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A European Fiscal Structure for Equitable and Sustainable Development

Author

Listed:
  • Alberto Majocchi

    (Professor Emeritus of Public Finance at the University of Pavia)

Abstract

Europe faces a multiplicity of problems, which require an increasing use of resources. But the size of the European budget is totally inadequate to deal with these, and also to counter the devastating effects of the health emergency. The financing of the economic recovery can only be ensured, by not only the interventions of the ECB, but also by issuing bonds, which must be guaranteed by the European budget, and not by individual Member States. In consequence, there is an urgent need to identify new sources of revenue that can support increased spending by the Union. As well as being the most efficient instrument for combating global warming, setting a carbon price is also the most appropriate fiscal instrument for providing new resources to the budget and launching, through the use of the carbon dividend, a tax reform that shifts the burden of taxation away from labour to the consumption of natural resources, and represents a first step towards promoting the Union's fiscal autonomy.

Suggested Citation

  • Alberto Majocchi, 2020. "A European Fiscal Structure for Equitable and Sustainable Development," Research Papers 272, Fondazione Centro Studi sul Federalismo.
    • Handle: RePEc:azz:rpaper:272
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    More about this item

    Keywords

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    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • N70 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - General, International, or Comparative
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development

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