Theoretical Considerations On The Effects Of The Financial Crisis On Budgetary Revenues In Romania

The global economy entered into the greatest economic crisis after the great recession, which affected both developed countries and emerging countries, demonstrating the degree of interdependence of world economies. The financial crisis has put in front of the Governments of a number of challenges, the most important of which are: a new approach to budgetary fiscal policies by Governments, a global coordinated response of the authorities in the affected countries, the need to improve recognition of public services and their reform, the need to do more with fewer resources. The crisis represents an opportunity to redefine the economy and to reform public finances. The recession is proving slow because the fiscal space for stimulating the economy is small. Budgetary correction involves painful measures, austere fiscal measures to be applied, however, because internal financial equilibrium and ensure the financing of the deficit by maintaining international agreements, legislative projects difficult, and treating the root causes of the structural deficit.