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Author : FEDERICO. FABBRINI
Publisher : Oxford University Press
ISBN 13 : 0198874227
Total Pages : 193 pages
Book Rating : 4.1/5 (988 download)
Download or read book EU FISCAL CAPACITY written by FEDERICO. FABBRINI and published by Oxford University Press. This book was released on 2023 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Nathaniel G Arnold
Publisher : International Monetary Fund
ISBN 13 : 1484348176
Total Pages : 57 pages
Book Rating : 4.4/5 (843 download)
Download or read book A Central Fiscal Stabilization Capacity for the Euro Area written by Mr.Nathaniel G Arnold and published by International Monetary Fund. This book was released on 2018-03-26 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note outlines a concrete proposal for a euro area central fiscal capacity (CFC) that could help smooth both country-specific and common shocks. Specifically, it proposes a macroeconomic stabilization fund financed by annual contributions from countries that are used to build up assets in good times and make transfers to countries in bad times, as well as a borrowing capacity in case an exceptionally large shock exhausts the fund’s assets. To address moral hazard risks, transfers from the CFC—beyond a country’s own net contributions—would be conditional on compliance with the EU fiscal rules. The note also discusses several features aimed at avoiding permanent transfers between countries and making the CFC function as automatically as possible—to limit the scope for disputes over its operation—both of which are important points to make it politically acceptable.
Author : Roel Beetsma
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (119 download)
Download or read book What Kind of EU Fiscal Capacity? written by Roel Beetsma and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on a conjoint survey experiment we explore the support among European citizens for a European Union (EU) budgetary assistance instrument to combat adverse temporary or permanent economic shocks hitting Member States. Suitably designed, there is quite substantial support for such an EU instrument generally and across the sample countries. Support is broader when budgetary support is conditional on debt reduction in normal times and spent in specific policy areas, in particular healthcare and education. Support also increases when there is a role for the European Commission in terms of monitoring and providing guidance. However, there is little support for policy packages that terminate a program and impose a fine in the case of non-compliance. Further, there is broad acceptance of long-run redistribution towards poorer countries. Financing the assistance through a progressive tax increase is more popular than through a flat tax increase. In general, there is substantial scope for constructing assistance packages that command a majority support in all sample countries. The survey was fielded in the midst of the COVID-19 crisis, in which the prospect of a severe economic shock became realistic. However, the results of our survey are based on respondent views in a (partially) pre-political environment: respondents had the opportunity to reason and form their own opinion about the assistance package before concrete policy proposals were debated by political parties that seek the edges of polarization.
Author :
Publisher : Oxford University Press
ISBN 13 : 0192569724
Total Pages : 321 pages
Book Rating : 4.1/5 (925 download)
Download or read book EU Fiscal Federalism written by and published by Oxford University Press. This book was released on 2023-08-31 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal federalism refers to the division of fiscal powers — powers to tax and spend — between different levels of government. The European Union (EU) is often seen as a legislative giant on clay feet, and one of the principal reasons for this feebleness is the lack of a significant fiscal capacity at the Union level. EU Fiscal Federalism: Past, Present, Future explores ten aspects of the EU's fiscal constitution relating both to the fiscal limits it imposes on Member States and the evolution of its own fiscal policy. Bringing together an international and distinguished group of scholars, this volume analyses the different legal dimensions of fiscal federalism within the EU, from the various aspects of the single market (free movement, banking union, state aid, tax harmonisation) to the EU's budget and Economic and Monetary Union. The essays provide a fascinating overview of the topic as well as a detailed analysis of where EU fiscal federalism stands today and how it might develop in the future. Sweeping and thorough, EU Fiscal Federalism addresses topics vital to maintaining and strengthening the Union's fiscal capabilities. It will appeal to academics and students of European Union law and political economy as well as European policymakers.
