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What are the prerequisites for a euro-area fiscal capacity?

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  • Maria Demertzis
  • Guntram B. Wolff

Abstract

Executive Summary This is the background paper for the presentation given at the informal ECOFIN in Bratislava on 9 September 2016. A shortened version of this paper was circulated to the Ministers, click here to download it. A monetary union without fiscal union is generally considered to be incomplete. We consider three steps for increasing the centralisation of fiscal functions, and discuss the prerequisites for moving forward at each one....

Suggested Citation

  • Maria Demertzis & Guntram B. Wolff, 2016. "What are the prerequisites for a euro-area fiscal capacity?," Bruegel Policy Contributions 16381, Bruegel.
    • Handle: RePEc:bre:polcon:16381
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    References listed on IDEAS

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    7. Zsolt Darvas & Alvaro Leandro, 2015. "The limitations of policy coordination in the euro area under the European Semester," Bruegel Policy Contributions 10879, Bruegel.
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    9. Grégory Claeys & Zsolt Darvas, 2015. "The financial stability risks of ultra-loose monetary policy," Bruegel Policy Contributions 876, Bruegel.
    10. Ashoka Mody, 2015. "Living (dangerously) without a fiscal union," Bruegel Working Papers 875, Bruegel.
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    Cited by:

    1. Oręziak Leokadia, 2018. "Fiscal federalism and a separate budget for the euro area," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 54(2), pages 85-98, June.
    2. Helge Berger & Giovanni Dell’Ariccia & Maurice Obstfeld, 2019. "Revisiting the Economic Case for Fiscal Union in the Euro Area," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(3), pages 657-683, September.
    3. Francesco Spadafora, 2020. "Completing the Economic and Monetary Union: Wisdom Come Late?," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 6(3), pages 379-409, November.
    4. Willi Semmler & Alexander Haider, 2018. "Cooperative Monetary and Fiscal Policies in the Euro Area," Southern Economic Journal, John Wiley & Sons, vol. 85(1), pages 217-234, July.
    5. Magdalena Kąkol, 2017. "Designing a fiscal union for the euro area," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 16(4), pages 413-432, December.
    6. Willi Semmler & Brigitte Young, 2017. "Re-Booting Europe: What kind of Fiscal Union - What kind of Social Union?," Working Papers 1713, New School for Social Research, Department of Economics.
    7. Francesco Spadafora, 2019. "European integration in the time of mistrust," Questioni di Economia e Finanza (Occasional Papers) 512, Bank of Italy, Economic Research and International Relations Area.

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