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English to Serbo-Croat translations [PRO] Finance (general) / taxes
English term or phrase:twin deficit
As a new member, Romania will be joining several neighbours which have accumulated high budget deficits due to accession costs. But the situation in the Czech Republic, Hungary and Poland differs significantly from that of Romania. In those countries, budget revenues are larger by a few GDP percentage points, making it easier to enact painful adjustments on the expenditure side of the budget in case these cuts are needed. Moreover, in these countries the "twin deficits" logic is operative, with external deficits co-existing with considerable budget deficits -- thus, a major decrease of the budget deficit would likely lead to an appropriate fall of the current account deficit, were a balance of payments adjustment badly needed.