Author : Mr. Nathaniel G Arnold
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 49 pages
Book Rating : 4.4/5 (2 download)
Download or read book Reforming the EU Fiscal Framework written by Mr. Nathaniel G Arnold and published by International Monetary Fund. This book was released on 2022-09-05 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: The EU’s fiscal framework needs reform. While existing fiscal rules have had some impact in constraining deficits, they did not prevent deficits and debt ratios that have threatened the stability of the monetary union in the past and that continue to create vulnerabilities today. The framework also has a poor track record at managing trade-offs between containing fiscal risks and stabilizing output. Finally, the framework does not provide sufficient tools for EU-wide stabilization. This was most visible during the decade following the euro area sovereign debt crisis, when structurally low real interest rates stretched the policy tools of the European Central Bank (ECB), leading to a persistent undershooting of its inflation target. This paper proposes a new framework based on risk-based EU-level fiscal rules, strengthened national institutions, and a central fiscal capacity. First, risk-based EU-level fiscal rules would link the speed and ambition of fiscal consolidation to the level and horizon of fiscal risks, as identified by debt sustainability analysis (DSA) using a common methodology developed by a new and independent European Fiscal Council (EFC). The 3 percent deficit and 60 percent debt reference values would remain. Second, all member countries would be required to enact medium-term fiscal frameworks consistent with the EU-level rules—that is, to ensure convergence over the medium-term to an overall fiscal balance anchor by setting expenditure ceilings. Independent national fiscal councils (NFCs) would have a much stronger role to strengthen checks and balances at the national level (including undertaking or endorsing macroeconomic projections and performing DSAs to assess fiscal risks). The European Commission (EC) would continue to play its key surveil¬lance role as articulated in the Maastricht Treaty and the EFC would be the center of a peer network of fiscal councils. Third, building on the recent experience with the NextGenerationEU (NGEU), an EU fiscal capacity (FCEU) would improve euro area macroeconomic stabilization and allow the provision of common EU public goods—a task that has become more urgent given the green transition and common security concerns. Central to the proposal is a mutually reinforcing relationship between EU rules and national-level imple¬mentation. Strengthening implementation requires both better national ownership of the rules and their application and greater congruence of national-level frameworks with EU-level rules. The former can only be achieved by rules that convincingly balance the needs of members with the avoidance of negative externali¬ties across members. This argues for a risk-based approach—the first pillar of our proposal. The latter requires a stronger role for significantly upgraded national level frameworks—the second pillar of our proposal.
Author : Nazaré da Costa Cabral
Publisher : Routledge
ISBN 13 : 1000096564
Total Pages : 268 pages
Book Rating : 4.0/5 ( download)
Download or read book The European Monetary Union After the Crisis written by Nazaré da Costa Cabral and published by Routledge. This book was released on 2020-06-09 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a much-needed detailed analysis of the evolution of Europe over the last decade, as well as a discussion about the path of reform that has been trodden in the aftermath of the financial crisis. It offers a multidisciplinary view of the E(M)U and captures the main factors that induced the reform of the monetary union – a process that has not been linear and is far from being concluded. The author examines the policy responses designed throughout the development of the crisis and assesses the scale of the crisis in Europe, in comparison to other parts of the world, as well as its prolonged effects both in economic and financial terms. An update on the current ‘state of the art’ in the conception of risk-sharing mechanisms is provided. With its innovative approach, the book analyses the financing issues which need to be taken into consideration in the design of these instruments and highlights the main categories of governmental risk-sharing mechanisms – in particular, the ones to be used as ‘fiscal capacity’. This is a timely and topical book and will be of interest to a broad audience, including experts, scholars and students of European affairs, particularly those with economic, financial, legal and political science backgrounds.
Author : Marco Buti
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (134 download)
Download or read book A Central Fiscal Capacity in the EU Policy Mix written by Marco Buti and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A central fiscal capacity (CFC) in the European Union (EU) can in principle perform three roles: provide cyclical stabilisation, support national reforms and investment, and deliver European Public Goods. We build a simple aggregate demand-aggregate supply model, where a CFC depends on shocks and degrees of compliance with common fiscal rules. This analytical framework allows us to examine the policy implications of the three options for a CFC. Based on both the theoretical analysis and the EU’s experience in handling the global financial crisis and the pandemic, we show that a CFC would improve policy efficiency by focusing on stabilisation in the event of negative demand shocks and on boosting potential output in the event of negative supply shocks. In the current stagflationary environment, the provision of European Public Goods appears to be the most promising avenue. The need to calibrate the central interventions in relation to the typology of shocks implies that a CFC cannot be put on an automatic pilot. CFC calls for a reform of the euro-area institutional set up, including the creation of a European Minister for Economic Affairs in charge of the "vertical coordination" of the EU’s and national budgets and the calibration of the centralised expenditures.
Author :
Publisher :
ISBN 13 : 9789294661722
Total Pages : 0 pages
Book Rating : 4.6/5 (617 download)
Download or read book The Role of Central Fiscal Capacity in Connecting the EU's Domestic and Global Agendas written by and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The EU's domestic and international agendas are usually discussed in different fora and follow separate tracks. Given the fallout from the Covid crisis and the dramatic consequences of the Russian invasion of Ukraine, this paper argues that these agendas should eventually merge. A central fiscal capacity is a key element for reconciling the EU's domestic and international goals. Domestically, it would help to achieve a balanced policy mix and ensure an adequate supply of European public goods, and globally it would give credibility to the geo-economic role of the EU.
