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Governance of the Euro Area: Fiscal Union, Debt Union, Fiscal Freedom


  • Jürgen Hagen



Over the past three years, as the euro area has struggled with high levels of sovereign debt, it has been gradually developing into a debt union. However, this is not a sustainable arrangement. This article proposes two alternatives to a debt union — a fiscal union and a monetary union with fiscal freedom — and evaluates the pros and cons of each approach. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2014

Suggested Citation

  • Jürgen Hagen, 2014. "Governance of the Euro Area: Fiscal Union, Debt Union, Fiscal Freedom," Wirtschaftsdienst, Springer;German National Library of Economics, vol. 94(1), pages 23-27, February.
  • Handle: RePEc:spr:wirtsc:v:94:y:2014:i:1:p:23-27
    DOI: 10.1007/s10273-014-1646-1

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    Cited by:

    1. repec:ris:ecoint:0830 is not listed on IDEAS
    2. Anna Iara, 2016. "Revenue for EMU: A Contribution to the Debate on Fiscal Union," CESifo Economic Studies, CESifo, vol. 62(2), pages 301-331.

    More about this item


    G18; G28;

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation


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