multi-year budgeting–towards the enhancement offiscal discipline

The identification of the reasons for the existing fiscal imbalance shows that it isnecessary tointroducethe institutionalsolutionsof the budgetary process.Thispaper aimsto verify the hypothesis that the application of multi-year budgeting isa factor which increases fiscal discipline and promotes efficiency andtransparency of public finance.Theresearchpresents a comparative analysis ofthe quality of macroeconomic forecasts for EU countries including parameterssuch as the real GDP growth rate, general government sector deficit to GDP ratio,public debt to GDP ratio. Information contained in the EU Stability andConvergence Programmes and in the International Budget Practices andProcedures Database published by the OECD constituted the source of data for theresearch.