Die Europäische Fiskalunion: Gedanken zur Entwicklung der Eurozone

Hans-Werner Sinn

Munich Reprints in Economics from University of Munich, Department of Economics

Abstract: This paper argues that the European fiscal union and the measures of the ECB constitute a policy of excessively loose budget constraints in the Eurozone. They will slow down or hold back the real devaluation necessary for the southern countries to regain competitiveness and continue to cause capital flight as long as the printing press underbids the capital markets. The paper shows that Europe has the choice between two models: (i) free access to Target credits and eurobonds and (ii) the US model, with annual Target debt redemption and self-liability for any funds borrowed in the market. It suggests creating the United States of Europe following the US model as closely as possible.

Date: 2012
References: Add references at CitEc
Citations:

Published in Perspektiven der Wirtschaftspolitik 3 13(2012): pp. 137-178

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Journal Article: Die Europäische Fiskalunion Gedanken zur Entwicklung der Eurozone (2012)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:lmu:muenar:19625

Access Statistics for this paper

More papers in Munich Reprints in Economics from University of Munich, Department of Economics Ludwigstr. 28, 80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Tamilla Benkelberg ().