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Complete Fiscal Freedom in the Transition Period?

In: The Euro and International Financial Stability

Author

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  • Efthymios G. Tsionas

    (Athens University of Economics and Business)

Abstract

The question whether to allow complete fiscal freedom for national governments in the immediate period following the dissolution of the euro is not so much related to stability of the international financial system: Most Europeans governments will not do so. Electoral and other motives might, of course, make some of them resort of inflationary finance. The economic history of Greece in the 1980s shows us that inflationary finance has a limit and, after that, governments rely on borrowing. In the transition period or after, that will not be possible since it is already anticipated by the international markets.

Suggested Citation

  • Efthymios G. Tsionas, 2014. "Complete Fiscal Freedom in the Transition Period?," Financial and Monetary Policy Studies, in: The Euro and International Financial Stability, edition 127, chapter 0, pages 45-49, Springer.
    • Handle: RePEc:spr:fimchp:978-3-319-01171-4_9
    DOI: 10.1007/978-3-319-01171-4_9
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