FISCAL GOVERNANCE FRAMEWORKS OF THE USA AND THE EU OR WHEN DOES DECENTRALISED FISCAL DISCIPLINE WORK?

Aleksandrina Aleksandrova ()
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Aleksandrina Aleksandrova: D. A. Tsenov Academy of Economics Svishtov, Bulgaria

Economic Science, education and the real economy: Development and interactions in the digital age, 2020, issue 1, 202-213

Abstract: The EU fiscal governance is a set of generally applicable supra-national rules and decisions on Community's fiscal policy taken by sovereign Member States within the coherent EU legal framework. In the US, the fiscal activity is carried out within a three-tier hierarchical structure at the following levels: federal (central), state (50 "sovereign" states, including the federal territory of the District of Columbia), and local (consisting of over 90,000 local administrative units). This study aims to analyse the differences and similarities in the institutional frameworks governing fiscal policy in the United States and the European Union. The authors’ paper presents a factual comparison between the EU and US fiscal frameworks, outlining the specific features and characteristics of the two institutionally distinct economic integration alliances. This paper also lifts the curtains on the issues of the fiscal centralization or the decentralized fiscal discipline, widely ignored within the EU.

Keywords: fiscal policy; European Union; USA; fiscal framework (search for similar items in EconPapers)
JEL-codes: E61 F53 H60 H62 H63 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:vrn:cfdide:y:2020:i:1:p:202-213

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