Does the European Union need closer fiscal integration, and in
particular a stronger fiscal centre, to become more resilient to
economic shocks? This book looks at the experience of 13 federal
states to help inform the heated debate on this issue. It analyses
in detail their practices in devolving responsibilities from the
subnational to the central level, compares them to those of the
European Union, and draws lessons for a possible future fiscal
union in Europe.
More specifically, this book tries to answer three sets of
questions: What is the role of centralized fiscal policies in
federations, and hence the size, features and functions of the
central budget? What institutional arrangements are used to
coordinate fiscal policy between the federal and subnational
levels? What are the links between federal and subnational debt,
and how have subnational financing crises been handled, when they
occurred? These policy questions are critical in many federations,
and central to the current discussions about future paths for the
European Union.
This book brings to the table new, practical insights through a
systematic and comprehensive comparison of the EU fiscal framework
with that of federal states. It also departs from the
decentralization perspective that has been prominent in the
literature by focusing on the role of the centre (which
responsibilities are centralized at the federal level and how they
are handled, rather than which functions belong to the local
level). Such an approach is particularly relevant for the European
Union, where a fiscal union would imply granting new powers to the
centre.
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