Focus on the European crisis management - the 2013/2 issue of the Public Finance Quarterly has been published
The main question of the article written by Ms. Dóra Győrffy, associate professor of Pázmány Péter Catholic University, is whether the reforms of European economic governance will resolve the problems which led to the current financial crisis. The main conclusion of the author is that although economic arguments are very strong in favour of the creation of a fiscal union, a political economy perspective reveals that the success of such a union is strongly dependent on internal commitment to financial responsibility and external pressure cannot be a substitute for that. Mr. István Benczes and Mr. Gergely Rezessy from the Corvinus University of Budapest enumerated the main trends and fault lines of the governance in Europe, while PhD student Zsuzsa Piller published an article about the modes of matching insolvency proceedings in international comparison. Ms. Györgyi Nyikos, associate professor of the National University of Public Service, examined the impact of developments implemented from public finances, with special regard to EU Cohesion Policy.
In the current issue, two articles were published within the ‘Studies’ section. Ms. Tünde Barabás, PhD student at the Kaposvár University published an article entitled ‘On the Independence of Auditors, with Special Regard to the Financial Sector’, while three staff members of the State Audit Office of Hungary - auditor István Zoltán Dormán, auditor counsellor Gábor Görgényi and audit director Margit Horváth - evaluated the operation of the internal control system of central budgetary institutions.
In the dispute section Mr. Tamás Bánfi, Mr. Attila Bánfi and Mr. Zoltán Bánfi published an article entitled ‘Europe, Time to Wake Up!’ with the aim of launching a debate. In the article, they express their thoughts about the change of monetary policy instruments, the reduction of public debt and interest burdens, system of fiscal and monetary objectives, as well as the issue of the independence of the central bank.
In the international outlook section, the article entitled ‘The Role of the Pakistani Government in the Efficient Management of Public Funds’, written by Mr. Mobeen Ur Rehman, university lecturer of the COMSATS Institute of Information Technology (Islamabad) is published.