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Are the characteristics of the exchange rate regime relevant for the degree of fiscal discipline? What are the conclusions for fiscal behavior in Europe after the transition to EMU? These are the central questions that are analyzed in this paper from a theoretical point of view. After a general...
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There are at least two reasons why sustainability of public debt is an issue of increasing importance. First, public choice considerations show the danger of excessive use of deficit finance in a democracy. Second, the conditions of a European Monetary Union imply further incentives for deficit...
Persistent link: https://www.econbiz.de/10011547191
Die Bestimmungen zur europäischen Wirtschafts- und Währungsunion (WWU) im Unionsvertrag haben die Anreize für öffentliche Verschuldung verändert. Die Analyse zeigt, daß trotz der Bemühungen, die nationale Eigenverantwortlichkeit zu bewahren, nicht mit einer effektiven Disziplinierung...
Persistent link: https://www.econbiz.de/10011621819
There are at least two reasons why sustainability of public debt is an issue of increasing importance. First, public choice considerations show the danger of an excessive use of deficit finance in a democracy. Second, the conditions of a European Monetary Union (EMU) imply further incentives for...
Persistent link: https://www.econbiz.de/10011622826
In this paper we propose a reform of the EU financing system. The two most important elements of our proposal are i) to … make the contribution of taxpayers to the EU budget more visible by showing an EU VAT share on receipts and ii) to increase … the power of the European Parliament in the determination of the structure of EU expenditures by limiting the multiannual …
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A mechanism to restructure the debt of an insolvent euro country is a missing element in the emerging institutional architecture of the euro area. The introduction of an insolvency procedure for sovereigns faces a dilemma: In the foreseeable future, its introduction would risk pushing Europe...
Persistent link: https://www.econbiz.de/10010394484