Fiscal Sustainability and Fiscal Risk in the EU: Forecasts and Challenges in Terms of COVID-19

Entrepreneurship and Sustainability Issues, 8(3), 618-632 (2021), http://doi.org/10.9770/jesi.2021.8.3(39)

15 Pages Posted: 20 Apr 2021

See all articles by Andrey Zahariev

Andrey Zahariev

D. A. Tsenov Academy of Economics

Aneliya Radulova

D. A. Tsenov Academy of Economics

Aleksandrina Aleksandrova

D. A. Tsenov Academy of Economics; D. A. Tsenov Academy of Economics

Mariana Petrova

St.Cyril and St.Methodius University of Veliko Tarnovo; D.A.Tsenov Academy of Economics

Date Written: March 30, 2021

Abstract

This study focuses on examining the relationship between fiscal and debt sustainability indicators in EU Member States, based on the multidimensional approach to estimating and forecasting different time horizons applied by the European Commission. The relationship between fiscal sustainability and the numerical fiscal rules applied at national and supranational level in the context of the Stability and Growth Pact has been established. The dynamics of medium-term risks in the Member States of the European Union for the period 2015 - 2019 is traced. The main challenges to fiscal sustainability in the European space in the context of the COVID-19 pandemic are outlined.

Keywords: fiscal policy; fiscal rules; debt; fiscal sustainability; fiscal risk; COVID-19

JEL Classification: E62, E63, G28, H62

Suggested Citation

Zahariev, Andrey and Radulova, Aneliya and Aleksandrova, Aleksandrina and Petrova, Mariana, Fiscal Sustainability and Fiscal Risk in the EU: Forecasts and Challenges in Terms of COVID-19 (March 30, 2021). Entrepreneurship and Sustainability Issues, 8(3), 618-632 (2021), http://doi.org/10.9770/jesi.2021.8.3(39), Available at SSRN: https://ssrn.com/abstract=3828912

Andrey Zahariev (Contact Author)

D. A. Tsenov Academy of Economics ( email )

2 Em. Chakarov str.
Svishtov, Veliko Tarnovo 5250
Bulgaria
++35963166251 (Phone)

HOME PAGE: http://https://www.uni-svishtov.bg/bg/profile/a.zahariev

Aneliya Radulova

D. A. Tsenov Academy of Economics ( email )

2 Em. Chakarov str.
Svishtov, Veliko Tarnovo 5250
Bulgaria

Aleksandrina Aleksandrova

D. A. Tsenov Academy of Economics ( email )

2 Em. Chakarov str.
Svishtov, Veliko Tarnovo 5250
Bulgaria

HOME PAGE: http://https://www.uni-svishtov.bg/default.asp?page=detailsini&id=1821

D. A. Tsenov Academy of Economics ( email )

Bulgaria

Mariana Petrova

St.Cyril and St.Methodius University of Veliko Tarnovo ( email )

2 Teodosii Tarnovski str.
Veliko Turnovo, 5000
Bulgaria

HOME PAGE: http://www.uni-vt.bg

D.A.Tsenov Academy of Economics

Em. Chakarov 2
Svishtov, Veliko Tarnovo 5250
Bulgaria

HOME PAGE: http://www.uni-svishtov.bg

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