Recent celebration of ten years of the Vienna Initiative was another reason for the deeper financial integration of the emerging European countries. Vienna Initiative is a framework for safeguarding the financial stability of emerging Europe.
The rate of global economic growth is around 4 per cent per year, as a result of which the situation on the labor markets is improving and the profits of enterprises are increasing. The tax revenues are also increasing, often faster than GDP.
The hidden public debt is important for the sustainability of public finances, both in Poland and in the world. The latest financial crisis and expanding a scope of state responsibilities have contributed to the global increase in this type of debt.
Most countries of Western Europe used various types of austerity programs aimed at reducing the budget deficit in order to get out of economic trouble. Professor Alberto Alesina, an economist from Harvard University, examined which of these measures worked best.