The stability and growth pact: basic principles and directions of the eu fiscal policy
Author: Seniour Assist. Prof. Mariya Neycheva (Burgas Free University)
Keywords: Eurozone, The Stability and Growth Pact, fiscal policy.
The accession of Bulgaria to the European Union and the expected joining of the Eurozone demands for explanation of the trends in the macroeconomic policy and the requirements to it. In connection with this the article presents the main characteristics, aims, and criticisms of the Stability and Growth Pact, which is supposed to outline the fiscal macro frame the Eurozone member states should stick to. The basic proposals for revision of the Pact descending from the academic circles are examined as well. The topic is extremely popular in scientific space as far as the fiscal policy helps the countries that have introduced the Euro as their official currency to obtain economic stabilization and create conditions for long-term growth because of the impossibility to pursue their own monetary policies.