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Which Fiscal Soul for Europe?

newdigital Which Fiscal Soul for Europe?
Article
journal RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI
issue RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI - 2018 - 4. An Issue in Honour of Giacomo Vaciago
title Which Fiscal Soul for Europe?
author
publisher Vita e Pensiero
format Article | Pdf
online since 05-2019
doi 10.26350/000518_000020
issn 0035-676X (print) | 1827-7918 (digital)
€ 6.00

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While a fully fledged fiscal union exists in the US, no similar entity has been developed in the eurozone, clear proof of the incompleteness of the Economic and Monetary Union, which leads to a condition of fragility. Currently, the quest for a deep regime change in Europe in the realm of fiscal policy management seems to have disappeared from sight. Politicians are still debating whether the (possible) centralization of fiscal policy requires risk reduction rather than risk sharing as a pre-condition. The paper is an updated survey of the debate on the role of and the need for a fiscal union in the eurozone. The ultimate conclusion is that the European project is still in disarray, while populist forces are acquiring consensus in (almost) every country. The completion of the EMU’s deepening phase – particularly the orderly maintenance of the common currency – is at risk.

keywords

European Monetary Union, Fiscal policy, Risk reduction vs. risk sharing, Stability and growth pact, Fiscal compact.

Author biography

marco.lossani@unicatt.it.