Europes New Fiscal Union

Author : Pierre Schlosser
Publisher : Springer
ISBN 13 : 3319986368
Total Pages : 252 pages
Book Rating : 4.64/5 ( download)

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Download or read book Europe's New Fiscal Union written by Pierre Schlosser and published by Springer. This book was released on 2018-09-21 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: The euro crisis made Europe’s stateless currency falter. This book retraces and interprets the ways in which the crisis impacted the unique institutional set-up of Europe’s Economic and Monetary Union (EMU). It argues that the crisis propelled the European continent towards the institutionalization of an unprecedented form of centralized authority: Europe’s New Fiscal Union. Diving into the central functions of fiscal surveillance, financial assistance, lending of last resort and banking resolution, the book reveals how a covert and convoluted mutualisation process occurred in the shadow of the euro crisis management. Based on 62 interviews conducted by the author with senior policy-makers in Brussels, Frankfurt, Helsinki and Rome, the book claims that Europe’s New Fiscal Union is largely unsettled and still unstable. It therefore engages with the challenges arising from the patchwork of newly adopted rules, instruments and bodies, suggesting crucial reform steps to make EMU sustainable.

Author : Mr.Carlo Cottarelli
Publisher : International Monetary Fund
ISBN 13 : 1138783226
Total Pages : 270 pages
Book Rating : 4.25/5 ( download)

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Download or read book Designing a European Fiscal Union written by Mr.Carlo Cottarelli and published by International Monetary Fund. This book was released on 2014-12-05 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does the European Union need closer fiscal integration, and in particular a stronger fiscal centre, to become more resilient to economic shocks? This book looks at the experience of 13 federal states to help inform the heated debate on this issue. It analyses in detail their practices in devolving responsibilities from the subnational to the central level, compares them to those of the European Union, and draws lessons for a possible future fiscal union in Europe. More specifically, this book tries to answer three sets of questions: What is the role of centralized fiscal policies in federations, and hence the size, features and functions of the central budget? What institutional arrangements are used to coordinate fiscal policy between the federal and subnational levels? What are the links between federal and subnational debt, and how have subnational financing crises been handled, when they occurred? These policy questions are critical in many federations, and central to the current discussions about future paths for the European Union. This book brings to the table new, practical insights through a systematic and comprehensive comparison of the EU fiscal framework with that of federal states. It also departs from the decentralization perspective that has been prominent in the literature by focusing on the role of the centre (which responsibilities are centralized at the federal level and how they are handled, rather than which functions belong to the local level). Such an approach is particularly relevant for the European Union, where a fiscal union would imply granting new powers to the centre.

Author : Carlo Cottarelli
Publisher : Routledge
ISBN 13 : 9781315768793
Total Pages : 261 pages
Book Rating : 4.98/5 ( download)

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Download or read book Designing a European Fiscal Union written by Carlo Cottarelli and published by Routledge. This book was released on 2014-11-13 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does the European Union need closer fiscal integration, and in particular a stronger fiscal centre, to become more resilient to economic shocks? This book looks at the experience of 13 federal states to help inform the heated debate on this issue. It analyses in detail their practices in devolving responsibilities from the subnational to the central level, compares them to those of the European Union, and draws lessons for a possible future fiscal union in Europe. More specifically, this book tries to answer three sets of questions: What is the role of centralized fiscal policies in federations, and hence the size, features and functions of the central budget? What institutional arrangements are used to coordinate fiscal policy between the federal and subnational levels? What are the links between federal and subnational debt, and how have subnational financing crises been handled, when they occurred? These policy questions are critical in many federations, and central to the current discussions about future paths for the European Union. This book brings to the table new, practical insights through a systematic and comprehensive comparison of the EU fiscal framework with that of federal states. It also departs from the decentralization perspective that has been prominent in the literature by focusing on the role of the centre (which responsibilities are centralized at the federal level and how they are handled, rather than which functions belong to the local level). Such an approach is particularly relevant for the European Union, where a fiscal union would imply granting new powers to the centre.