Author : Amedeo Fossati
Publisher : Routledge
ISBN 13 : 1134632134
Total Pages : 429 pages
Book Rating : 4.1/5 (346 download)
Download or read book Fiscal Federalism in the European Union written by Amedeo Fossati and published by Routledge. This book was released on 2005-08-03 with total page 429 pages. Available in PDF, EPUB and Kindle. Book excerpt: To what extent should local and regional governments in the European Union be allowed to determine their own fiscal policies? This book explores the core issues of fiscal federalism in the European context. It combines theoretical and empirical analysis in addressing such questions as: * what sort of fiscal federalism is appropriate in the European Community * what are the dangers of more centralization * what are the costs of greater decentralization
Author : Pablo Burriel
Publisher :
ISBN 13 : 9789289942454
Total Pages : pages
Book Rating : 4.9/5 (424 download)
Download or read book A Fiscal Capacity for the Euro Area written by Pablo Burriel and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: After the financial and economic crisis in Europe, a broad consensus has emerged that a stronger fiscal dimension may be needed to complete the architecture of Economic and Monetary Union (EMU). This paper analyses the performance of interregional transfers in existing fiscal-federal systems, notably in Austria, Belgium, Germany, Spain and the United States, and aims to draw lessons for the design of a euro area fiscal instrument. The empirical risk-sharing analysis in this paper suggests that effective cross-regional stabilisation of asymmetric shocks tends to work via direct cash transfers to households, such as unemployment benefits, which are financed out of cyclical central government taxes and social security contributions. This would suggest that a euro area budgetary instrument for stabilisation should be designed as a tool that enhances the automatic stabilisation capacity in the single currency area. At the same time, it seems important that a prospective central stabilisation instrument for the euro area would be integrated in an overall fiscal policy framework that ensures proper incentives for national policymakers.
Author : Pierre Schlosser
Publisher : Springer
ISBN 13 : 3319986368
Total Pages : 255 pages
Book Rating : 4.3/5 (199 download)
Download or read book Europe's New Fiscal Union written by Pierre Schlosser and published by Springer. This book was released on 2018-09-21 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: The euro crisis made Europe’s stateless currency falter. This book retraces and interprets the ways in which the crisis impacted the unique institutional set-up of Europe’s Economic and Monetary Union (EMU). It argues that the crisis propelled the European continent towards the institutionalization of an unprecedented form of centralized authority: Europe’s New Fiscal Union. Diving into the central functions of fiscal surveillance, financial assistance, lending of last resort and banking resolution, the book reveals how a covert and convoluted mutualisation process occurred in the shadow of the euro crisis management. Based on 62 interviews conducted by the author with senior policy-makers in Brussels, Frankfurt, Helsinki and Rome, the book claims that Europe’s New Fiscal Union is largely unsettled and still unstable. It therefore engages with the challenges arising from the patchwork of newly adopted rules, instruments and bodies, suggesting crucial reform steps to make EMU sustainable.
Author : Alessandro D'Alfonso
Publisher :
ISBN 13 : 9789284600274
Total Pages : 30 pages
Book Rating : 4.6/5 (2 download)
Download or read book A Fiscal Capacity for the Euro Area? written by Alessandro D'Alfonso and published by . This book was released on 2016 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The idea to create a 'fiscal capacity' for the euro area was launched in the wake of the sovereign debt crisis, with the recognition that weaknesses in the Economic and Monetary Union (EMU) had worsened the crisis. Although the debate has lost some momentum as euro-area countries have stepped back from the acute phase of the crisis, the EU institutions continue to work on designing a framework to bolster EMU, looking in particular at automatic stabilisers. The European Parliament's Committees on Budgets and Economic and Monetary Affairs are currently preparing a report on a budgetary capacity for the euro area.
Author : TOMASZ. WOZNIAKOWSKI
Publisher : Oxford University Press
ISBN 13 : 0192858432
Total Pages : 193 pages
Book Rating : 4.1/5 (928 download)
Download or read book Fiscal Unions written by TOMASZ. WOZNIAKOWSKI and published by Oxford University Press. This book was released on 2022-08-04 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: By building on a recent research comparing the EU and US and drawing on Riker's influential theory of federalism, this books explores the origins of fiscal unions. It investigates early American history and traces its constitutional debates to argue that an internal threat - such as sovereign debt crisis leading to social unrest threatening the Union - triggers emergence of federal taxing powers - i.e. a federal fiscal union. It then contrasts the American experience of fiscal integration with the European one and subsequently concludes with the insights for the EU. It is a first monograph to compare the American and European models of fiscal integration, making two original contributions to the theoretical and empirical literature. In reference to the former, it introduces the concept of fiscalization, which defines the emergence of a 'fiscal union' with federal tax powers. Concerning the latter, by analysing the Confederation period of the US and applying Riker's theory using mainly unexplored primary sources, such as the protocols from state ratification conventions of 1787/88, this book adds to the US-EU comparative federalism literature. It shows that paradoxically, by not agreeing to give the EU fiscal capacity, so that they could protect their fiscal sovereignty, member states gave up more of this very fiscal sovereignty to the central institutions, than states in classical federations. This research allows the reader to learn about the similarities - and the differences - between the pre-Constitution US and the modern EU with regards to their fiscal arrangements; a comparison of the arguments that were used while debating those arrangements; and finally - the conditions under which central level of government in the systems of multi-level government is likely to get a power to tax.
