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The Fiscal Union as a Remedy For the Economic and Financial Crisis in the European Union

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  • Jolanta Galuszka

    ()
    (Cracow University of Economics, Poland)

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    Abstract

    Financial crisis and a global deep recession has led to new government interventions, and the nation's governors have struggled with the resulting budget deficits, unemployment, and other economic problems in their states. Many states are facing major fiscal problems in coming years. Rising debt and growing health and pension costs threaten tax increases down the road. At the same time, intense global economic competition makes it imperative that states improve their invest-ment climates. To that end, some governors are pursuing broad-based tax reforms, such as cutting income tax rates and spending restraint to get their states back on track. The purpose of the article is to identify the impact of globalization and the international environment on the process of tax harmonization in the EU from the perspective of proposal to establish a fiscal union. Moreover, I would like to answer whether a deeper fiscal harmonization will help to achieve the objectives of fiscal consolidation in the time of global tax competition and free movement of capital, goods, services and labour force. The article is divided into several small parts. These parts include the examples/small case studies, which would help stressing the pros and cons of fiscal union and its potential consequences also in the field of economic freedom. Methodology in the article is based on the descriptive analysis of statistical data, source materials and Polish and English literature.

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    Bibliographic Info

    Article provided by Uniwersytet Mikolaja Kopernika in its journal Equilibrium. Quarterly Journal of Economics and Economic Policy.

    Volume (Year): 8, Issue 1 (2013)
    Issue (Month): ()
    Pages: 49-67

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    Handle: RePEc:cpn:umkequ:2013:v1:3

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    Web page: http://www.wydawnictwoumk.pl

    Related research

    Keywords: tax competition; fiscal union; globalization of tax policy;

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    References

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    1. Jack M. Mintz & Andrey Tarasov, 2007. "Canada Is Missing Out On Global Capital Market Integration," e-briefs 48, C.D. Howe Institute.
    2. Michael Devereux & Simon Loretz, 2012. "What do we know about corporate tax competition?," Working Papers 1229, Oxford University Centre for Business Taxation.
    3. Gomes, Pedro & Pouget, Francois, 2008. "Corporate tax competition and the decline of public investment," Working Paper Series 0928, European Central Bank.
    4. Andreas Buehn & Friedrich Schneider, 2012. "Shadow economies around the world: novel insights, accepted knowledge, and new estimates," International Tax and Public Finance, Springer, vol. 19(1), pages 139-171, February.
    5. Signe Krogstrup, 2003. "A Synthesis of Recent Developments in the Theory of Capital Tax Competition," EPRU Working Paper Series 04-02, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
    6. Simeon Djankov & Tim Ganser & Caralee McLiesh & Rita Ramalho & Andrei Shleifer, 2008. "The Effect of Corporate Taxes on Investment and Entrepreneurship," NBER Working Papers 13756, National Bureau of Economic Research, Inc.
    7. Kirchgassner, Gebhard & Pommerehne, Werner W., 1996. "Tax harmonization and tax competition in the European Union: Lessons from Switzerland," Journal of Public Economics, Elsevier, vol. 60(3), pages 351-371, June.
    8. Neumann, Rebecca & Holman, Jill & Alm, James, 2009. "Globalization and tax policy," The North American Journal of Economics and Finance, Elsevier, vol. 20(2), pages 193-211, August.
    9. Grunberg, Isabelle, 1998. "Double jeopardy: Globalization, liberalization and the fiscal squeeze," World Development, Elsevier, vol. 26(4), pages 591-605, April.
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