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wishes to identify optimal ways for fiscal consolidation in eastern EU member
states. Dedicated efforts to have balanced budgets seem to be the rule rather
than the exception across the enlarged European Union. Fiscal stability, more
than any other factors, provide favourable macro-environments to increase the
competitiveness of the member states and of the single market. These efforts,
of course, are being constantly pressed - true, with varying degree - by the
Stability and Growth Pact (SGP) that obliges member states to have stable
macro-economic environments with deficit caps, or preferably, with balanced
budgets. It is argued that optimal ways for budget consolidation must be
centred around deep structural reforms of national budgets that are prerequisites
for efficient public finance mechanisms.