Fiscal federalism and European integration
Subtitle: implications for fiscal and monetary policies
By: Edward M. Gramlich and Paul R. Wood.
Contributors: Wood, Paul R.
Series: International finance discussion papers ;; no. 694; International finance discussion papers (Online) ;; no. 694.
Publisher: Federal Reserve Board
Published: 2000
Place of publication: Washington, D.C
Language: eng
Format: Electronic resource
Subjects: Fiscal policy -- European Union countries.; Monetary policy -- European Union countries.
Description: "This paper examines European economic integration in light of standard thinking about fiscal federalism.  We first describe the main features of European integration, analyzing how institutions in the European Union fit the prescriptions of a federal system.  We find that in some areas the European Union has already developed arrangements that fit standard views of fiscal federalism, in other areas there is gradual movement toward prescribed arrangements, and in still other areas the European Union℗s unique historical path may suggest some interesting new departures in the federalism literature.  We try to extract some lessons from this analysis: some recommendations for Europe based on the orthodox principles of fiscal federalism, and some modifications of these orthodox principles based on the European experience"--Federal Reserve Board web site.
Notes: Includes bibliographical references.
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