재정건전성의 법적 함의와 규율

Abstract

Ensuring fiscal sustainability for future generations and responding to structural fiscal burdens such as low birth rates and aging population are crucial national capabilities to address economic crises. Fiscal soundness generally refers to a state where there are no problems with the government's ability to pay for services, and there are no obstacles to fiscal sustainability. This can be understood as maintaining a national debt-to-GDP ratio within a limit specified by fiscal rules, ensuring that the rate of increase in national debt is lower than the interest rate, and being able to adjust current debt to future fiscal balances. Fiscal soundness, in essence, may be viewed as maintaining the principle of balanced budgets, emphasizing fiscal equilibrium. However, commonly cited criteria for assessing fiscal soundness are national debt, fiscal balance, and expenditure levels, with the national debt-to-GDP ratio being a prominent indicator. In the 2000s, various factors threatening fiscal sustainability in the Korean economy, such as rapid aging, unprecedentedly low birth rates, global economic downturns, and intensifying trade disputes between the US and China, have been raised. In particular, the unprecedented impact of the COVID-19 pandemic has made it difficult to predict the future in fiscal and economic policy. Against the backdrop of high global economic uncertainty, the growth rate of the Korean economy is forecasted to decline to an average of 2.0% during the period of 2020-2024, a 0.8%p decrease compared to the previous five years, with economic growth in 2023 at 1.4%. The “Integrated Fiscal Balance” recorded a deficit of 72.2 trillion won in 2020, and the “Management Fiscal Balance” recorded a deficit of 112 trillion won, the highest deficit since statistics were compiled in 2001. In 2023, the “Management Fiscal Balance” recorded a deficit of 117 trillion won, the highest ever. Various indicators are warning of “red lights” across the country, sparking heated debates about fiscal soundness or the sustainability of fiscal policy. The upcoming 22nd National Assembly, soon to begin its session, faces significant challenges in overcoming economic difficulties and adapting flexibly to changes in the global economy to find new drivers of growth and seize opportunities for a new leap forward. This paper examines the meaning of fiscal soundness, what criteria should be considered, and explores the legal implications of the principle of balanced budgets(principe d’équilibre budgétaire) in French fiscal law. Furthermore, it reviews institutional challenges for ensuring fiscal sustainability, such as fiscal rules, budgetary legalism, and the Paygo Rule.