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Partial Fiscalization: Some Historical Lessons on Europe's Unfinished Business

Michael Bordo () and Harold James

No 16117, Economics Working Papers from Hoover Institution, Stanford University

Abstract: The recent Eurozone crisis of 2010-2013 has brought to the fore the argument that a successful monetary union needs to be combined with a fiscal union. The history of the U.S. monetary/fiscal union is often given as a template for Europe. In this paper we describe how the push towards creation of the American fiscal union was long and arduous—it took from 1790 to the mid-1930s. In the European case, unlike the U.S. story, there is strong opposition to creating a fiscal union because members fear the loss of sovereignty that is entailed.

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Date: 2016
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