Fiscal reforms in ECA countries face challenges post-global financial crisis.
The article discusses how countries in Eastern and Central Europe and Central Asia made fiscal reforms over the past two decades, focusing on Poland, Russia, and Turkey. These countries introduced budget rules to improve transparency and responsible spending. Initially, they improved their fiscal institutions and outcomes, but faced challenges during the global financial crisis. Some reforms were too rigid for economic downturns, leading to short-term measures to control deficits and support the economy. The crisis highlighted the need for further reforms to ensure long-term stability.