The fulfillment by Poland of convergence criteria with regard to public debt and public deficit (selected legal and economic aspects)

Abstract

The study discusses the issue of fulfillment by Poland of the so-called fiscal convergence criteria, concerning public debt and public deficit, based on the regulations of the European and Polish financial laws, as well as in the context of their economic character. Regularizations of this type affect the economic reality and are symptoms of creating some normative rules by the state which shape the economic sphere. This type of normative regulations which are of limit character, can affect the condition of the public finance, by shaping tendencies, desired by the state, concerning public debt and public deficit. In the case of forecasts concerning the fulfillment of the fiscal convergence criteria by Poland, one should particularly emphasize the unfavorable tendency of growth in the public debt and costs of service of the State Treasury's debt. Undoubtedly, accession to the Eurozone would counteract, e.g. the growth in the State Treasury's debt, as well as the costs of its service caused by depreciation of the Polish currency. Normative limits, forcing certain actions aimed at counteracting the growth in the public debt, namely the budget deficit and the deficit of the public finance sector, may contribute to the improvement of the public finance in Poland.

Keywords

• convergence criteria
• economic policy
• normative regulations
• public debt