Public Finance Consolidation in Czech Republic and Poland – What after Crisis?

The economic and financial crisis was the catalyst for a fiscal crisis engulfs European Union's Members. Consolidating public finances in order to address the consequences of the crisis, underlying weaknesses and also future spending pressures creates important challenges. Fiscal consolidation requires choices to be made about how much consolidation is needed, how fast it should be implemented and which instruments should be used. In this article was showed the need of public finances’ consolidation, what was exacted by European Commission and its regulations. Setting an example – Czech Republic and Poland – author described the ways of reforms in public finance. While the process in both countries was different, the result is the one – both countries need deeper, wider and long – time reforms.