Author : Pierre Schlosser
Publisher :
ISBN 13 :
Total Pages : 245 pages
Book Rating : 4.51/5 ( download)

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Download or read book Resisting a European Fiscal Union written by Pierre Schlosser and published by . This book was released on 2016 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: The euro crisis has been an existential crisis for Europe and for its stateless currency. It substantially impacted the institutional evolution of Europe’s Economic and Monetary Union (EMU), making EMU’s rules-based logic tumble and triggering an institutional capacitybuilding. The euro crisis period should therefore be regarded as the most constitutionally relevant post-Maastricht European integration moment. This dissertation claims that the euro crisis management, because it involved the adoption of an array of significant fiscal rules, instruments, mechanisms and bodies, has resulted in the institutionalization of a distinctive fiscal authority in Europe. The convoluted process through which this authority has emerged was characterised by a tension between countervailing forces of centralization and fragmentation. This dissertation hence conceptualizes, documents and interprets the logic of a singular institutionalization process in which new fiscal powers became concomitantly centralized, fragmented and delegated to a series of ad hoc bodies operating in the shadow of newly empowered EMU executive institutions. The centrifugal delegation pattern at play is intriguing because it runs against the classic, pre-Maastricht delegation trend that entrusted the European Commission with newly centralized tasks. The new fiscal centre is instead fundamentally fragmented among three key actors: the Eurogroup, the European Central Bank and the Commission. Indeed, the dissertation has found that despite the emergence of a fiscal centre, the European Union still does not dispose of a formalized and settled fiscal power structure. The main puzzle uncovered by this examination is that while a fiscal authority has been institutionalized, no political EU actor has been able to formally embody and exclusively claim this authority. Going forward, formalizing such a political authority would require some form of constitutional settlement to clarify who is Europe’s fiscal primus inter pares.

Author : Céline Allard
Publisher : International Monetary Fund
ISBN 13 : 1484307372
Total Pages : 29 pages
Book Rating : 4.73/5 ( download)

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Download or read book Toward A Fiscal Union for the Euro Area written by Céline Allard and published by International Monetary Fund. This book was released on 2013-09-25 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is on a highly topical issue and addresses a key policy issue for Europe—namely, reinforcing EMU institutional architecture along with the Banking Union. Some proposals have emerged in Europe, and it will be important to put out staff views on this issue. In that context, publication as an SDN is appropriate, given the high profile nature and relevance of the topic—much like the Banking Union paper done a few months ago.

Author : Nazaré da Costa Cabral
Publisher : Routledge
ISBN 13 : 1000096548
Total Pages : 317 pages
Book Rating : 4.45/5 ( download)

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Download or read book The European Monetary Union After the Crisis written by Nazaré da Costa Cabral and published by Routledge. This book was released on 2020-06-09 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a much-needed detailed analysis of the evolution of Europe over the last decade, as well as a discussion about the path of reform that has been trodden in the aftermath of the financial crisis. It offers a multidisciplinary view of the E(M)U and captures the main factors that induced the reform of the monetary union – a process that has not been linear and is far from being concluded. The author examines the policy responses designed throughout the development of the crisis and assesses the scale of the crisis in Europe, in comparison to other parts of the world, as well as its prolonged effects both in economic and financial terms. An update on the current ‘state of the art’ in the conception of risk-sharing mechanisms is provided. With its innovative approach, the book analyses the financing issues which need to be taken into consideration in the design of these instruments and highlights the main categories of governmental risk-sharing mechanisms – in particular, the ones to be used as ‘fiscal capacity’. This is a timely and topical book and will be of interest to a broad audience, including experts, scholars and students of European affairs, particularly those with economic, financial, legal and political science backgrounds.

