"Fiscal federalism refers to the division or distribution of fiscal powers between different levels of government. In the context of the European Union, it provides a framework to explore the foundations and evolution of the Union's (limited) fiscal powers across different areas of EU...

Across the euro area, the ability of public finances to support equitable growth has tended to deteriorate. Concerns about high and rising public debt, together with market pressure in some cases, led to sharp fiscal consolidation in 2011-13, against the backdrop of a weak economic situation at...