Designing a European Fiscal Union - Lessons From the Experience of Fiscal Federations

This book tries to answer three sets of questions: What is the role of centralized fiscal policies in federations, and hence the size, features and functions of the central budget? What institutional arrangements are used to coordinate fiscal policy between the federal and subnational levels? What are the links between federal and subnational debt, and how have subnational financing crises been handled, when they occurred? These policy questions are critical in many federations, and central to the current discussions about future paths for the European Union.

List of contents

Introduction and Overview Chapter 1. Distribution of Fiscal Responsibilities in Federations Chapter 2. The Role of Fiscal Transfers in Smoothing Regional Shock Chapter 3. Constraints on Sub-national Fiscal Policy Chapter 4. Budgeting, Accounting, and Reporting Chapter 5. Financing of Central and Sub-national Governments Chapter 6. Sub-national Fiscal Crises Chapter 7. Lesson from the Crisis: Minimal Elements for a Fiscal Union in the Euro Area

About the author

Carlo Cottarelli is a Special Commissioner for Public Spending in Italy. Previously, he was Director of the Fiscal Affairs Department of the IMF.

Martine Guerguil oversees the preparation of the IMF flagship Fiscal Monitor. In her previous positions in the IMF, Martine Guerguil led work on debt sustainability and debt relief and on macroeconomic policy design in Latin America and Africa.

Product details

• Authors: Carlo (Imf Cottarelli, Carlo Guerguil Cottarelli
• Assisted by: Carlo Cottarelli (Editor), Cottarelli Carlo (Editor), Martine Guerguil (Editor)
• Publisher: Taylor & Francis Ltd.
• Languages: English
• Product format: Hardback
• Released: 18.11.2014
• EAN: 9781138783225
• ISBN: 978-1-138-78322-5
• No. of pages: 262
• Series: Routledge Studies in the European Economy
• Subjects: Social sciences, law, business > Business > General, dictionaries; Europe, Business & Economics / General, BUSINESS & ECONOMICS / Economics / General, International Economics, Regional Studies, Regional / International studies, Monetary Economics, BUSINESS & ECONOMICS / International / Economics & Trade, Public finance accounting