Author :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (135 download)
Download or read book Assessment of the EU’s Fiscal Framework and the Way Forward written by and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ongoing debate that seeks to reform the EU’s fiscal framework is characterised by two different perspectives. Those who point to the lacklustre compliance of some Member States with current fiscal rules calling for a more stringent practice intent on reducing risks at the national level. And those who emphasise the lack of risk sharing at the EU level arguing in favour of a central fiscal capacity. Against this backdrop, this paper lays out the evolution and performance of the EU’s fiscal framework over the past decades in order to frame the current political negotiations of reform. It highlights a fundamental challenge for further fiscal integration namely the idea it can be achieved without better cooperation or representation.
Author : Anat Admati
Publisher : Princeton University Press
ISBN 13 : 0691251703
Total Pages : 624 pages
Book Rating : 4.6/5 (912 download)
Download or read book The Bankers’ New Clothes written by Anat Admati and published by Princeton University Press. This book was released on 2024-01-09 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Wall Street Journal, Financial Times, and Bloomberg Businessweek Book of the Year Why our banking system is broken—and what we must do to fix it New bank failures have been a rude awakening for everyone who believed that the banking industry was reformed after the Global Financial Crisis—and that we’d never again have to choose between massive bailouts and financial havoc. The Bankers’ New Clothes uncovers just how little things have changed—and why banks are still so dangerous. Writing in clear language that anyone can understand, Anat Admati and Martin Hellwig debunk the false and misleading claims of bankers, regulators, politicians, academics, and others who oppose effective reform, and they explain how the banking system can be made safer and healthier. Thoroughly updated for a world where bank failures have made a dramatic return, this acclaimed and important book now features a new preface and four new chapters that expose the shortcomings of current policies and reveal how the dominance of banking even presents dangers to the rule of law and democracy itself.
Author : J. Ferreiro
Publisher : Springer
ISBN 13 : 0230228267
Total Pages : 235 pages
Book Rating : 4.2/5 (32 download)
Download or read book Fiscal Policy in the European Union written by J. Ferreiro and published by Springer. This book was released on 2008-11-27 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive analysis of national fiscal policies in the European Union and in the European Monetary Union. Adopting a critical perspective, the book offers a deep insight into the consequences of the current strategy of national fiscal policies on economic activity.
Author : Tomasz Paweł Woźniakowski
Publisher :
ISBN 13 :
Total Pages : 314 pages
Book Rating : 4.:/5 (13 download)
Download or read book Towards Fiscalization of the European Union? written by Tomasz Paweł Woźniakowski and published by . This book was released on 2018 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: My original contribution to knowledge is a demonstration that fiscalization, a concept I defined as a process that leads to the emergence of a federal power to tax, is triggered by an internal threat. This dissertation focuses on the economic governance of the European Union (EU) from a comparative historical perspective and shows that the emergence of the federal fiscal union is the result of a sovereign debt crisis at the state level. More specifically, it analyzes the conditions under which a supranational power to tax is likely to emerge by investigating the emergence of the United States (US) fiscal union in the late 18th century. I analyze the fiscal history of the early US to demonstrate how the institutional flaws of the Articles of Confederation, mainly the central budget based on contributions from the states, so-called 'requisitions', led to a sovereign debt crisis at the state level, which triggered taxpayers’ revolts in 1786/1787. I argue that an endogenous threat, exemplified by this social unrest caused by the heavy taxation that the states imposed to pay off the debt from the War of Independence, constituted such a condition. Consequently, this threat paved the way for the 'fiscal bargain', which led to fiscalization of the federal government, i.e. the creation of a fiscal union with the federal power to tax ('federal fiscal union') based firmly in the new Constitution of 1789. I then confronted the US experience with the EU 'post-crisis' economic governance through the lens of two instruments of integration: fiscalization and regulation. A comparison can shed a different light on a polity such as the EU. In a classical fiscal union such as the US, the federal government has fiscal capacity, but it does not have the power to regulate the fiscal policies of the states. In the EU, we can observe the reverse situation: the European institutions in the last few years have acquired a good deal of power to regulate national economic policies. For instance, under the European Semester the EU can even impose sanctions on the member states if they fail to take 'the corrective action' on the excessive macroeconomic imbalances. Moreover, it was decided not to go forward with the fiscalization process. I argue that this is because a threat emerging from the Euro crisis was not perceived as large enough to trigger a 'fiscal bargain'. Paradoxically, by not agreeing to give the EU fiscal capacity, so that they could protect their fiscal sovereignty, member states gave up more of this very fiscal sovereignty to the central institutions, than states in classical federations.
