SYSTEM CHANGES OF THE ECONOMIC GOVERNANCE: ECONOMIC AND DEBT CRISIS IN EUROPE AND THE FISCAL PACT AS THE MAIN ATTRIBUTE OF ECONOMIC INTEGRATION IN THE CURRENT EU

This article deals with the current issues of the European economic integration development and analysis of reforms in economic governance in the context of the debt crisis of the Euro area member states. Sub-themes of the text are the effects of the debt crisis on the European economy and on the member states of the European Union. Specifically, we will also consider the influence of the debt crisis on economic growth, the real and nominal convergence of member countries and, subsequently, perspectives of functioning of the single currency. The first part is devoted to the statistics of real and nominal economic variables in the EU and developments in recent years, with the emphasis on the global economic crisis and subsequent debt crisis in the euro area. In the second part, we deal with analysis of selected reform of the Stability and Growth Pact as an instrument of coordination of economic policy of the euro area's member states, namely budgetary surveillance contained in the so-called Six-Pack, Two-pack and the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (Fiscal Pact). Each new component of economic governance and its tools are a key factor not only for economic prosperity and development of the EU, but also for preserving and strengthening the EU's position in the world economy.