FROM FISCAL SOVEREIGNTY TO A GOOD FISCALGOVERNANCE IN THE EUROPEAN UNION

The European Union and its Member States are facing significant challenges in addressing the current economic and financial crisis. In this context, the European officials have required an extensive and deep investigation of the European integration, especially towards the harmonisation of the fiscal policy, acknowledged as a sovereign prerogative of the Member States, considering that the role played by the fiscal policy was significant in creating difficulties and fiscal imbalances. One of the greatest challenges related to the actions of the European Community institutions is to identify solutions to the problems with implications for the fiscal policy harmonisation whose approach should consider the compatibility of different systems and relations of the Member States, while respecting the sovereignty, the fiscal policy and the obligations imposed by the international competitiveness on Europe.