Fiscal consolidation as a reaction to the global financial and economic crisis: the peculiarities of rules and norms application in the EU and Latin America

Abstract

The article covers the problems of peculiarities of implementing the fiscal policy in regard to a new institutional mechanism – fiscal rules and regulations that can prevent the debt crisis and strengthen the fiscal discipline. The experience of Great Britain, the Netherlands, Germany, Italy and Latin America countries in the realization of fiscal policy based on fiscal rules and regulations has been analyzed (for example, golden rule, «chilly rule» of budget balance). The relevance of implementing fiscal policy in a crisis economy through «institutional arrangement» of fiscal rules into legal procedures of debt and fiscal strategy has been grounded.