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like the EU deficit limits. The econometric results indicate that the decline is largely due to two developments: First to … privatisation process nor EU deficit restrictions of the Maastricht Treaty can explain the decline. …
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not economic necessity have dictated the consolidation in the EU during the 90s. …
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This contribution develops a blueprint for a European fiscal union. We argue that a viable European fiscal union can be constructed without joint liability for public debt or a centralized government with a large common budget. Such a fiscal union should combine elements of market discipline...
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