Comparative analysis of debt sustainability of EU countries and EU candidates: the Promethee-Gaia approach

Abstract

The aim of this research is to explore, on a well-founded theoretical basis, debt sustainability, through a panel of 34 countries divided into three groups according to the economic integration level, as well as to explore whether EU candidate countries have poorer fiscal indicators than EU members. By providing a comprehensive picture of public and external debt, the research subject is a comparative analysis showing the ranking of countries in the three observed groups: EU candidate countries, the European Monetary Union candidate countries, and the European Monetary Union member countries. Using the PROMETHEE methodology, research results will show that countries that are not members of the monetary union have better sustainability performance compared to the countries that are members of the monetary union.