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Fiscal Governance Frameworks Of The Usa And The Eu Or When Does Decentralised Fiscal Discipline Work?

Author

Listed:
  • Aleksandrina Aleksandrova

    (D. A. Tsenov Academy of Economics Svishtov, Bulgaria)

Abstract

The EU fiscal governance is a set of generally applicable supra-national rules and decisions on Community's fiscal policy taken by sovereign Member States within the coherent EU legal framework. In the US, the fiscal activity is carried out within a three-tier hierarchical structure at the following levels: federal (central), state (50 "sovereign" states, including the federal territory of the District of Columbia), and local (consisting of over 90,000 local administrative units). This study aims to analyse the differences and similarities in the institutional frameworks governing fiscal policy in the United States and the European Union. The authors’ paper presents a factual comparison between the EU and US fiscal frameworks, outlining the specific features and characteristics of the two institutionally distinct economic integration alliances. This paper also lifts the curtains on the issues of the fiscal centralization or the decentralized fiscal discipline, widely ignored within the EU.

Suggested Citation

  • Aleksandrina Aleksandrova, 2020. "Fiscal Governance Frameworks Of The Usa And The Eu Or When Does Decentralised Fiscal Discipline Work?," Economic Science, education and the real economy: Development and interactions in the digital age, Publishing house Science and Economics Varna, issue 1, pages 202-213.
    • Handle: RePEc:vrn:cfdide:y:2020:i:1:p:202-213
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    More about this item

    Keywords

    fiscal policy; European Union; USA; fiscal framework;
    All these keywords.

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations

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