<abstract xmlns="http://www.w3.org/1999/xhtml"><p>The core objective of this paper is to determine the main political and economic conditions and challenges related to the possible evolution of the integration process in the euro area toward fiscal federalism and fiscal union as a way to increase the capacity of the area to cope with future economic and financial crises. The issue of a separate budget for this area is of particular interest in this article. The idea of such a budget has recently become the subject of lively public debate in the European Union and has been a factor in encouraging the European Commission to propose new solutions at the end of 2017 in the field of economic governance of the euro area, including the establishment of a European Monetary Fund. The analysis carried out in this article leads to the conclusion that under the current conditions, there is little chance of introducing such regulatory and institutional changes that would significantly increase the scale of financial transfers between the euro area member states.</p></abstract>

The core objective of this paper is to determine the main political and economic conditions and challenges related to the possible evolution of the integration process in the euro area toward fiscal federalism and fiscal union as a way to increase the capacity of the area to cope with future economic and financial crises. The issue of a separate budget for this area is of particular interest in this article. The idea of such a budget has recently become the subject of lively public debate in the European Union and has been a factor in encouraging the European Commission to propose new solutions at the end of 2017 in the field of economic governance of the euro area, including the establishment of a European Monetary Fund. The analysis carried out in this article leads to the conclusion that under the current conditions, there is little chance of introducing such regulatory and institutional changes that would significantly increase the scale of financial transfers between the euro area member states.

Fiscal federalism and a separate budget for the euro area

International Journal of Management and Economics

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

{"article-title":"Fiscal federalism and a separate budget for the euro area"}

The core objective of this paper is to determine the main political and economic conditions and challenges related to the possible evolution of the integration...

Fiscal federalism and a separate budget for the euro area

Article Category: Research Article

Published Online: Jun 29, 2018

Page range: 85 - 98

Received: Mar 02, 2018

Accepted: Jun 27, 2018

DOI: https://doi.org/10.2478/ijme-2018-0012

Keywords
EU, euro area, EMU, fiscal federalism, fiscal policy, fiscal transfers, budget, monetary union

© 2018 Leokadia Oręziak, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Fiscal federalism and a separate budget for the euro area

Article Category: Research Article

Published Online: Jun 29, 2018

Page range: 85 - 98

Received: Mar 02, 2018

Accepted: Jun 27, 2018

DOI: https://doi.org/10.2478/ijme-2018-0012

KeywordsEU, euro area, EMU, fiscal federalism, fiscal policy, fiscal transfers, budget, monetary union

© 2018 Leokadia Oręziak, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Keywords
EU, euro area, EMU, fiscal federalism, fiscal policy, fiscal transfers, budget, monetary union