THE FINANCIAL AND BUDGETARY DISCIPLINE IN ROMANIA – THE ARREARS OF THE LOCAL PUBLIC AUTHORITIES

Abstract

Treaty on European Union requires the Member States to consider the economic policies as a matter of common interest and to have fiscal policy guided by the need to ensure sound public finances. Global economic and financial crises have exposed the weaknesses of the economic and fiscal governance in the economic and monetary union. Reactions of European decision-making structures are not immediate. The vast majority of Member States have joined and strengthened their adherence to such solutions.Romania s macroeconomic policies are therefore part of the European common objectives, actions and decisions of public internal actors being conducted in a well-defined and regulated frame. We used analytical research method and I caught the status quo in the study, and governmental policy decisions necessary.

Keywords

• financial and budgetary discipline
• the Stability and Growth pact
• medium-term budgetary objective
• arrears