Analýza vybraných oblastí fiškálnej politiky v kontexte vstupu do EMÚ na príklade ČR a SR

After the entry to the EMU the new accession countries give up one of the most relevant tool of an economic policy decision making - the monetary policy. By losing the monetary sovereignty the role of the fiscal policy in the area of the economic development stabilization of the Czech and Slovak economies becomes more important. While we respect the fact that the question of the monetary policy sovereignty in these countries at the present stage of economic integration is rather disputable (in situation when new EU member countries are strongly oriented toward the old EU member countries‘ markets and considering their high trade and financial openness, the exchange rate and the domestic interest rates are significantly affected by the exogenous determinants that are out of range of the domestic monetary authorities), at the same time we can‘t underestimate the stabilization role of the national monetary policies. The Stability and Growth Pact and the Maastricht convergence criteria are one of the key determinants that affect the medium-term character of the fiscal policy in the Czech Republic and the Slovak Republic. Public finance consolidation is then shaped by the explicitly defined parameters and corresponding fiscal policy objectives should aim the sound public finance development. The past public finance development marks up certain weaknesses in the fiscal policy and the fiscal development. We consider that the identification and the successful solution findings to the key problems may support the overall efficiency of the fiscal policy. It may also strengthen the stabilization role of the fiscal policy. The paper concentrates to the analysis of the selected determinants of the fiscal policy in the Czech Republic and the Slovak Republic with emphasis on the height and the structure of the government expenditures. In order to fill this objective we identify the main trends in the area of the public finance development in both economies.