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  FISCAL CONSOLIDATION: EUROPEAN EXPERIENCE AND THE NEED TO IMPLEMENT IT IN UKRAINE

  The article focuses on the need to implement fiscal consoli�dation in countries with high levels of public borrowing. It was found out that the level of public debt of the leading countries around the world far exceeds its allowable rate, which is 60% of GDP. It was found out that fiscal consolidation is a state policy, which aims to balance ... The article focuses on the need to implement fiscal consoli�dation in countries with high levels of public borrowing. It was found out that the level of public debt of the leading countries around the world far exceeds its allowable rate, which is 60% of GDP. It was found out that fiscal consolidation is a state policy, which aims to balance public finances at the expense of reducing the budget deficit and accumulated debt. Theoretical models of the impact of fiscal consolidation on aggregate demand and aggregate supply are also studied. The major hazards to the implementation of the policy of fiscal consolidation in highly developed and developing countries are outlined. Attention is drawn to the need to im-plement fiscal consolidation in Ukraine, because the level of public debt in 2015 constituted 79.4% of GDP, significantly exceeding the limits of the al-lowable level. Identified are the main problems related to the functioning of public finance sector in Ukraine. Suggested are ways to stabilize public fi-nances in Ukraine.

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  ECONOMIC WELFARE THROUGH KNOWLEDGE SHARING

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  FISCAL DECENTRALISATION IN THE REPUBLIC OF BULGARIA � FINANCIAL EFFECTS AND REGIONAL ASPECTS

  Fiscal decentralization, which aims to enhance local au�to�no�my in terms of transferring rights, obligations and duties from a gover�n�men�tal to a municipal level, needs to ensure the efficient exploitation of public resources and the provision of high-quality public services at the optimum cost. Changes in local govern�ment which have been ... Fiscal decentralization, which aims to enhance local au�to�no�my in terms of transferring rights, obligations and duties from a gover�n�men�tal to a municipal level, needs to ensure the efficient exploitation of public resources and the provision of high-quality public services at the optimum cost. Changes in local govern�ment which have been going on for two decades now raise the issue of the results which have been achieved in this respect so far. The objective of this paper is to study the degree of decentralization of the public sector in Bul-garia and to assess the financial independence, investment activity and effi-ciency of selected municipalities in Bulgaria.