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Fiscal federalism in crisis: lessons for Europe from the US

  • Zsolt Darvas

Drawing comparisons between the fiscal architecture and situation in the US and the European Union, Bruegel Research Fellow Zsolt Darvas answers three questions in this Policy Contribution- Why has the euro been hit so hard? How would a more federal European fiscal union closer to the US model have helped? How do the euro areaÂ?s fiscal architecture reform plans stand up in light of the US example? He concludes that a higher level of fiscal federation is not inevitable for the viability of the euro area, but current European fiscal reform proposals carry political risk and their implementation could be deficient or lack credibility. Introduction of a Eurobond covering up to 60 percent of member statesÂ? GDP would be a much more preferable solution.

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File URL: http://www.bruegel.org/download/parent/420-fiscal-federalism-in-crisis-lessons-for-europe-from-the-us/file/901-fiscal-federalism-in-crisis-lessons-for-europe-from-the-us-english/
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Paper provided by Bruegel in its series Policy Contributions with number 420.

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Date of creation: Jul 2010
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Handle: RePEc:bre:polcon:420
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  1. Jakob von Weizsäcker & Jacques Delpla, 2010. "The Blue Bond Proposal," Policy Briefs 403, Bruegel.
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