A COMPARATIVE ANALYSIS OF THE BUDGETARY DEFICITS IN THE EU COUNTRIES IN THE CONTEXT OF THE GLOBAL FINANCIAL CRISIS

Starting with late 2008 most of the EU countries displayed complex financial problems, in which consistent budgetary deficits have combined with negative net exports, with the ageing and pension system challenges and with the consequences of the global financial crisis. All these problems lead to the accumulation of significant government debts, which in turn contribute to the aggravation of the government deficits. Our paper analyzes the evolution of the public deficits at the EU level for the 2000-2009 period and tries to identify the ways and actions that could lead to the rebalancing of the public finances in the EU countries.