The international monitoring of public finances in EMU member states is an essential element of the Stability and Growth Pact. Part of evaluating government budgets involves determining the sustainability of the envisaged consolidation measures. The academic and political debate on this topic...

The chapter contributes to the analysis of the process of human rights and social cohesion erosion set in motion by austerity programmes in the Eurozone and to enquire about how this experience influences the current debate on the Eurozone governance reform in the context of COVID-19 crisis. The...

Using an estimated large-scale New-Keynesian model, we assess welfare and business cycle consequences of a fiscal union within EMU. We differentiate between three different scenarios: public revenue equalisation, tax harmonisation and a centralised fiscal authority. Relative to the status quo,...