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

  • Jolanta Galuszka

    ()

    (Cracow University of Economics, Poland)

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    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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    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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    1. Gomes, Pedro & Pouget, Francois, 2008. "Corporate tax competition and the decline of public investment," Working Paper Series 0928, European Central Bank.
    2. Rmalho, Rita & Ganser, Tim Christian & Shleifer, Andrei & McLiesh, Caralee & Djankov, Simeon, 2010. "The Effect of Corporate Taxes on Investment and Entrepreneurship," Scholarly Articles 8705900, Harvard University Department of Economics.
    3. Jack M. Mintz & Andrey Tarasov, 2007. "Canada Is Missing Out On Global Capital Market Integration," e-briefs 48, C.D. Howe Institute.
    4. Michael Devereux & Simon Loretz, 2012. "What do we know about corporate tax competition?," Working Papers 1229, Oxford University Centre for Business Taxation.
    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. 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.
    7. Grunberg, Isabelle, 1998. "Double jeopardy: Globalization, liberalization and the fiscal squeeze," World Development, Elsevier, vol. 26(4), pages 591-605, April.
    8. 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.
    9. 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.
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