On national and supranational fiscal rules and their adaptation to economic and geopolitical shocks

Abstract

Subject. This article discusses the issues related to national and supranational budgetary rules as a key element of fiscal policy, and their adaptation to economic and geopolitical shocks. Objectives. The article aims to analyze the content of national and supranational budgetary rules in order to identify their features and areas of their adaptation to economic and geopolitical shocks. Methods. For the study, I used analysis, synthesis, comparison, and statistical methods. Results. The study shows that budgetary rules get periodically modified in the conditions of cyclical economy, fluctuations in prices for non-renewable energy resources (oil, gas), as well as in the emergence of fundamentally new development challenges. Conclusions. The geopolitical crisis of 2022 is a historical example of the successful adaptation of the Russian financial system to the unprecedented number and degree of impact on the country's economy of sanctions by the United States and its allies.