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centralization is not politically feasible, allowing an enhanced cooperation agreement among a subset of countries permits the latter … country, sub-union formation may be optimal. The relative advantage of a sub-union towards centralization increases when … they might lead to increased centralization. …
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This paper investigates the behavior of rent-seeking politicians in an environment of increasing economic integration. The focus of the paper is on the implications of globalization-induced political yardstick competition for constitutional design with a view to the current discussion in the...
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This paper analyses three questions related to the EU/EMU integration infrastructure: (i) interrelation between monetary and fiscal integration; (ii) interrelation between monetary integration and closer coordination of macroeconomic policies and (iii) fiscal discipline vs. fiscal solidarity. On...
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