FEDERALIST WORKSHOP
1 October 2015 | Brussels



TOWARDS A FISCAL UNION FOR THE EUROZONE:
Lessons from Federations

Federalist workshops aim to create a conversation between policy experts and federalist-minded professionals from the world of EU politics, business and civil society.

On Thursday 1 October we were joined by Xavier DEBRUN, Deputy Chief of the Fiscal Policy and Surveillance Division in the Fiscal Affairs Department of the IMF who spoke in a personal capacity about the lessons that might be learnt for the Eurozone from existing currency unions in federal states.

Various questions were addressed, including:

  • What degree of fiscal integration do mature currency unions have?
  • What fiscal policy tools have proven successful in federations?
  • What are the pros and cons of further fiscal integration in the Euro area?
  • How far can central fiscal oversight of national fiscal policies really go?
  • Are fiscal transfers necessary and how could the issues they raise be addressed?
  • Is a centralised budget a plausible alternative to directly provide European public goods?
  • How large should such a budget be to have macroeconomic effects?
  • Will the Eurozone need some forms of common borrowing (backed by own revenues)?

Chatham House rules applied.

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