Towards a European Budgetary System

Marco Buti and Mario Nava

No 8, EUI-RSCAS Working Papers from European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS)

Abstract: The present EU budget is inconsistent with the current state and future prospects of European integration. Three failures are most evident: first, spending is heavily tilted towards the support of a declining sector, agriculture; second, it is almost impossible to reallocate spending across time and across policies; and third, its size is unrelated with the goals of the Union. Transforming the Community budget into a means through which the economic policy of the Union is consistently defined and put into practice requires correcting these failures. This can be done by moving towards a fully fledged 'European Budgetary System' in which the EU and national budgets pursue, in a co-ordinated manner, commonly-agreed objectives set in the Broad Economic Policy Guidelines. On a multi-annual basis, the EU Financial Perspectives and the national Stability and Convergence Programmes would be set within an aggregate European Budgetary Programme. Annually, this should give rise to a EU Budget Law to be approved alongside national budget laws.

Keywords: fiscal federalism; fiscal policy; budget (search for similar items in EconPapers)
Date: 2003-08-15
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