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BUDGET DEFICIT AND PUBLIC DEBT: GOVERNMENT FINANCE STATISTICS SYNECDOCHE
Abstract
Metonymy of public finances stability, framing the European Union (EU) member states budget deficit and public debt into the limits set by the Maastricht Treaty, is closely supervised by the European Commission in the excessive deficit procedure (EDP notification). To prevent the risk of exceeding the annual targets that could means substantial penalties for Government and even exclusion from EU, at national level is compulsory the medium term fiscal and budgetary strategy. An efficient way of monitoring compliance of programme objectives that is actually laid down by law, it is represented by the implementation of automatic mechanisms for reporting granular information of budgetary indicators. In this perspective, policymakers could react on time taking into account the up-to-date reports and also the specificities of the fiscal framework, the position in the economic cycle and not finally the European regulations in the field, Government Finance Statistics (GFS) manuals, the public sector accounting standards and the national accounts rules, which are in process of update and alignment with the new statistical needs in the context of nowadays economic realities. What are the assumptions for Romania? Which is the contribution of each subsector of public administration into the final results of deficit and debt? National approach of GFS has to converge to the new standards issued by Eurostat. Estimated figures bring differences for final data and this fact shows that it is required the real-time transposition of Government sector components into the statistical format harmonized at European level, which involves financial resources, qualified personnel, time and political decisions. GFS is much more than budget deficit and public debt, it provides data on revenues, expenditures and transactions on assets and liabilities for the central, local and social security subsectors of Government, it means flows, stocks and relationships between institutional units, it shows the net wealth of the public finance and could be named radiography of fiscal policy implementation. Budget deficit and public debt is a resultant of the GFS.
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