[eng] Frédéric Zumer. The fiscal aspects of the future EMU lead to lively debates. The purpose of this work is to consider the stabilizing role of a federal budget in the context of a monetary union, and the appropriateness of creating a specific shock-absorber mechanism in Europe. Its purpose...

[eng] What will become of the interest spreads on the debts of different sovereign borrowers under EMU ? Will these always be small and merely reflect differences in liquidity, as they do today, or will they progressively widen and also reflect default risk? Such are the questions posed in this...