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Public debt and fiscal risks in the European Union

Author

Listed:
  • Marko Primorac

    (University of Zagreb, Faculty of Economics and Business)

  • Anto Bajo

    (Institute of Public Finance)

Abstract

At the beginning of 2015, the Statistical Office of the European Commission ? Eurostat ? for the first time released data on contingent liabilities and non-performing loans of European Union (EU) member states. Contingent liabilities include guarantees, liabilities related to public-private partnerships and liabilities of public corporations that are controlled by the state, but excluded from the statistical coverage of general government. The scale of the contingent liabilities of member states reveals a completely new image of their indebtedness and exposure to fiscal risks, and also raises the issue of the need to redefine the Maastricht fiscal criteria. It is obvious that member states ? under pressure from budgetary restrictions (in line with the Maastricht criteria) ? are creating liabilities that certainly affect the growth of public debt. At the same time these liabilities were only until recently beyond the reach of Eurostat.

Suggested Citation

  • Marko Primorac & Anto Bajo, 2016. "Public debt and fiscal risks in the European Union," Proceedings of International Academic Conferences 3505879, International Institute of Social and Economic Sciences.
    • Handle: RePEc:sek:iacpro:3505879
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    File URL: https://iises.net/proceedings/22nd-international-academic-conference-lisbon/table-of-content/detail?cid=35&iid=043&rid=5879
    File Function: First version, 2016
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    More about this item

    Keywords

    public debt; contingent liabilities; fiscal risks; EU;
    All these keywords.

    JEL classification:

    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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