Limits and Possibilities of Integration in the Field of Public Finance in the European Union after the Financial and Economic Crisis

Among the many existing integration groupings studied, the EU represents the most comprehensive space in terms of joint fiscal and financial policies, which provides stability, positive opportunities for integration and socio-economic similarities. The structure of the EU's public finances is reduced to its budget as the only instrument for implementing this policy at the Central supranational level of the European Union. It is worth noting that the main functions of public Finance are: distribution, redistribution and stabilization, and have been discussed in detail on the basis of the theory of fiscal federalism. Financial and monetary integration reinforce each other, with financial integration stimulating the monetary Union process and monetary Union enhancing the level of financial integration. Unsecured and secured segments of money markets have reached a high degree of integration. Not only is there a high level of integration in the Eurozone's monetary markets, but also the rate of convergence. However, the financial turmoil strongly affected the European money market. The global financial crisis has had a major impact on the EU's financial integration indicators. Within the EU, serious political initiatives have been taken to combat the crisis and mitigate its consequences. In recent years, the EU countries have experienced the effects of a number of crisis phenomena, which in the expert community gave rise to thoughts about the effectiveness of the financial system of the Union and even about its possible dissolution. One of the options for the development of the situation may be the preservation of the current principles in the EU budget policy. Another possible scenario is the formation of the EU budget, based on the paradigm of formation of the Confederation. Despite the alarming signs that appear from time to time, the European political and economic community is trying to avoid serious talk about the possible withdrawal of the EU member States.