Evaluation Of The Conduct Of Fiscal-Budgetary Policy In Romania, In The Period 2008 – 2023

In the proposed paper, we analyze the conduct of the fiscal-budgetary policy in Romania, in the period 2008-2023, based on the cyclically adjusted budget balance indicator, respectively its variations from one year to the next, in relation to the state of the economic cycle, analyzed on the basis of the output indicator gap. Through this synchronized analysis we can evaluate the conduct of the fiscal-budgetary policy in relation to theoretical benchmarks regarding its action in different phases of the economic cycle. The usefulness of the analysis is relevant from the perspective of the effective actions of the fiscal-budgetary policy on the fluctuations of the economic cycle, either in the sense of tempering them, respectively an anti-cyclical character, or of amplifying them, respectively a pro-cyclical character. The conduct of the fiscal-budgetary policy in relation to the economic state, becomes an increasingly important element, in the context of the increase in the frequency of shocks on the economy, in the adequacy and design of fiscal-budgetary strategies in the short and medium term, but also in the context of the European fiscal framework (discipline and fiscal consolidation), so as to ensure macroeconomic stability.