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Avons-nous besoin d'une union budgétaire en Europe ?

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  • Hubert Kempf

Abstract

The current difficulties of the eurozone reopen the debate around its governance and the necessity of a fiscal union, that is, a set of collective rules of fiscal matters, in Europe. In this article, we make clear that the European Union is already a fiscal union. We establish a simple typology of fiscal unions and we emphasize a crucial dilemma between idiosyncratic shocks and opportunistic behaviour. We analyze the major effects of the current European monetary construction and we offer five fundamental principles upon which a sound fiscal union can be established in Europe, ensuring the viability of the European currency. Classification JEL : E61, F33, F42, H77.

Suggested Citation

  • Hubert Kempf, 2013. "Avons-nous besoin d'une union budgétaire en Europe ?," Revue économique, Presses de Sciences-Po, vol. 64(3), pages 379-403.
    • Handle: RePEc:cai:recosp:reco_643_0379
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    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism

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