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European Fiscal Union: What Is It? Does It Work? And Are There Really 'No Alternatives'?

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Author Info

  • Fuest, Clemens

    ()
    (University of Oxford)

  • Peichl, Andreas

    ()
    (IZA)

Abstract

The view is widespread that there are just two options for the future of the Eurozone – either it is complemented by a fiscal union, or it will fall apart. In this paper, we discuss five possible elements of a fiscal union, of which three are in the centre of the current debate on fiscal union in the Eurozone. Second, we argue that the fiscal union will only work if political integration in Europe goes significantly beyond the current state of affairs. Third, we suggest an alternative approach, which places less emphasis on centralised fiscal policy coordination and focuses on financial sector reform, decentralised responsibility for government debt and sovereign debt restructurings in the case of fiscal crises.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Policy Papers with number 39.

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Length: 12 pages
Date of creation: Mar 2012
Date of revision:
Publication status: published in: CESifo Forum, 2012, 13 (1), 3-9
Handle: RePEc:iza:izapps:pp39

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Keywords: ESM; Euro; EMU; EU; Fiscal Union;

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References

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  1. Michael D. Bordo & Agnieszka Markiewicz & Lars Jonung, 2011. "A Fiscal Union for the Euro: Some Lessons from History," NBER Working Papers 17380, National Bureau of Economic Research, Inc.
  2. Neumann, Dirk & Bargain, Olivier & Dolls, Mathias & Fuest, Clemens & Peichl, Andreas, 2012. "Fiscal Union in Europe? Efficiency, Equity and Stabilizing Effects of an EU-Wide Income Tax," Annual Conference 2012 (Goettingen): New Approaches and Challenges for the Labor Market of the 21st Century 66063, Verein für Socialpolitik / German Economic Association.
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Cited by:
  1. Winkler, Adalbert, 2013. "Der lender of last resort vor Gericht," Frankfurt School - Working Paper Series 206, Frankfurt School of Finance and Management.
  2. Neumann, Dirk & Bargain, Olivier & Dolls, Mathias & Fuest, Clemens & Peichl, Andreas, 2012. "Fiscal Union in Europe? Efficiency, Equity and Stabilizing Effects of an EU-Wide Income Tax," Annual Conference 2012 (Goettingen): New Approaches and Challenges for the Labor Market of the 21st Century 66063, Verein für Socialpolitik / German Economic Association.
  3. Olivier Bargain & Mathias Dolls & Clemens Fuest & Dirk Neumann & Andreas Peichl & Nico Pestel & Sebastian Siegloch, 2013. "Fiscal union in Europe? Redistributive and stabilizing effects of a European tax-benefit system and fiscal equalization mechanism," Economic Policy, CEPR & CES & MSH, vol. 28(75), pages 375-422, 07.
  4. Bargain, Olivier & Dolls, Mathias & Fuest, Clemens & Neumann, Dirk & Peichl, Andreas & Pestel, Nico & Siegloch, Sebastian, 2012. "Fiscal Union in Europe? Redistributive and Stabilising Effects of an EU Tax-Benefit System," IZA Discussion Papers 6585, Institute for the Study of Labor (IZA).

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