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, 2019 This book contributes to our deeper understanding of the fiscal architecture that emerged during and in the wake of euro area crisis. It provides an important example of how economic and monetary union may lay the foundation a better understanding of ‘differentiation’ in the European Union (EU).
P. Schlosser
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Designing a European Fiscal Union
2014Introduction and Overview Chapter 1. Distribution of Fiscal Responsibilities in Federations Chapter 2. The Role of Fiscal Transfers in Smoothing Regional Shock Chapter 3. Constraints on Sub-national Fiscal Policy Chapter 4. Budgeting, Accounting, and Reporting Chapter 5. Financing of Central and Sub-national Governments Chapter 6.
C. Cottarelli, Martine Guerguil
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Fiscal risk in a monetary union [PDF]
European Economic Review, 2012 Diverse fiscal policies, which are subject to fiscal limits and stochastic shocks, can threaten price stability in a monetary union. The fiscal limits arise due to distortionary taxation and political will. Stochastic shocks are random and could push a fiscally sound policy towards its limit.
Betty Daniel, Christos Shiamptanis
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FISCAL DISCIPLINE IN MONETARY UNIONS
International Economic Journal, 1992In this paper evidence pertaining to the fiscal discipline that monetary unions impose on their members is presented. This evidence suggests, first, that member states of many monetary unions and of fixed exchange rate regimes enjoy a remarkable degree of fiscal autonomy. Second, as a rule these member states have strong incentives to follow "orthodox"
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