The Political Determinants of Fiscal Governance in the EU: Towards a New Equilibrium
Autor(a) principal: | |
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Data de Publicação: | 2023 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | https://doi.org/10.17645/pag.v11i4.7248 |
Resumo: | The article investigates the political determinants of fiscal governance in the EU. Since the outset of the Economic and Monetary Union, the EU adopted a model of fiscal regulation which attempted to keep government debt and deficit in check to avoid “fiscal dominance.” With the 2020 pandemic, the EU suspended the fiscal rules and adopted a program, Next Generation EU, having some features of a central fiscal capacity. On the bases of comparative federal analysis, the article discusses the political conditions that preside over the formation of a stable central fiscal capacity, here conceptualized as the “triple-T model.” We argue that, in unions of states, the determinants of a central fiscal capacity consist in the appearance of an existential threat, in the reciprocal trust among national governments for answering the threat with central resources, and an adequately long time planning horizon of national policymakers to apprehend the benefits of those common resources for all member states. On these bases, the article outlines the contour of a new EU fiscal set up which encompasses an EU central fiscal capacity and robust budget rules framing the fiscal choices of national authorities. |
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The Political Determinants of Fiscal Governance in the EU: Towards a New Equilibriumcentral fiscal capacity; Economic and Monetary Union; European Union; fiscal equilibrium; fiscal governance; fiscal policyThe article investigates the political determinants of fiscal governance in the EU. Since the outset of the Economic and Monetary Union, the EU adopted a model of fiscal regulation which attempted to keep government debt and deficit in check to avoid “fiscal dominance.” With the 2020 pandemic, the EU suspended the fiscal rules and adopted a program, Next Generation EU, having some features of a central fiscal capacity. On the bases of comparative federal analysis, the article discusses the political conditions that preside over the formation of a stable central fiscal capacity, here conceptualized as the “triple-T model.” We argue that, in unions of states, the determinants of a central fiscal capacity consist in the appearance of an existential threat, in the reciprocal trust among national governments for answering the threat with central resources, and an adequately long time planning horizon of national policymakers to apprehend the benefits of those common resources for all member states. On these bases, the article outlines the contour of a new EU fiscal set up which encompasses an EU central fiscal capacity and robust budget rules framing the fiscal choices of national authorities.Cogitatio Press2023-10-27info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttps://doi.org/10.17645/pag.v11i4.7248https://doi.org/10.17645/pag.v11i4.7248Politics and Governance; Vol 11, No 4 (2023): Comparative Fiscal Federalism and the Post-Covid EU: Between Debt Rules and Borrowing Power; 112-1212183-246310.17645/pag.i373reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAPenghttps://www.cogitatiopress.com/politicsandgovernance/article/view/7248https://www.cogitatiopress.com/politicsandgovernance/article/view/7248/3437Copyright (c) 2023 Marco Buti, Sergio Fabbriniinfo:eu-repo/semantics/openAccessButi, MarcoFabbrini, Sergio2023-11-23T15:15:21Zoai:ojs.cogitatiopress.com:article/7248Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T21:26:32.774858Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
The Political Determinants of Fiscal Governance in the EU: Towards a New Equilibrium |
title |
The Political Determinants of Fiscal Governance in the EU: Towards a New Equilibrium |
spellingShingle |
The Political Determinants of Fiscal Governance in the EU: Towards a New Equilibrium Buti, Marco central fiscal capacity; Economic and Monetary Union; European Union; fiscal equilibrium; fiscal governance; fiscal policy |
title_short |
The Political Determinants of Fiscal Governance in the EU: Towards a New Equilibrium |
title_full |
The Political Determinants of Fiscal Governance in the EU: Towards a New Equilibrium |
title_fullStr |
The Political Determinants of Fiscal Governance in the EU: Towards a New Equilibrium |
title_full_unstemmed |
The Political Determinants of Fiscal Governance in the EU: Towards a New Equilibrium |
title_sort |
The Political Determinants of Fiscal Governance in the EU: Towards a New Equilibrium |
author |
Buti, Marco |
author_facet |
Buti, Marco Fabbrini, Sergio |
author_role |
author |
author2 |
Fabbrini, Sergio |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Buti, Marco Fabbrini, Sergio |
dc.subject.por.fl_str_mv |
central fiscal capacity; Economic and Monetary Union; European Union; fiscal equilibrium; fiscal governance; fiscal policy |
topic |
central fiscal capacity; Economic and Monetary Union; European Union; fiscal equilibrium; fiscal governance; fiscal policy |
description |
The article investigates the political determinants of fiscal governance in the EU. Since the outset of the Economic and Monetary Union, the EU adopted a model of fiscal regulation which attempted to keep government debt and deficit in check to avoid “fiscal dominance.” With the 2020 pandemic, the EU suspended the fiscal rules and adopted a program, Next Generation EU, having some features of a central fiscal capacity. On the bases of comparative federal analysis, the article discusses the political conditions that preside over the formation of a stable central fiscal capacity, here conceptualized as the “triple-T model.” We argue that, in unions of states, the determinants of a central fiscal capacity consist in the appearance of an existential threat, in the reciprocal trust among national governments for answering the threat with central resources, and an adequately long time planning horizon of national policymakers to apprehend the benefits of those common resources for all member states. On these bases, the article outlines the contour of a new EU fiscal set up which encompasses an EU central fiscal capacity and robust budget rules framing the fiscal choices of national authorities. |
publishDate |
2023 |
dc.date.none.fl_str_mv |
2023-10-27 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://doi.org/10.17645/pag.v11i4.7248 https://doi.org/10.17645/pag.v11i4.7248 |
url |
https://doi.org/10.17645/pag.v11i4.7248 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
https://www.cogitatiopress.com/politicsandgovernance/article/view/7248 https://www.cogitatiopress.com/politicsandgovernance/article/view/7248/3437 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2023 Marco Buti, Sergio Fabbrini info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2023 Marco Buti, Sergio Fabbrini |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Cogitatio Press |
publisher.none.fl_str_mv |
Cogitatio Press |
dc.source.none.fl_str_mv |
Politics and Governance; Vol 11, No 4 (2023): Comparative Fiscal Federalism and the Post-Covid EU: Between Debt Rules and Borrowing Power; 112-121 2183-2463 10.17645/pag.i373 reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
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1799134146817163264 |