONS OF THE ACTIVATION OF THE GENERAL DEROGATORY CLAUSE FROM THE STABILITY AND GROWTG PACT
title_full_unstemmed	CONSIDERATIONS ON THE FISCAL AND BUDGETARY IMPLICATIONS OF THE ACTIVATION OF THE GENERAL DEROGATORY CLAUSE FROM THE STABILITY AND GROWTG PACT
title_sort	considerations on the fiscal and budgetary implications of the activation of the general derogatory clause from the stability and growtg pact
publisher	Publishing house of University of Pitesti, Romania
publishDate	2020
url	https://doaj.org/article/9cea5fad09ab48a6915856377eb1259b
work_keys_str_mv	AT danielaiancu considerationsonthefiscalandbudgetaryimplicationsoftheactivationofthegeneralderogatoryclausefromthestabilityandgrowtgpact AT andreeadraghici considerationsonthefiscalandbudgetaryimplicationsoftheactivationofthegeneralderogatoryclausefromthestabilityandgrowtgpact AT adrianapirvu considerationsonthefiscalandbudgetaryimplicationsoftheactivationofthegeneralderogatoryclausefromthestabilityandgrowtgpact
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CONSIDERATIONS ON THE FISCAL AND BUDGETARY IMPLICATIONS OF THE ACTIVATION OF THE GENERAL DEROGATORY CLAUSE FROM THE STABILITY AND GROWTG PACT

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