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Kamelia Assenova
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5. Conclusions
The main goal of economic policy in Central and Eastern Europe - higher economic growth - aiming to reach the
average value of GDP per capita in EU – requires to be found all instruments to influence on the aggregate sup-
ply. This purpose could be realized with monetary and fiscal instruments. The current research investigates only
the impact of fiscal policy to be stimulated the economic growth and observes public spending, financed with the
funds of EU, as instruments to influence on the aggregate demand and after it – on the aggregate supply.
The thesis is testing with the regression model, created especially for this research. Statistically the coefficients of
determination of dependent variable – GDP and independent variables – public spending are more significant
by EF paid compared with national funds. The coefficients of correlation are significant in two cases - paid with
national and European funds, giving the possibility to take the conclusions after the testing about the impact of
public spending on the aggregate supply and using as an instrument to realize the economic growth.
The economic analyses notes strong influence of public spending with national and European funds on the aggre-
gate supply (except such for maintenance), more determining for GDP growth are paid with EF. For the picks
of public spending with national funds (first quarter 2008 and first quarter 2009 in a case of Bulgaria) is not cal-
culated more strong impact on GDP though the financial multiplier and it notes the problem with effectiveness
of public spending in Central and Eastern Europe. In conclusions, the high correlation coefficients between paid
European funds and GDP mean the stimulating of the economic activities in Central and Eastern Europe and the
increasing of the aggregate demand depends on the absorption of European funds.
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