Fiscal sustainability: Conceptual, institutional, and policy issues

Since 2008, the world economy has been facing the consequences of the global financial crisis. As a result, many economic policy paradigms have been revised, and this process is far from complete. The policy area, which needs a fundamental rethinking (especially in advanced economies), relates to the role of public finance and fiscal policy in ensuring economic growth and financial stability. The primary task will be to develop a new analytical approach and detailed indicators, which are necessary to provide a correct diagnosis and effective recommendations. What are the "safe" levels of budget deficit and public debt during "normal" or "good" times? Is there a single norm of fiscal safety?