Toward a Fiscal Union for the Euro Area    

Public ISBD Titre : Toward a Fiscal Union for the Euro Area Type de document : document électronique Editeur : IMF Année de publication : September 2013 Collection : IMF Staff Discussion Note Importance : 29 p Langues : Anglais (eng) Tags : Monnaies  Euro  FMI Résumé : A new paper from International Monetary Fund staff argues that advancing fiscal integration would help address a number of gaps in the euro area’s architecture. Alongside the banking union, a fiscal union would reduce the incidence and severity of future crises by strengthening fiscal discipline and providing a minimum amount of insurance against deep recessions. While putting in place a fiscal union will take time, providing a roadmap for implementation is viewed as essential to anchor confidence in the euro area’s viability, thereby also supporting current crisis management efforts. European policymakers have taken important steps to strengthen fiscal and economic governance frameworks. However, vigorous implementation and robust enforcement mechanisms are a prerequisite for greater fiscal integration. With these safeguards in place, according to the paper, a clearer ex ante approach to fiscal discipline and cross-country insurance mechanisms—as opposed to a strategy that relies exclusively on support when crises have already occurred—would further strengthen the architecture and ensure stability of the Economic and Monetary Union. En ligne : http://www.imf.org/external/pubs/ft/sdn/2013/sdn1309.pdf Toward a Fiscal Union for the Euro Area [document électronique] . - [S.l.] : IMF, September 2013 . - 29 p. - (IMF Staff Discussion Note) . Langues : Anglais (eng) Tags : Monnaies  Euro  FMI Résumé : A new paper from International Monetary Fund staff argues that advancing fiscal integration would help address a number of gaps in the euro area’s architecture. Alongside the banking union, a fiscal union would reduce the incidence and severity of future crises by strengthening fiscal discipline and providing a minimum amount of insurance against deep recessions. While putting in place a fiscal union will take time, providing a roadmap for implementation is viewed as essential to anchor confidence in the euro area’s viability, thereby also supporting current crisis management efforts. European policymakers have taken important steps to strengthen fiscal and economic governance frameworks. However, vigorous implementation and robust enforcement mechanisms are a prerequisite for greater fiscal integration. With these safeguards in place, according to the paper, a clearer ex ante approach to fiscal discipline and cross-country insurance mechanisms—as opposed to a strategy that relies exclusively on support when crises have already occurred—would further strengthen the architecture and ensure stability of the Economic and Monetary Union. En ligne : http://www.imf.org/external/pubs/ft/sdn/2013/sdn1309.pdf

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