Fiscal Federalism reforms in the EU and the Greek Crisis

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1、ArticleEuropeanUnionPolitics12(1)127–142Fiscalfederalismreforms!TheAuthor(s)2010Reprintsandpermissions:intheEuropeanUnionandsagepub.co.uk/journalsPermissions.navDOI:10.1177/1465116510387652theGreekcrisiseup.sagepub.comMarkHallerbergHertieSchoolofGovernance,GermanyAbs

2、tractBaseduponexistingfiscalfederalarrangements,thisarticleconsiderstheoptionsfacingtheEuropeanUniontoreformitsownframework.TherearetwoplausiblewaystheEUcanstabilizethefinancesofitsmemberstatesoverthelongerterm.Thefirstistotakestepsthatcomplementthemarketdisciplineof

3、individualmemberstates.Formarketdisciplinetoplaythispositiverole,threeconditionsneedtobemet:(1)marketsneedtohaveaccurateinformationonmemberstatefinances;(2)themarketvaluationofagivenstatealsohastobeanaccuratevaluationofthesustainabilityofthatstate’sfinances;and(3)pop

4、ulationsneedtointerpretmarketdisciplineasasignalabouttheirgovernment’scompetenceandpunishgovernmentsthatfacemarketpressure.SuchasystemispossibleunderthecurrentStabilityandGrowthPact,andindeeditappearsthatallthreeconditionsheldinsummer2009.Anybailoutofamem-berstate,ho

5、wever,underminesthistypeofsystem.Morepoliticalintegrationwouldbeneededtopreventastatefromgettingintoasituationwhereabailoutwouldbeanoption.TheBrazilianmodelisaprecedentthattheEuropeanUnioncouldemulate.KeywordsBrazil,crisis,Europe,fiscalfederalism,fiscalpolicy,marketd

6、isciplineThefirst10yearsofStageIIIofEconomicandMonetaryUnion(EMU)weresuccessful.Theeurowascreatedin1999,withactualcoinsandpapercurrencyappearingatthebeginningof2002.Initialverdictswerethattheeurospurredcapitalmarketintegration(Eichengreen,2000)andmayevenhaveledtomoreC

7、orrespondingauthor:ProfessorMarkHallerberg,HertieSchoolofGovernance,Friedrichstr.180,10117Berlin,GermanyEmail:hallerberg@hertie-school.org128EuropeanUnionPolitics12(1)trade(Rose,2000).Duringthefinancialcrisisthatbeganin2008,eurozonemem-bersseemedtobeinsulatedfromthefin

8、ancialcollapsesthatnon-memberssuchasIcelandandLatviaexperienced.Sosuccessfulwastheeurobyitstenthanniversarythattherewasserioustalko