THE MODERNIZATION OF THE BUDGET PROCESS OF ROMANIA: GAPS AND THE NEED OF THE EFFICIENT MANAGEMENT OF THE BUDGET

Romania’s budgetary policy has as one of its objectives to maintain a particular level of aggregate demand in the economy through public expenditures and tax rates. The increase of the Romanian government debt in the latest period was driven mainly by engaging the debt to finance the budget deficit, refinancing of the public debt, enhancing the financial reserve in currency etc. For an economy that seeks to be in a permanent rise, it becomes appropriate a well-founded budget policy that will take into account the concrete circumstances of the economic and social life, needs of the present and the imperatives of the future. It may prove beneficial to progress, but if they are not mattered or disregarded it can brake the growth, can lead to social tensions and involution.