The assessment of legal regulations of the European Union limiting public debt

Abstract

Limitation or at least the maintaining of public debt on fixed level due to its negative effects, are processes - as it seems - demanded and obvi­ous. Thus, they are beyond all doubts in the sphere of political declarations as well as in legal sphere, which means passing appropriate legal provisions. However, problems appear at the stage of actual activities leading to imple­mentation of those declarations and provisions. The prospect of public ex­penditure cuts and in consequence - unpopularity of decisions in this mat­ter, keeps politicians from taking real steps leading to limitation of public debt or causing a desire to change of rigorous provisions quite effectively. The problem is the most present and crucial in the context of financial difficulties both members states of the European Union (e.g. Greece, Portugal, Spain) and other countries. This paper will be an attempt to assess the EU legal pro­visions observance, established to prevent the appearance of excessive public debt.