The pace of economic integration amongst European Union (EU) member states has accelerated considerably during the past decade, highlighted by the process of Economic and Monetary Union (EMU). Many aspects of the EU's apparatus, however, have failed to evolve in order to meets these new challenges. This book explores the issue of fiscal federalism within the context of EU integration from theoretical, historical, policy and global perspectives. It contrasts the pace of integration amongst EU member states with the failure of financial and administrative apparatus to evolve to encompass fiscal federalism, i.e. the development of a centralised budgetary system. This impressive collection, with contributions from a range of internationally respected authors, shall interest students and researchers involved with European economics and economic integration. Its accessible style will also make it extremely useful to policy-makers and professionals for whom European economic integration is a daily topic of conversation.
1. Fiscal federalism and EMU: an appraisal Philip Whyman and Mark Baimbridge Part 1: Theory of fiscal federalism 2. An essay on fiscal federalism Wallace E. Oates 3. The political economy of EMU and the EU Stability Pact Ralph Rotte Part 2: Development of EU budgetary measures 4. The development of EU budgetary measures and the rise of structural funding Jeffrey Harrop 5. The development of the EU budget and EMU Brian Ardy Part 3: EMU and fiscal federalism 6. Stabilisation in EMU: a critical review Robert Ackrill 7. Fiscal and monetary policies Edward M. Gramlich and Paul R. Wood Part 4: A global perspective 8. Australia's federal experience Jeff Petchey and Graeme Wells 9. Fiscal federalism in Switzerland: a public choice approach Christoph A. Schaltegger and René L. Frey 10. Fiscal institutions, regional adjustment and convergence in Canada's currency union: lessons for EMU Tracy R. Snoddon