institucionalne promene kao determinanta privrednog razvoja srbije

344 Institucioanlne promene kao determinanta privrednog razvoja Srbije
of fiscal outcomes to economic shocks, the current crisis has led to some rethinking of how
basic elements or tools of fiscal framework (rules, fiscal councils, medium term budgetary
framework and budgetary procedures) should be designed or improved. The paper
assesses the strength of these tools and suggests necessary improvements in order to
contribute to decreasing fiscal deficits and public debts. It also presents some comparisons
of preliminary results in developing and implementing consolidation plans in SEE
countries. It is concluded that while all these commitment tools and technologies can
underpin fiscal consolidation, in the absence of sustain political will, they are unlikely to be
sufficient on their own.
Keywords: fiscal consolidation, credibility, rules, institutions, SEE countries