The convergence criterions nessesary for the entrance of EU-member to European Monetary Union are divided to monetary and fiscal area. To fiscal criterions (after Pact of Stability and Growth) belong the low long-run deficit of public budget in the maximum 3 % of GDP and maximal public debt 60 %...

We survey theories of impacts of budgetary rules in the budget process, review empirical evidence and on the basis of comparative studies attempt to design the optimal shape of the Czech budgetary rules. The theoretical part focuses on conventional and non-intuitive effects of spending caps and...