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What Kind of Fiscal Union ?

Author

Listed:
  • André Sapir
  • Benedicta Marzinotto
  • Guntram Wolff

Abstract

This policy brief argues that the euro area's shortcomings have become abundantly clear. It was set up without powers of strict surveillance over macroeconomic imbalances, crisis management and resolution instruments, or adequate banking supervision and resolution tools. The authors assert that the core reason for these failures is the absence of a fiscal union with corresponding authority over fiscal, structural and banking policies.
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Suggested Citation

  • André Sapir & Benedicta Marzinotto & Guntram Wolff, 2011. "What Kind of Fiscal Union ?," ULB Institutional Repository 2013/174293, ULB -- Universite Libre de Bruxelles.
    • Handle: RePEc:ulb:ulbeco:2013/174293
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    Cited by:

    1. Chiara Angeloni & Guntram B. Wolff, 2012. "Are banks affected by their holdings of government debt?," Working Papers 717, Bruegel.
    2. Maria Demertzis & Guntram B. Wolff, 2020. "What are the prerequisites for a euro area fiscal capacity?," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 23(3), pages 342-358, July.
    3. Jörg Bibow, 2013. "Lost at Sea: The Euro Needs a Euro Treasury," IMK Studies 35-2013, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    4. Jorg Bibow, 2015. "The Euro's Savior? Assessing the ECB's Crisis Management Performance and Potential for Crisis Resolution," Economics Working Paper Archive wp_845, Levy Economics Institute.
    5. Ivan Ilkov, 2014. "Fiscal problems in the Eurozone," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 81-104.
    6. Guiso, Luigi & Herrera, Helios & Morelli, Massimo, 2016. "Cultural Differences and Institutional Integration," Journal of International Economics, Elsevier, vol. 99(S1), pages 97-113.
    7. Merler, S. & Pisani-Ferry, J., 2012. "Hazardous tango: sovereign-bank interdependence and financial stability in the euro area," Financial Stability Review, Banque de France, issue 16, pages 201-210, April.
    8. Meixing Dai & Samuel Sarfati, 2012. "L’Union bancaire européenne permet-elle de sauver l’euro ?," Bulletin de l'Observatoire des politiques économiques en Europe, Observatoire des Politiques Économiques en Europe (OPEE), vol. 27(1), pages 9-18, December.
    9. Fritz Breuss, 2013. "Towards a New EMU," WIFO Working Papers 447, WIFO.
    10. Torój, Andrzej & Bednarek, Elżbieta & Bęza-Bojanowska, Joanna & Osińska, Joanna & Waćko, Katarzyna & Witkowski, Dariusz, 2012. "EMU: the (post-)crisis perspective. Literature survey and implications for the euro-candidates," MF Working Papers 12, Ministry of Finance in Poland, revised 06 Mar 2012.
    11. Christian Keuschnigg, 2012. "Should Europe Become a Fiscal Union?," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 13(01), pages 35-43, April.
    12. Philip R. Lane, 2012. "The European Sovereign Debt Crisis," Journal of Economic Perspectives, American Economic Association, vol. 26(3), pages 49-68, Summer.
    13. Alina Georgeta AILINCA, 2020. "Fiscal Integration Or Disassegration In The European Union In The Covid-19 Context?," Contemporary Economy Journal, Constantin Brancoveanu University, vol. 5(4), pages 24-31.
    14. Guiso, Luigi & Morelli, Massimo & Herrera, Helios, 2013. "A Cultural Clash View of the EU Crisis," CEPR Discussion Papers 9679, C.E.P.R. Discussion Papers.
    15. Schoenmaker, Dirk & Gros, Daniel, 2012. "A European Deposit Insurance and Resolution Fund - An Update," CEPS Papers 7276, Centre for European Policy Studies.
    16. Schoenmaker, Dirk & Gros, Daniel, 2012. "A European Deposit Insurance and Resolution Fund," CEPS Papers 6918, Centre for European Policy Studies.
    17. C. Randall HENNING & Martin KESSLER, 2012. "Fiscal Federalism: US History for Architects of Europe’s Fiscal Union," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 6, pages 1-31.
    18. Jean Pisani-Ferry, 2012. "The Euro crisis and the new impossible trinity," Policy Contributions 674, Bruegel.
    19. Keuschnigg, Christian, 2012. "Welche Finanz- und Wirtschaftspolitik braucht Europa?," Economics Working Paper Series 1201, University of St. Gallen, School of Economics and Political Science.
    20. Schoenmaker, Dirk & Gros, Daniel, 2012. "A European Deposit Insurance and Resolution Fund - An Update," CEPS Papers 7684, Centre for European Policy Studies.
    21. Sabaté, Marcela & Fillat, Carmen & Escario, Regina, 2019. "Budget deficits and money creation: Exploring their relation before Bretton Woods," Explorations in Economic History, Elsevier, vol. 72(C), pages 38-56.
    22. Schilirò, Daniele, 2012. "The crisis of euro’s governance: institutional aspects and policy issues," MPRA Paper 40861, University Library of Munich, Germany.

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