The End of Fiscal Sovereignty in Europe

National fiscal sovereignty would facilitate the final crucial step building a more mature relationship with private lenders.

The idea that sharing a single currency also means accepting limitations on fiscal sovereignty is not new.

So the survival of the Russian state depends on its fiscal and economic strength, which also guarantees its sovereignty.

Nevertheless, fiscal rules and common banking supervision are still regarded in many quarters as an illegitimate encroachment on member states sovereignty.

That will involve a loss of full fiscal sovereignty, but facing up to that reality is required to sustain the monetary union.

And it would interfere much less with national sovereignty than would the subordination of fiscal policies to an EU or eurozone wide authority.

At this point, peripheral countries will regain their fiscal sovereignty and will be able to ignore Reinhart and Rogoff s warning at their own risk.

As the eurozone experience proves, sustaining a monetary union requires banking, fiscal, and full economic union. And, once members give up their sovereignty over fiscal, banking, and economic affairs, they may eventually need a partial political union to ensure democratic legitimacy.

The eurozone now rests on the shaky basis of a confederation of states that are committed both to a monetary union and to retaining their fiscal sovereignty.

CAMBRIDGE In the French parliament s recent debate on Europe s new fiscal treaty, the country s Socialist government vehemently denied that ratification of the treaty would undermine French sovereignty.

The European Parliament will not be able to fill the emerging vacuum, as it lacks fiscal sovereignty, which still lies with national parliaments and will remain there indefinitely.

Rethinking Sovereignty

and sovereignty

The first is political and involves sovereignty Full European solidarity can be achieved only through stronger fiscal and monetary federalism, which would enable the eurozone to act, despite minority dissent.

Fiscal Follies

What's fiscal ?

Meanwhile, the state lurches from fiscal tragedy to fiscal farce.

Protection of sovereignty

Europe s Sovereignty Illusion

Fiscal consolidation was not, however, the result of formal fiscal rules.

Europe s Fiscal Wormhole

America s Fiscal Isolationism

Fiscal Closing Time?

Fiscal Child Abuse

Germany s Fiscal Follies

India s Fiscal Follies

Shorting Fiscal Consolidation

Alternative Fiscal Medicine?

Country _ Fiscal year _

Country _ Fiscal year _

Fiscal stimulus is turning into fiscal austerity and a drag on growth.

fiscal year 2000 2001 to the fiscal year 2002 2003 (table 5).

8. 22 29 April 1994 Fiscal Affairs Revenue enhancement and fiscal management

Greece s Vote for Sovereignty

Taiwan u0027s Sovereignty Dilemma

The Truth About Sovereignty

The EU has shown the difference between voluntarily limited sovereignty and involuntarily stolen sovereignty.

America s Exceptional Fiscal Conservatism

Europe s Empty Fiscal Compact

Fiscal Fibs and Follies

Gaming US Fiscal Reform

America s Fiscal Cliff Dwellers

Is Fiscal Stimulus Pointless?

Obama s Difficult Fiscal Summer