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Governance of the Euro Area: Fiscal Union, Debt Union, Fiscal Freedom

Governance of the euro area: Fiscal union, debt union, fiscal freedom

  • EU-Krise
  • Souveränität und Gemeinsame Haftung
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Wirtschaftsdienst

Abstract

Over the past three years, as the euro area has struggled with high levels of sovereign debt, it has been gradually developing into a debt union. However, this is not a sustainable arrangement. This article proposes two alternatives to a debt union — a fiscal union and a monetary union with fiscal freedom — and evaluates the pros and cons of each approach.

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Authors and Affiliations

  1. Institute for Int. Economic Policy, University of Bonn, Lennéstrasse 37, 53113, Bonn, Germany

    Jürgen von Hagen

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  1. Jürgen von Hagen
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Correspondence to Jürgen von Hagen.

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Prof. Dr. Jürgen von Hagen is Director at the Institute for International Economic Policy at the University of Bonn, a Reseach Fellow of CEPR (Centre for Economic Policy Research) and Vice President at the Portuguese Public Finance Council.

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von Hagen, J. Governance of the Euro Area: Fiscal Union, Debt Union, Fiscal Freedom. Wirtschaftsdienst 94 (Suppl 1), 23–27 (2014). https://doi.org/10.1007/s10273-014-1646-1

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  • DOI: https://doi.org/10.1007/s10273-014-1646-1

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