From September 12 to 13, the delegation of the RA Ministry of Finance led by First Deputy Minister Karen Brutyan takes part in the Moscow Financial Forum, which discusses the effectiveness of fiscal rules and their development opportunities in the EAEU member states.
In recent years, ensuring the sustainability of the budgetary policy has been at the centre of attention of EAEU member-states. One of the main tools to address this issue is the fiscal rules. The development of integration and increased interconnectedness of economies in the Eurasian space makes it important to exchange experience in the use of fiscal rules by EAEU member-states in the context of the development of modern economic policy. In addition to the existence of national budgetary rules, the Eurasian Economic Union Treaty establishes unified limits on public debt and budget deficits for member states, which can now be considered as supranational budgetary rules.
In the course of the Forum, the effectiveness of the modern systems of budgetary rules of the EAEU member-states, the directions of cooperation development among the EAEU member-states in pursuing a coordinated macroeconomic policy, taking into account the existing differences between the economies, and defining common standards for fiscal sustainability are discussed.
Eduard Hakobyan, Head of RA MF Macroeconomic Department, presenting the process of modernization of fiscal rules in Armenia and the experience of reforms in that direction, noted that fiscal rules are not just restrictions, but flexible guidelines for effective fiscal policy. He emphasized that countries have different values and cultures of macroeconomic policy implementation and that it is necessary to bring these values closer together in the medium and long term.