European Fiscal Union: Economic Rationale and Design Challenges

CEPS Working Document

38 Pages Posted: 4 Oct 2017

See all articles by Gilles Thirion

Gilles Thirion

Centre for European Policy Studies (CEPS)

Date Written: January 20, 2017

Abstract

Proposals for different types of elements of a fiscal union have flourished in recent years, both from academic and policy circles. Since a fiscal union could take a constellation of various different forms, this paper first provides an analytical framework pinpointing the five key elements of a fiscal union. It takes stock of the existing features of economic and monetary union (EMU) that embed some form of fiscal union, and then critically analyses the main arguments for and against further fiscal integration. Finally, It surveys the key proposals for a fiscal capacity and different types of Eurobonds.

Keywords: Eurobonds, European Fiscal Union, EMU

Suggested Citation

Thirion, Gilles, European Fiscal Union: Economic Rationale and Design Challenges (January 20, 2017). CEPS Working Document, Available at SSRN: https://ssrn.com/abstract=3047087

Gilles Thirion (Contact Author)

Centre for European Policy Studies (CEPS) ( email )

1 Place du Congres, 1000
Brussels, 1000
Belgium

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