Proposal for the implementation of a fiscal rule system for Romania. Estimate for the reaction of the fiscal rule system to the output’s shocks

This paper provides arguments for the need to improve the fiscal rule proposed by the European Commission within the Fiscal Compact, considering the implementation of an augmented growth-based balance rule optimum for Romania. The first part of the paper presents the proposal for the implementation of an integrated system of fiscal rules in Romania. In the second part of this paper, we can find simulations for the reaction of the fiscal rule system proposed for the shocks occurring in the economic growth, these estimates being made by the help of the specialists from the National Forecast Commission.