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Fiscal Union - Options For The Implementation Of The Macroeconomic Stabilization Function In The Euro Area

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  • Sorin-Nicolae Curcă

Abstract

The discussions that emerged in the context of the debates on the future of the European Union brought to the attention the need to achieve the Fiscal Union and, in direct relation with it, the implementation of a stabilization function that would increase the Economic and Monetary Union's capacity to cope with macroeconomic shocks. This paper addresses this aspect from the perspective of options that have remarked over time regarding the introduction of this function such a fiscal capacity. In this context, it was intended to present the arguments for such a mechanism, the principles that should characterize its construction, as well as to analyze the main fiscal stabilization instruments.

Suggested Citation

  • Sorin-Nicolae Curcă, 2018. "Fiscal Union - Options For The Implementation Of The Macroeconomic Stabilization Function In The Euro Area," Euroinfo, Institute for World Economy, Romanian Academy, vol. 2(7-8), pages 51-58, July-Augu.
    • Handle: RePEc:iem:eurinf:v:2:y:2018:i:7-8:p:51-58
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    More about this item

    Keywords

    risk-sharing; macroecnomic stabilization; „rainy-day” fund; unemployment insurance; Economic and Monetary Union;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism
    • H87 - Public Economics - - Miscellaneous Issues - - - International Fiscal Issues; International Public Goods

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