Proces konwergencji fiskalnej w Polsce. Dokonania i prognozy

Abstract

This paper presents standing of the Polish general government sector after the excessive deficit procedure had been terminated. The analysis is based on government documents and internal documents of the Polish national central bank, which concern fiscal policy, as well as the relation between the exchange rate of Polish currency (PLN) and the national debt. Factors, which contributed to a significant improvement of the financial result of the general government sector in 2014-2017 have been indicated and the substantial contribution of the institutional subsectors to the overall financial result of the entire sector has been pointed out. The most important government initiatives are presented, which are aimed at the reduction of the structural deficit of the general government sector. An attempt has been made to identify risks that could endanger the medium-term budgetary objective (the deficit on the order of 1% of the GDP in 2021), assuming that an early identification of potential risks facilitates – if not elimination of the risks – then at least the alleviation of their adverse consequences

Keywords

• public finances
• general government sector
• fiscal notification
• expenditure rule
• exchange rate