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We analyze the conduct of fiscal policy in a financially integrated union in the presence of financial frictions. Frictions create a wedge between the return to investment and the union interest rate. This leads to an over-spending externality. While the social cost of spending is the return to investment, governments care mostly about the (depressed) interest rate they face. In other words, the crowding out effects of public spending are partly "exported" to the rest of the union. We argue that it may be hard for the union to deal with this externality through the design of fiscal rules, which are bound to be shaped by the preferences of the median country and not by efficiency considerations. We also analyze how this overspending externality - and the unions ability to deal with it effectively changes when the union is financially integrated with the rest of the world. Finally, we extend our model by introducing a zero lower bound on interest rates and show that, it financial frictions are severe enough, the union is pushed into a liquidity trap and the direction of the spending externality is reversed. At such times, fiscal rules that are appropriate during normal times might backre.

The Global Financial Crisis (GFC: 2008–2009) and the Euro Sovereign Crisis (ESC: 2010–2012) seem a process of creative destruction for the European Union (EU). The huge damage provoked by the GFC and ESC was, in fact, followed by important institutional building steps as the Banking Union (BU) and Capital Markets Union (CMU). Their swift introduction suggests that BU and CMU arrived as emergency solutions. With hindsight we may now reassess them. We posit that two unintended side-effects materialised: 1) CMU twisted the balance against banking and in favour of financial markets; 2) BU is, de facto, weakening banking diversity. Thus, even if CMU and BU were successful at reaching EU's economic goals, their side-effects impair the social and cultural goals equally enshrined in EU treaties. We argue that CMU and BU should be revised to limit the damage to social and cultural goals or, else, other EU policies should be devised to restore the balance. ; Die globale Finanzkrise (GFC: 2008–2009) und die Euro-Staatsschuldenkrise (ESC: 2010–2012) scheinen ein Prozess der kreativen Zerstörung für die Europäische Union (EU) zu sein. Den enormen Schäden, die durch die GFC und ESC verursacht wurden, folgten in der Tat wichtige institutionelle Aufbauschritte wie die Bankenunion (BU) und die Kapitalmarktunion (CMU). Ihre schnelle Einführung deutet darauf hin, dass BU und CMU als Notfalllösungen zum Einsatz kamen. Im Nachhinein können wir sie nun neu bewerten. Wir gehen davon aus, dass zwei unbeabsichtigte Nebeneffekte eingetreten sind: 1) Die CMU hat das Gleichgewicht gegen das Bankwesen und zugunsten der Finanzmärkte verschoben; 2) die BU schwächt de facto die Bankenvielfalt. Selbst wenn es CMU und BU gelungen ist, die wirtschaftlichen Ziele der EU zu erreichen, beeinträchtigen ihre Nebenwirkungen die sozialen und kulturellen Ziele, die gleichermaßen in den EU-Verträgen verankert sind. Wir argumentieren, dass CMU und BU überarbeitet werden sollten, um den Schaden für soziale und kulturelle Ziele zu begrenzen, oder dass andere EU-Politiken entwickelt werden sollten, um das Gleichgewicht wiederherzustellen.

This paper begins with the observation of secondary data on investment and education in the context of the European Union member states and in the period of the years considered part of the economic crisis. The analysis provides evidence of the change in the purchasing power in the countries of the European Union on levels of expenditure in education, both public and private and, more specifically, on the behavior of private expenditure in tertiary education in order to examine if there is an educational class strategy to the economic crisis. This also leads us to point out some considerations on policies in education in terms of social equity.

The spreading phenomenon of Euroscepticism is manifested in critical practices in discourse that oppose European integration. This paper explores Euroscepticism as an element of discourse, which cannot only be measured as party positions or individual attitudes. Based on this understanding, our argument is twofold. Firstly, Euroscepticism relates to the unsettled and principally contested character of the European Union (EU) as a political entity: its basic purpose and rationale, its institutional design and its future trajectory. It correlates with pro-European discourse and the attempts to promote the (democratic) legitimacy of the EU. Secondly, we argue that Euroscepticism unfolds primarily through mass media. As such, it is given public expression through general news values, drama and narratives that are targeted to draw the attention of the wider audience. Understanding this responsive and public nature of Euroscepticism leads us, in the end, to a comprehensive typology of six forms of polity evaluation of the EU.

Research on the democratic deficit in the European Union (EU) tends to focus on general questions of institutional design rather than the link between institutions and specific policy responsibilities. This article argues that, following EMU, a high degree of fiscal centralization is not tenable given theabsence of EU‐wide citizen support for a greatly enhanced central role and European political parties operating in a genuine European legislature. Given this, it is appropriate to examine fiscal relations in existing federations to discover which, if any, approximates to the likely post‐EMU pattern in the EU. The experience of five federations – Australia, Canada the US, Germany and Switzerland suggests that most can be learnt from the Swiss model which is characterized by a high degree of vertical fiscal autonomy, and state (cantonal) interpenetration of national decision‐making. The article concludes that, while Switzerland cannot serve as a model for the EU, the Swiss experience does show that a modern industrial state can successfully operate in the context of a high degree of fiscal decentralization.

Resumen basado en el de la publicación ; Título, resumen y palabras clave en español e inglés ; Disponible la versión en inglés ; El desarrollo de la Dimensión Europea en la Educación es un objetivo vinculado a la construcción de la identidad europea y al ejercicio de una ciudadanía activa crítica y responsable. Se analiza el conocimiento de los estudiantes de Educación Secundaria Obligatoria sobre la Unión Europea. En el estudio participaron 705 alumnos de cinco centros de educación secundaria obligatoria de cuatro comunidades autónomas españolas. Se diseñó una prueba de veinticuatro ítems sobre: a) las instituciones europeas, b) la historia de la cooperación europea, c) la ciudadanía Europea, d) Europa en la vida cotidiana, e) la identidad social y cultural, y f) derechos humanos y responsabilidades. Los resultados muestran que: a) el 80.3% de los alumnos contestaron correctamente catorce o menos ítems; b) existen diferencias significativas entre los alumnos en función del curso y de la comunidad autónoma, pero el tamaño del efectos es pequeño; c) los alumnos carecen de conocimientos sobre "Europa en la vida cotidiana", "la Ciudadanía Europea", "la Historia de la cooperación europea" y "las Instituciones europeas". Se discute la necesidad de diseñar una propuesta curricular transversal. ; ESP

Título, resumen y palabras clave también en inglés ; Resumen basado en el de la publicación ; Disponible versión en inglés ; El desarrollo de la Dimensión Europea en la Educación es un objetivo vinculado a la construcción de la identidad europea y al ejercicio de una ciudadanía activa crítica y responsable. Se analiza el conocimiento de los estudiantes de Educación Secundaria Obligatoria sobre la Unión Europea. En el estudio participaron 705 alumnos de cinco centros de educación secundaria obligatoria de cuatro comunidades autónomas españolas. Se diseñó una prueba de veinticuatro ítems sobre: a) las instituciones europeas, b) la historia de la cooperación europea, c) la ciudadanía Europea, d) Europa en la vida cotidiana, e) la identidad social y cultural, y f) derechos humanos y responsabilidades. Los resultados muestran que: a) el 80.3% de los alumnos contestaron correctamente catorce o menos ítems; b) existen diferencias significativas entre los alumnos en función del curso y de la comunidad autónoma, pero el tamaño del efectos es pequeño; c) los alumnos carecen de conocimientos sobre "Europa en la vida cotidiana", "la Ciudadanía Europea", "la Historia de la cooperación europea" y "las Instituciones europeas". Se discute la necesidad de diseñar una propuesta curricular transversal. ; ESP