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Eurozone: Auf der Suche nach einer tragfähigen Fiscal Governance

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  • Andreas Bley

Abstract

To ensure long-lasting stability of the euro the common currency needs functional fiscal governance. The stability of the euro exhibits the properties of a common pool resource with respect to the states of the euro area. Therefore, design principles of robust polycentric governance systems can be applied to the reform of the euro regulations. Of particularly importance are the principles of a targeted monitoring of the contributions to the preservation of the resource, the principle of graduated sanctions, and proportionality between the distribution of benefits and costs related to appropriation of the resource and contribution to its provision. Although the reform of euro area fiscal governance is far from being completed it seems that some of the reform proposals contribute to strengthening the efficacy of the framework. Der Euro benötigt eine funktionsfähige Fiscal Governance, damit die dauerhafte Stabilität der Währung gesichert werden kann. Ein Ansatz zur Bewertung des Euro-Regelwerks kann aus dem Umstand abgeleitet werden, dass die Stabilität des Euro ein Allmendegut darstellt. In der Feldforschung ermittelte Designprinzipien funktionsfähiger polizentristischer Governance-Strukturen lassen sich daher auf die Euro-Regeln übertragen. Von besonderer Relevanz für die aktuelle Reform der Regeln sind das Prinzip einer zielgerichteten Überwachung der Beiträge zur Aufrechterhaltung der Ressource Währungsstabilität, das Prinzip abgestufter Sanktionen und die Proportionalität von Nutzen aus der Ressource und geleisteten Beiträgen zu ihrer Erhaltung. Gemessen an den Design-Prinzipien leisten einige der in Umsetzung begriffenen Maßnahmen einen Beitrag zur Stärkung des Regelwerks. Eine zusammenfassende Bewertung der wirtschaftspolitischen Reformmaßnahmen ist angesichts des nur in Teilen abgeschlossenen Prozesses noch nicht möglich.

Suggested Citation

  • Andreas Bley, 2010. "Eurozone: Auf der Suche nach einer tragfähigen Fiscal Governance," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 79(4), pages 119-133.
  • Handle: RePEc:diw:diwvjh:79-4-9
    DOI: 10.3790/vjh.79.4.119
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    References listed on IDEAS

    as
    1. Elinor Ostrom, 2010. "Beyond Markets and States: Polycentric Governance of Complex Economic Systems," American Economic Review, American Economic Association, vol. 100(3), pages 641-672, June.
    2. Hallerberg,Mark & Rainer Strauch,Rolf & von Hagen,Jürgen, 2010. "Fiscal Governance in Europe," Cambridge Books, Cambridge University Press, number 9780521138260, October.
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    More about this item

    Keywords

    Fiscal Governance; European Monetary Union; Common Pool Resource;
    All these keywords.

    JEL classification:

    • D2 - Microeconomics - - Production and Organizations
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment

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