XII. Writing practice. Write a short summary of the text "Company Structure" Use the opening phrases from Appendix1

a) Supply the articles where necessary.

b) Write down 3-5 questions about the texts.

__ term is broad and its definition is likely to differ somewhat from country to

country. On the widest definition, it covers______ fiscal policy (budgetary policy, i. e. policy

on government revenues and expenditures), monetary policy, credit policy and management of government debt. The core of financial policy is fiscal policy. Some

economists believe that fiscal policy is synonymous with_____ state budgetary policy. There

exists, however, ____ wider definition that would cover the policy on the level and

composition of all central and local government revenues and expenditures.

Financial policy whose main goal is provision of financial resources for _________

implementation of____ state programmes of economic and social development is part of

__ complex of economic policies influencing______ level and pattern of economic activity

and income distribution.

II. Open the brackets putting the verbs in the correct form:

Transition economies recently (to make) impressive steps towards reducing fiscal imbalances. Cuts of cash expenditure (to bring) about a decline of fiscal deficits for the CEE countries as a whole to about 4 per cent of GDP in 1995 from 10 per cent in 1994 on average. This was mainly the result of large reductions in enterprise subsidies, military spending, and capital expenditures. Despite these spending cuts, however, outlays for social services (such as schools and hospitals) and social security (to remain) relatively stable, relative to GDE Over the same period, general government expenditures (to fall) on average to 30 per cent of GDP from 38 per cent. While the economies in transition (to make) solid progress over the past few years toward fiscal consolidation, macroeconomic stabilization (to require) additional reduction of inflation and successful implementation of:

• structural reforms, including reform of the tax system and the public expenditure system;

• improved revenue collection through elimination of loopholes (лазівка), tax evasion (ухилення від сплати податків) and exemptions, broadening of the tax base;

• greater political leadership (керівництво) of the reform process - especially by formulating long-term fiscal adjustment policies.