intensified, among others putting forward a fiscal stabilization capacity for EMU members. Contributions made so far to further …

The European debt crisis triggered a debate on the lacking components of the EU and EMU integration architecture. Many … the other hand, the current EU integration architecture already contains several elements of fiscal union. Furthermore, in … returns to scale and a better chance to address pan-European externalities. This applies to the entire EU, not only to the …

meanwhile reached the core. With pro-euro sentiments dwindling fast across the European Union (EU), the future of the euro … EU, most likely under French leadership, will have to convince Germany to embark on a fundamental policy course change …

The euro area will not have a centralised budget and smoothing of country-specific asymmetric shocks via private …

within EMU. We differentiate between three different scenarios: public revenue equalisation, tax harmonisation and a … EMU already. While key macroeconomic variables would have reacted very similarly, debt dynamics could have changed notably …

be needed to complete the architecture of Economic and Monetary Union (EMU). This paper analyses the performance of …

intensified, among others putting forward a fiscal stabilization capacity for EMU members. Contributions made so far to further …

federal government must be endowed with a federal budget, playing a stronger role than plain coordination between countries. …