Fiscal Federalism in the EMU - Bok av Claus Koenigs - Häftad
With the creation of the EMU, member countries have abandoned their monetary policy sovereignty for the benefits of the Euro. Previously, output fluctuations between countries could automatically be absorbed by an adjustment of the relative exchange rate between the national economies. It is frequently argued that the loss of this channel must be compensated by an appropriate fiscal policy tool to avoid large and protracted regional swings in economic growth and unemployment. A fiscal federation..