A European Fiscal Union of Macroeconomic Indicators: ‘Failing Forward’ with the Euro Area Fiscal Stance

2021 ◽  
Author(s):  
Tobias Tesche
Keyword(s):  
Euro Area ◽  
Fiscal Union ◽  
Macroeconomic Indicators

scholarly journals Designing a fiscal union for the euro area

2017 ◽  
Vol 16 (4) ◽  
pp. 413
Author(s):  
Magdalena Kąkol
Keyword(s):  
Euro Area ◽  
Fiscal Union

scholarly journals Towards a Genuine Economic and Monetary Union—Comments on a Roadmap

2013 ◽  
Vol 1 (1) ◽  
pp. 48-65 ◽  
Author(s):  
Ansgar Belke
Keyword(s):  
European Commission ◽  
Monetary Union ◽  
Euro Area ◽  
Fiscal Federalism ◽  
Economic And Monetary Union ◽  
Banking Union ◽  
Interim Report ◽  
Fiscal Union ◽  
The North ◽  
To Come

The Van Rompuy Report and also additional proposals made by the European Commission outlined steps for a 'genuine Economic and Monetary Union'. This article explains, assesses and comments on the proposals made. Moreover, it outlines what could be recommendations in order to achieve a 'genuine Economic and Monetary Union'. For this purpose, details of the Interim Report are systematically evaluated. We also deal with different governance visions emerging from the ongoing euro area crisis and starts from different views of the 'North and the South' of the euro area on this issue. This contribution argues that there is an alternative option to the notion of cooperative fiscal federalism involving fiscal union, bailouts and debt mutualisation: competition-based fiscal federalism accompanied by a properly defined banking union. In order to be a successful one, any deal will have to come up with a successful recipe of how to (re-)create trust between European citizens and their elected governments.

scholarly journals Macroeconomic stability as the condition for Bulgaria to join the euro area

Equilibrium ◽  
2019 ◽  
Vol 14 (2) ◽  
pp. 295-315
Author(s):  
Anna Moździerz
Keyword(s):  
Euro Area ◽  
Budget Deficit ◽  
Value Added ◽  
Economic Convergence ◽  
Convergence Criteria ◽  
Macroeconomic Imbalances ◽  
Macroeconomic Indicators ◽  
The Subject ◽  
Macroeconomic Stability

Research background: The subject of research is the macroeconomic situation of Bulgaria in the context of the country's preparations for joining the euro area. In 2018, the Bulgarian government approved a plan of preparations covering the period until the end of June 2019, which assumes that the country will join the ERM II mechanism in July 2019, and the euro area on 1 January 2022. Bulgaria meets four nominal convergence criteria regarding inflation, long-term interest rate, budget deficit and public debt. The national currency is pegged to the euro under the currency board arrangement. Despite this, the implementation of this optimistic scenario may be difficult because since the 2007 crisis, the European institutions pay more attention to macroeconomic stability and the sustainability of convergence. Purpose of the article: The aim of the article is to identify the factors destabilising macroeconomic equilibrium in Bulgaria, which are a potential obstacle to the adoption of the euro by Bulgaria on schedule. Methods: The research was based on the changes in selected macroeconomic indicators, as well as on the method used by the European Commission to detect macroeconomic imbalances. The observation and analysis covered the 2007–2018 period.  Findings & Value added: The research results indicate that the low level of socio-economic convergence of Bulgaria and macroeconomic imbalances may delay its membership in the monetary union. Therefore, while respecting the country's aspirations to join the euro area, one cannot ignore the risk of another destabilisation of the euro area. 

scholarly journals Toward A Fiscal Union for the Euro Area

2013 ◽  
Vol 13 (9) ◽  
pp. 1 ◽  
Author(s):  
Céline Allard ◽  
Petya Koeva Brooks ◽  
John Bluedorn ◽  
Fabian Bornhorst ◽  
Franziska Ohnsorge ◽  
...  
Keyword(s):  
Euro Area ◽  
Fiscal Union

Macroeconomic Trends in the New Member Countries of the European Union Before the Euro Area Debt Crisis

2014 ◽  
Vol 61 (2) ◽  
pp. 197-217
Author(s):  
Ivan Krumov Todorov
Keyword(s):  
European Union ◽  
Euro Area ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Labour Productivity ◽  
The European Union ◽  
Macroeconomic Policies ◽  
Wide Range ◽  
Macroeconomic Indicators ◽  
Current Account Balances

Abstract The objective of this paper is to outline the main macroeconomic trends in the new member countries of the European Union before the Euro Area debt crisis. In order to achieve this objective, the developments in a wide range of macroeconomic indicators (exchange rates, foreign trade, monetary policy, inflation, price levels, and fiscal balances, sovereign debt, GDP, labour productivity, composition of output and current account balances) have been analyzed. The analysis results in recommendations on the macroeconomic policies the new member countries should have implemented under global crisis condition in accordance with the peculiarities of their economies and their specific national priorities.

scholarly journals Just Round the Corner? Pros, Cons, and Implementation Issues of a Fiscal Union for the Euro Area

2014 ◽  
Author(s):  
Fabrizio Balassone ◽  
Sandro Momigliano ◽  
Marzia Romanelli ◽  
Pietro Tommasino
Keyword(s):  
Euro Area ◽  
Fiscal Union

The Common Framework for National Fiscal Policies and the Euro Area Fiscal Union

2017 ◽  
pp. 11-49
Author(s):  
Antonella Cavallo ◽  
Pietro Dallari ◽  
Antonio Ribba
Keyword(s):  
Euro Area ◽  
Fiscal Policies ◽  
Fiscal Union ◽  
Common Framework ◽  
The Common

scholarly journals The Only Feasible Fiscal Union for the Euro Area

European View ◽  
2017 ◽  
Vol 16 (1) ◽  
pp. 23-32 ◽  
Author(s):  
Miguel Marín Cózar
Keyword(s):  
Euro Area ◽  
Fiscal Union

scholarly journals Traditional and Alternative Business Cycle Dating Procedures: Evidence for the Euro Area and the Czech Economy

2020 ◽  
Vol 68 (1) ◽  
pp. 263-274
Author(s):  
Ľubica Štiblárová
Keyword(s):  
Principal Component Analysis ◽  
Business Cycle ◽  
Euro Area ◽  
Policy Research ◽  
Method Comparison ◽  
Principal Component ◽  
Component Analysis ◽  
Economic Research ◽  
Macroeconomic Indicators ◽  
Business Cycle Dating

This paper examines to which extent the results of multivariate principal component analysis based on a set of macroeconomic indicators used by one of the leading economic research organizations – the Centre for Economic Policy Research (CEPR), mimics traditional, univariate Bry and Boschan (1971) business cycle procedure. Using almost 20 years of observations, we estimate the euro area aggregate and the Czech business cycles by classical, as well as alternative multivariate method. Comparison of the euro area aggregate classical business cycle with that of the CEPR reveals minor discrepancies. The estimation of the Czech business cycle using principal component analysis suffers from volatile time series, potentially resulting from a smaller character of the economy. On the contrary, the estimate of the euro area aggregate business cycle reflects quite well Bry and Boschan (1971) procedure, showing rather lagging behavior.

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