Fiscal governance in Europe
In: Cambridge studies in comparative politics
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In: Cambridge studies in comparative politics
In: Working papers No. 32
In: Working paper 419
In: Oxford Research Encyclopedia of Politics
"Fiscal Politics" published on by Oxford University Press.
In: The Political and Economic Dynamics of the Eurozone Crisis, S. 145-166
In: Beyond the Regulatory Polity?, S. 86-104
In: Governance Challenges and Innovations, S. 24-29
In: West European politics, Band 35, Heft 4, S. 939-940
ISSN: 1743-9655
In: IDB Book No. IDB-TN-400
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Working paper
In: West European politics, Band 35, Heft 4, S. 939-941
ISSN: 0140-2382
In: European Union politics: EUP, Band 12, Heft 1, S. 127-142
ISSN: 1741-2757
Based upon existing fiscal federal arrangements, this article considers the options facing the European Union to reform its own framework. There are two plausible ways the EU can stabilize the finances of its member states over the longer term. The first is to take steps that complement the market discipline of individual member states. For market discipline to play this positive role, three conditions need to be met: (1) markets need to have accurate information on member state finances; (2) the market valuation of a given state also has to be an accurate valuation of the sustainability of that state's finances; and (3) populations need to interpret market discipline as a signal about their government's competence and punish governments that face market pressure. Such a system is possible under the current Stability and Growth Pact, and indeed it appears that all three conditions held in summer 2009. Any bailout of a member state, however, undermines this type of system. More political integration would be needed to prevent a state from getting into a situation where a bailout would be an option. The Brazilian model is a precedent that the European Union could emulate. [Reprinted by permission of Sage Publications Ltd., copyright holder.]
In: European Union politics: EUP, Band 12, Heft 1, S. 127-143
ISSN: 1465-1165
In: European Union politics: EUP, Band 12, Heft 1, S. 127-142
ISSN: 1741-2757
Based upon existing fiscal federal arrangements, this article considers the options facing the European Union to reform its own framework. There are two plausible ways the EU can stabilize the finances of its member states over the longer term. The first is to take steps that complement the market discipline of individual member states. For market discipline to play this positive role, three conditions need to be met: (1) markets need to have accurate information on member state finances; (2) the market valuation of a given state also has to be an accurate valuation of the sustainability of that state's finances; and (3) populations need to interpret market discipline as a signal about their government's competence and punish governments that face market pressure. Such a system is possible under the current Stability and Growth Pact, and indeed it appears that all three conditions held in summer 2009. Any bailout of a member state, however, undermines this type of system. More political integration would be needed to prevent a state from getting into a situation where a bailout would be an option. The Brazilian model is a precedent that the European Union could emulate.