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The view is widespread that there are just two options for the future of the Eurozone - either it is complemented by a fiscal union, or it will fall apart. In this paper, we discuss five possible elements of a fiscal union, of which three are in the centre of the current debate on fiscal union...
Persistent link: https://www.econbiz.de/10010331439
We assess the sustainability of public finances in the EU15 over the period 1970-2006 using stationarity and … policy was sustainable both for the EU15 panel set, and within subperiods (1970-1991 and 1992-2006). …
Persistent link: https://www.econbiz.de/10011604866
In this paper we provide a positive exercise on past business-cycle correlations and risk sharing in the European Union, and on the ability of insurance mechanisms and fiscal policies to smooth income fluctuations. The results suggest in particular that while some of the new Member States have...
Persistent link: https://www.econbiz.de/10011604890
opening, Austria's accession to the EU and its currency union, EU enlargement). With some of these steps occurring in parallel …, its effects have similarly overlapped. Eastern opening since 1989 and Austria's EU membership since 1995 (and its … some 100,000 to 150,000 new jobs. The EU enlargement of 2004 has similarly benefiting Austria more than other EU 15 …
Persistent link: https://www.econbiz.de/10011435199
towards a more centralised fiscal policy at EU/Euro area level within a new EMU economic governance. Besides the improvement …
Persistent link: https://www.econbiz.de/10011435347
This study examines major reform proposals of EU fiscal rules from an economic and legal perspective. We disassemble … final reform package. We show that quite far-reaching reforms of EU fiscal rules are feasible without treaty change as … current secondary legislation restricting member states' fiscal policies are much more detailed and often much stricter than …
Persistent link: https://www.econbiz.de/10013364517