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Dariusz Rosati: No additional expenditure is possible. For this reason, the budget for next year provides for 0. This is consistent with the new stabilizing expenditure rule. Savings from open pension funds will not be spent. I do not know the context in which Professor Chojna-Duch made this statement.
Does this mean that the main reason for the introduction of changes into open pension funds is the risk of public debt exceeding the level of 55 per cent GDP? The main reason for the introduction of this reform is the difficult situation of Polish public finances. In fact, we are approaching the 55 per cent level; if it is exceeded, we will need to drastically reduce spending. Fifteen years ago, we embarked on an ambitious and necessary pension system reform but, for various reasons, we have not ensured its financing.
The government came to the conclusion that given the current crisis, further burdening of this generation of Poles with the double cost of the pension reform is not sustainable for economic and social reasons. I do not agree, however, with the argument that the open pension fund system is flawed, as it generates excessive debt and its profitability is lower than the indexation on the subaccount in the Social Insurance Company.
Since the reform of the open pension fund is so important for public finances, what will happen if it is not adopted on time or challenged by the Constitutional Court? Will the budget for need amending? The President has three options: he can sign, veto, or sign and submit the act — in whole or in part — to the Constitutional Court. If the bill is referred to the Constitutional Court, I expect the final judgment to be issued no earlier than in mid If the Court finds that the bill is not consistent with the Constitution, the decision will probably be implemented in the next budget — that is, in The Constitutional Court would take into account the need to ensure the stability of public finances.
The European Commission wants Poland to come out of the excessive deficit procedure in It would reach the level of 2. Will Poland choose to follow this path? I suppose, too, that Poland will be reprimanded for not following the path of fiscal consolidation from the excessive deficit procedure.
If we continue to ignore these recommendations, Poland will face the suspension of payments from the EU funds. For this reason, the Polish government will strive to implement the recommendations. Next year, fiscal tightening is expected to reach the level of 1. This year, the adjustment was not possible due to the second wave of the crisis in the euro area and the necessity to amend the budget; next year, however, it will have to be introduced. Further fiscal consolidation and debt reduction are necessary.
It is out of the question to fritter away the money from open pension funds. O nas Kontakt. Despite changes to open pension funds, savings must continue The government will not spend any more, as it pursues fiscal consolidation within the excessive deficit procedure - says Dariusz Rosati, Chairman of the Public Finance Committee of the Sejm.
Macroeconomics Financial markets
Despite changes to open pension funds, savings must continue
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Finanse publiczne i polskie prawo finansowe : zarys wykładu
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Prawo finansowe Finanse publiczne
Polskie prawo finansowe : finanse publiczne