The financial crisis and the public finances deficit in Poland and the European Union member countries

As a result of the current economic crisis, the indicators of the deficit and public debt in most European Union countries have exacerbated significantly. In fact, in the years 2007 – 2010 none of the 27 EU countries registered a credit balance. In 2011, a budget surplus was reported by three states only. At the same time, many countries, especially of the Euro-zone, began to struggle with the deficit at approximately, or exceeding, 10% of GDP. The indicators of public debt are similarly alarming for the EU countries, especially the so-called PIIGS, i.e. Portugal, Ireland, Italy, Greece, and Spain. In 2011, these indicators have deteriorated significantly in comparison to the previous years. The aim of this article is to present and analyse basic economic indicators of EU Member States.