Just Round the Corner? Pros, Cons, and Implementation Issues of a Fiscal Union for the Euro Area

Titolo Rivista ECONOMIA PUBBLICA
Autori/Curatori Fabrizio Balassone, Sandro Momigliano, Marzia Romanelli, Pietro Tommasino
Anno di pubblicazione 2018 Fascicolo 2018/1
Lingua Inglese Numero pagine 30 P. 5-34 Dimensione file 283 KB
DOI 10.3280/EP2018-001001
Il DOI è il codice a barre della proprietà intellettuale: per saperne di più clicca qui

Qui sotto puoi vedere in anteprima la prima pagina di questo articolo.

Se questo articolo ti interessa, lo puoi acquistare (e scaricare in formato pdf) seguendo le facili indicazioni per acquistare il download credit. Acquista Download Credits per scaricare questo Articolo in formato PDF

Anteprima articolo

FrancoAngeli è membro della Publishers International Linking Association, Inc (PILA)associazione indipendente e non profit per facilitare (attraverso i servizi tecnologici implementati da CrossRef.org) l’accesso degli studiosi ai contenuti digitali nelle pubblicazioni professionali e scientifiche

The experience of a number of successful monetary unions and economic theory suggest that the euro area would benefit from the establishment of a supranational fiscal capacity, provided its design keeps the risk of moral hazard at bay. Institutional reforms prompted by the crisis (e.g., the European Stability Mechanism and the banking union) are introducing - though to a limited extent - elements of crosscountry risk sharing. Nevertheless, among European institutions there is a broad consensus that further steps are needed. Proposals to create a sort of rainy-day fund present major practical difficulties - associated, inter alia, with the uncertainty characterising the identification of shocks in real time. A more appropriate solution, consistent with how risk sharing operates in existing federations, may be to centralize specific public functions. One often-discussed possibility is the introduction of a common unemployment benefit scheme. We argue that consideration could also be given to the creation of a euro-wide, notional defined-contribution pension scheme.

Parole chiave:Fiscal union, intergovernmental transfers, risk sharing, European pension scheme

Jel codes:E42, E62, F15, F42, H77

  • The future of European fiscal governance: a comprehensive approach Marzia Romanelli, Pietro Tommasino, Emilio Vadalà, in SSRN Electronic Journal /2022
    DOI: 10.2139/ssrn.4109512
  • EU Transfers and Euroscepticism: Can't Buy Me Love? Alessandro Borin, Elisa Macchi, Michele Mancini, in SSRN Electronic Journal /2018
    DOI: 10.2139/ssrn.3194471
  • Economic Governance in the Euro Area: Balancing Risk Reduction and Risk Sharing Fabrizio Balassone, Sara Cecchetti, Martina Cecioni, Marika Cioffi, Flavia Corneli, Gabriele Semeraro, in SSRN Electronic Journal /2016
    DOI: 10.2139/ssrn.2863885

Fabrizio Balassone, Sandro Momigliano, Marzia Romanelli, Pietro Tommasino, Just Round the Corner? Pros, Cons, and Implementation Issues of a Fiscal Union for the Euro Area in "ECONOMIA PUBBLICA " 1/2018, pp 5-34, DOI: 10.3280/EP2018-001001