Fiscal Union

Hubert Kempf
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Hubert Kempf: École Normale Supérieure Paris-Saclay

Chapter 9 in Monetary Unions, 2022, pp 319-354 from Springer

Abstract: Abstract A critical component of a monetary union is the fiscal setting under which member countries operate. Chapter 9 looks carefully at this setting, which can be seen as a fiscal union as member countries must agree on some fiscal operating regulations. Two main options are possible: fiscal federalism or inter-governmental negotiations. It is impossible to claim that one is superior to the other. The issue hampering a fiscal union of any variety is an opportunistic behaviour of member states, exploiting moral hazard. The mutualization of public bonds and the creation of a union-endorsed bond or security are discussed as well as the implementation and assessment of a fiscal union.

Date: 2022
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DOI: 10.1007/978-3-030-93232-9_9

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