THE PUBLIC FINANCE EQUILIBRIUM AND THE PROCESS OF EUROPEAN MONETARY INTEGRATION IN TIME OF THE GLOBAL CRISIS

Abstract

In the paper, the author presents the effects of an analysis of the impact of the phenomena connected with the global economic crisis on public finance equilibrium in the European Union member states. The subject matter is also the importance of this equilibrium for the process of the euro area enlargement. The consequences of the global depression for the fulfilment of the fiscal convergence criteria are presented and some forecasts for next years are made. Significant disadvantages of monetary integration affecting the ability of negative external economic phenomena amortisation are also indicated. The conclusion is that the global crisis seriously hampered the further growth of the euro area.