Warianty tytułu
Euro as a Link between European Monetary Union and Fiscal Federalism and Political Union
Języki publikacji
Abstrakty
Przedstawiono europejską unię walutową jako drogę ku federalizmowi fiskalnemu i unii politycznej. Omówiono funkcje federalizmu fiskalnego i jego zakres w euroobszarze. Przybliżono jednolitą ponadnarodową politykę pieniężną i zróżnicowaną politykę fiskalną w europejskiej unii walutowej a także problematykę związaną z podatkiem europejskim.
The paper shows that the importance of common currency euro essentially flows from its being a link between the present (European Monetary Union) and the future (fiscal fedralism and political union). Many observers pointed to its presumed contradictions and alleged economic divergences and asymmetric shocks among Euro-zone countries would be too large to ensure a viable monetary union and to lead to a political federation. There are the various possible responses to an asymmetric shocks. Theres may be market or policy responses, each in turn taking in the form of a price or non-price adjustment. The extent of wage-price adjustment as market response depends on labour market flexibility. However, fiscal federalism as policy response may be necessary in the long run. The basic issue in fiscal federalism is that of assigning specific fiscal responsibilities (redistribution, allocation and stabilization) to the proper level of government. Fiscal federalism means "unity in diversity" in the public finance. In the European Monetary Union, the responsibility for different fiscal policy lies with national governments and the responsibility for uniform monetary policy lies with European Central Bank. Euro represents a chance or u obstacle in the process of European Monetary Union and fiscal fedralism and political union in depending on the respect of the principle of "unity in diversity". (original abstract)
Rocznik
Numer
Strony
119--134
Opis fizyczny
Twórcy
autor
Bibliografia
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
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