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Eurozone: Auf der Suche nach einer tragfähigen Fiscal Governance

  • Andreas Bley
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    To ensure long-lasting stability of the euro the common currency needs functional fiscal governance. The stability of the euro exhibits the properties of a common pool resource with respect to the states of the euro area. Therefore, design principles of robust polycentric governance systems can be applied to the reform of the euro regulations. Of particularly importance are the principles of a targeted monitoring of the contributions to the preservation of the resource, the principle of graduated sanctions, and proportionality between the distribution of benefits and costs related to appropriation of the resource and contribution to its provision. Although the reform of euro area fiscal governance is far from being completed it seems that some of the reform proposals contribute to strengthening the efficacy of the framework. Der Euro benötigt eine funktionsfähige Fiscal Governance, damit die dauerhafte Stabilität der Währung gesichert werden kann. Ein Ansatz zur Bewertung des Euro-Regelwerks kann aus dem Umstand abgeleitet werden, dass die Stabilität des Euro ein Allmendegut darstellt. In der Feldforschung ermittelte Designprinzipien funktionsfähiger polizentristischer Governance-Strukturen lassen sich daher auf die Euro-Regeln übertragen. Von besonderer Relevanz für die aktuelle Reform der Regeln sind das Prinzip einer zielgerichteten Überwachung der Beiträge zur Aufrechterhaltung der Ressource Währungsstabilität, das Prinzip abgestufter Sanktionen und die Proportionalität von Nutzen aus der Ressource und geleisteten Beiträgen zu ihrer Erhaltung. Gemessen an den Design-Prinzipien leisten einige der in Umsetzung begriffenen Maßnahmen einen Beitrag zur Stärkung des Regelwerks. Eine zusammenfassende Bewertung der wirtschaftspolitischen Reformmaßnahmen ist angesichts des nur in Teilen abgeschlossenen Prozesses noch nicht möglich.

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    Article provided by DIW Berlin, German Institute for Economic Research in its journal Vierteljahrshefte zur Wirtschaftsforschung.

    Volume (Year): 79 (2010)
    Issue (Month): 4 ()
    Pages: 119-133

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    Handle: RePEc:diw:diwvjh:79-4-9
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