Bénassy-Quéré, Agnès; Ragot, Xavier; Wolff, Guntram B. - 2016
last provides a clear justification for fiscal policy at euro-area level. Unsustainable fiscal policies in one member state … national budgetary processes and a common central bank. Empirically, fiscal policy in the euro area and elsewhere often tends …-fledged federations assign fiscal policy stabilisation largely to the federal level, based on a relatively large budget. In the euro area …