Working almost to exhaustion and persuading countries one by one, European leaders agreed Friday to redefine their continent — hoping that by joining their fiscal fortunes they might stop a crippling debt crisis, save the euro currency and prevent worldwide economic chaos.
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1 European Fiscal Union: Economic rationale and design challenges Gilles Thirion* CEPS Working Document No 01-2017, January 2017 1. Introduction Europe divided on Friday in a historic rift that will leave Britain isolated while a large majority of countries led by Germany and France agreed to forge ahead with plans for a new treaty that A an with proper institutions would be able to provide joined-up management of the EU economy as a whole. Ex-ante control would mean that wayward Irish, Spaniards or Greeks would not be able Which fiscal union for the Which union for the euro area? At the current level of political and societal integration, a large federal budget is unrealistic in the euro area. The authors make three recommendations that would lead national Tags: which, fiscal, union, euro, “This book contributes to our deeper understanding of the architecture that emerged during and in the wake of euro area crisis. It provides an important example of how economic and monetary union may lay If ’s Economic and Monetary Union (EMU) were like any other large currency area, such as the United States, member states would tackle economic or financial shocks together. They would have empowered a central government However, one caveat is needed: the strength of integration will have to move pari passu with some form of increased political integration, and this may impose limits on what forms of union are