Show simple item record Leino, Päivi Saarenheimo, Tuomas 2018-09-18T09:28:55Z 2018-09-18T09:28:55Z 2018-03
dc.description.abstract The dominant narrative presents the Economic and Monetary Union as an incomplete structure which, to operate stably, needs to be supplemented by a deeper fiscal integration. We study the general features of the recent proposals for a fiscal stabilisation mechanism, intended to smooth the effects of asymmetric shocks on Member States, from a multi-disciplinary viewpoint, combining economic, legal and political analyses. While possible to construct within the current Treaties, we find the proposals economically and politically fragile, and likely to be unenforceable. Our gravest concern however relates to the envisaged broad macroeconomic conditionality, which is largely unconnected to the stability aims of the mechanism but has potential to undermine the democratic legitimacy of some of the Member States’ most foundational societal choices.
dc.description.sponsorship The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.relation.ispartofseries ADEMU Working Paper Series;95
dc.rights This is an Open Access article distributed under the terms of the Creative Commons Attribution License Creative Commons Attribution 4.0 International, which permits unrestricted use, distribution and reproduction in any medium provided that the original work is properlyattributed.
dc.subject.other Economic and Monetary Union
dc.subject.other Fiscal federalism
dc.subject.other Fiscal stabilization
dc.subject.other EU political integration
dc.title A fiscal union for the EMU?
dc.type info:eu-repo/semantics/workingPaper
dc.relation.projectID info:eu-repo/grantAgreement/EC/H2020/649396
dc.rights.accessRights info:eu-repo/semantics/openAccess


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