This policy brief argues that the euro area's shortcomings have become abundantly clear. It was set up without powers of strict surveillance over macroeconomic imbalances, crisis management and resolution instruments, or adequate banking supervision and resolution tools. The authors assert that the core reason for these failures is the absence of a fiscal union with corresponding authority over fiscal, structural and banking policies.
Guntram Wolff on "What kind of fiscal union"
Guntram Wolff presents the policy recommendations proposed in the policy brief "What kind of fiscal union".
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Ms katya 25th January 2012
Sir,
Something came up, contact me for more info.
ioanneskatya@yahoo.com
Ms Katya
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Neil Warren 6th December 2011
Pretty nice post. I just stumbled upon your blog and wished to say that I have really enjoyed browsing26 your blog posts. In any case I'll be subscribing to your feed and I hope you write again soon!…
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eddie 24th November 2011
Jim O'Neill has suggested I read this.
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sylvain.plasschaert 23rd November 2011
I agree with André Sapir and associates. Their proposals are not maximalist and hence not utopian, provided there is political will to engage in almost revolutionary steps ( not all Member states will concur hence enhanced cooperation ? )
As somebody who has been invoved in studying fiscal federalism, including in Europe, one should not underestimate the obstacles to devise a proper EU tax field .( The proposal should be more specific in this regard.) Yet, All in all, there is some progress. Proposlas viewed yesrerdatqsrday
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Sylvain.Plasschaert 23rd November 2011
I agree with the proposals of André Sapir and associates. The proposal is not maxiomaasl aposal Having been involved in studying fiscal federaliism, including in the EU, one cannot underestimate the obstacles of establishing for the EU its own fiscal diomain.
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Kurt Bayer 23rd November 2011
This is an excellent step forward which also takes into account the essential legitimacy questions. However, it also follows the orthodox school that only structural policies are growth enhancing. Whether more structural reforms would have made the Greek economy stronger, is very doubtful. This would have required an active industrial policy, innovation policies and education and training, among other initiatives. Thus, it seems to me that ultimately, Eurozone or EU supervision (and implementation?) must also include some active growth-enhancing policies which make MS economies more competitive and resilient.
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