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Which Fiscal Soul For Europe?

Author

Listed:
  • Marco Lossani

    (Department of Economics and Finance, Universita` Cattolica del Sacro Cuore)

Abstract

While a fully fledged fiscal union exists in the US, no similar entity has been developed in the eurozone, clear proof of the incompleteness of the Economic and Monetary Union, which leads to a condition of fragility. Currently, the quest for a deep regime change in Europe in the realm of fiscal policy management seems to have disappeared from sight. Politicians are still debating whether the (possible) centralization of fiscal policy requires risk reduction rather than risk sharing as a pre-condition. The paper is an updated survey of the debate on the role of and the need for a fiscal union in the eurozone. The ultimate conclusion is that the European project is still in disarray, while populist forces are acquiring consensus in (almost) every country. The completion of the EMU’s deepening phase – particularly the orderly maintenance of the common currency – is at risk.

Suggested Citation

  • Marco Lossani, 2018. "Which Fiscal Soul For Europe?," Rivista Internazionale di Scienze Sociali, Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore, vol. 126(4), pages 351-366.
    • Handle: RePEc:vep:journl:y:2018:v:126:i:4:p:351-366
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    More about this item

    Keywords

    European Monetary Union; Fiscal policy; Risk reduction vs. risk sharing; Stability and growth pact; Fiscal compact;
    All these keywords.

    JEL classification:

    • I20 - Health, Education, and Welfare - - Education - - - General

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