Budgetary regulation during the crisis: practice of european countries

Abstract

Purpose: The article deals with the study of recent economic crisis in Europe in terms of the use of instruments of budgetary regulation. Detailed attention is given to fiscal policy as it's often used. Discussion: Experience of budget regulation is analyzed for the most representative European countries: United Kingdom, Germany, France, Spain, Italy and Greece. The study examined the most difficult periods for the European region - 2008-2009 year, if possible the appropriate legal framework was considered. To estimate the economic effect of the budgetary regulation several statistical indicators for each country and for the European Union in particular were analyzed. Results: It was revealed that not all countries have coped with the crisis in the economy equally well, and about some of them can not be stated existing general positive changes. That is why further research budget regulation is still actually and gives a way for a more in-depth analysis based on the analyzed material and relevant conclusions.