Analysis of Fiscal Rules in the European Monetary Union
: The EMU fiscal system is specific in many areas compared to other classic fiscal systems of national states. Specific features mainly reflect in the implementation of economic policy within the EMU which is carried out by combining a common centralized monetary policy under the ECB jurisdiction an...
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| Format: | Article |
| Language: | English |
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Sciendo
2015-01-01
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| Series: | Journal of Central Banking Theory and Practice |
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| Online Access: | https://doi.org/10.1515/jcbtp-2015-0002 |
| Summary: | : The EMU fiscal system is specific in many areas compared to other classic fiscal systems of national states. Specific features mainly reflect in the implementation of economic policy within the EMU which is carried out by combining a common centralized monetary policy under the ECB jurisdiction and decentralized fiscal policies under the jurisdiction of the member states. The member states` sovereignty in governing their fiscal policies is one of the key causes of the EU fiscal system underdevelopment, i.e. its indigent structure in relation to “standard fiscal systems”. |
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| ISSN: | 2336-9205 |