Author : Mr.Helge Berger
Publisher : International Monetary Fund
ISBN 13 : 1484344030
Total Pages : 63 pages
Book Rating : 4.33/5 ( download)

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Download or read book Revisiting the Economic Case for Fiscal Union in the Euro Area written by Mr.Helge Berger and published by International Monetary Fund. This book was released on 2018-02-20 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper makes an analytical contribution to the revived discussion about the euro area’s institutional setup. After significant progress during the euro crisis, the drive to complete Europe’s Economic and Monetary Union (EMU) had stalled, and the way forward will benefit from an in-depth look at the conceptual issues raised by the evolution and architecture of Europe, and the tradeoffs involved. A thorough look at the underlying economic issues suggests that in the long run, EMU will benefit from progressing along three mutually supporting tracks: introduce more fiscal risk sharing, helping to make the sovereign “no bailout” rule credible; complementary financial sector reforms to delink sovereigns and banks; and more effective rules to discourage moral hazard. This evolution would ensure that financial markets provide incentives for fiscal discipline. Introducing more fiscal union comes with myriad legal, technical, operational, and political problems, raising questions well beyond the remit of economics. But without decisive progress to foster fiscal risk sharing, EMU will continue to face existential risks.

Author : Luca Lionello
Publisher : Springer Nature
ISBN 13 : 3030280454
Total Pages : 243 pages
Book Rating : 4.51/5 ( download)

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Download or read book The Pursuit of Stability of the Euro Area as a Whole written by Luca Lionello and published by Springer Nature. This book was released on 2019-10-14 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the ongoing reform of the European economic union in the light of the new objective of ‘stability of the euro area as a whole’ in Article 136(3) TFEU. On the basis of the relevant legal sources, it qualifies this objective as the obligation to preserve the existence of the monetary union, the establishment of which was an EU goal laid down in Article 3(4) TEU. While to date the objective has been achieved through fiscal and macroeconomic consolidation in the member states and the activation of stabilisation mechanisms in cases of emergency, the book argues that full stability requires a better system of economic governance, either through a process of partial fiscal centralisation or the return to a more efficient and sustainable market discipline of public finances. It also analyses the concrete legal challenges these raise, including compliance with the conferral principle, the longstanding democratic deficit of the governance and the balance between financial solidarity and fiscal responsibility.

Author : Erik Jones
Publisher : Routledge
ISBN 13 : 1317203372
Total Pages : 178 pages
Book Rating : 4.77/5 ( download)

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Download or read book Governance of the European Monetary Union written by Erik Jones and published by Routledge. This book was released on 2018-02-05 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: The crisis in the euro area is a defining moment in the history of European integration. It has revealed major flaws in the architecture of the European Union; it has challenged European institutions to shape an appropriate response; and it has tested the patience of a European public that is eager to see their economic prospects improve again. This volume brings together some of the world’s top economists and policymakers to explain how this crisis came about and what is to be done. The policy agenda these chapters establish is going to be difficult to implement, not least because of popular misunderstanding and political opposition. This book argues, that it is essential that European policymakers push forward this agenda or they run the risk of seeing Europe’s economies fall back into crisis. This book was previously published as a special issue of the Journal of European Integration.

Author : Matthias Matthijs
Publisher : Oxford University Press
ISBN 13 : 0190266449
Total Pages : 368 pages
Book Rating : 4.48/5 ( download)

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Download or read book The Future of the Euro written by Matthias Matthijs and published by Oxford University Press. This book was released on 2015-04-02 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: In The Future of the Euro, a group of the world's top political economists analyze the fundamental causes of the euro crisis, determine how it can be fixed, and consider what likely futures lie ahead for the currency. The book makes three interrelated arguments emphasizing the primacy of political over economic factors. First, the original plan for the euro focused on monetary union, but omitted a financial and banking union, mutually supporting institutions of fiscal union and economic government, and a legitimate political union. Second, the euro's unfinished design led to economic divergence-quietly altering the existing distribution of economic and political power within Europe prior to the crisis-which in turn determined the EU's crisis response. The book highlights how the euro's four most important member states-Germany, France, Italy and Spain-each changed once they adopted the euro, why the crisis affected them so differently, and how each has since struggled to live with the commitments the euro necessitates. Third, the book examines three possible "euro futures" through the lens of the politics of its reluctant leader Germany; through the lens of the EU's capacity to move forward through crises; and through the geopolitical lens of the international monetary system. Any successful long-term solution to the euro's predicament will need to start with the political foundations of markets.