EU fiscal consolidation strategies in times of crisis – comparative approaches

On the background of the crisis, public finances rapidly deteriorated in many EU Member States struggling with economic recession. Therefore, fiscal consolidation was needed for improving public finances and turning them to a sustainable path. Authorities considered two main possible actions (decreases in budgetary expenditures or increases in revenues), but implementing them proved not to be so easy when government’s engagements were already made. This paper reveals the main theoretical requirements of fiscal consolidation strategies, in relation with some EU Member States’ fiscal consolidation plans, taking into discussion the fiscal background, the consolidation needs and the commitments and intentions of governments as an expression of their strategies.