The Maastricht Treaty has represented a major shift in the paradigm of the European integration, with the foundation of the European Union and the establishment of a new framework for a common currency.
Within such framework, Member States maintained their competences as regards fiscal policy, but they were subject to the limits contained in Article 109j(1) (now Article 140(1) TFEU) and, subsequently, in the Stability and Growth Pact.
Although the provisions concerning the Economic and Monetary Union have not been substantially amended since the Maastricht Treaty, the functioning of the common currency underwent a significant revision during the years of the crisis. However, the commitment to a rules-based fiscal policy was never really put into discussion, with a number of shortcomings that can be observed on the basis of an economic analysis.
For this reason, a number of solutions have been suggested in order to favour a shift from the current model of rules-based economic policy towards a form of shared fiscal policy, and, in particular, a special attention has been dedicated to the possible shift towards a fiscal capacity of the Eurozone. In the light of the economic analysis identifying the shortcomings of a rules-based economic governance, the paper will aim at framing the issue of the possible institutional arrangements that should be taken into consideration in order to establish a fiscal capacity for the Eurozone, and to ensure its democratic governance.
“Trade doesn’t work in isolation from good domestic policies” Interview to Arancha González
by Borderlex 19/09/2023
Interview to Arancha González, former Spanish foreign minister, who released together with FEPS the new book entitled 'The Trade Handbook: Making Trade Work for Prosperity, People and Planet'
A szociális unió imperatívusza
by Új Egyenlőség 09/09/2023
'The imperative of Social Union'. Article about FEPS book 'Europe’s Social Integration: Welfare Models and Economic Transformations' by László Andor.
Após 66 anos de adiamentos, a barragem do Pisão entrou em contra-relógio
by Pùblico 19/08/2023
'After 66 years of postponements, the Pisão dam has entered a race against time' Pùblico's article mentions FEPS Policy Study 'Governing the RRF'
Ukrainian economy and society: whither the (postwar) country?
by Commons 16/06/2023
In Commons' article, Yuliya Yurchenko, co-author of FEPS’ book 'Europe and the war in Ukraine', outlines the consequences of the Russian invasion of Ukraine for the Ukrainian population and the plans needed for Ukraine's recovery.
Other cookies are used for Advertisement and Analytics (Sharing on social networks, video playing, analysis and statistics, personalized advertising ...) You can refuse them if you want to. REJECTACCEPTCookie settings