The political determinants of fiscal governance in the EU : towards a new equilibrium

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dc.contributor.authorBUTI, Marco
dc.contributor.authorFABBRINI, Sergio
dc.date.accessioned2023-10-27T10:01:56Z
dc.date.available2023-10-27T10:01:56Z
dc.date.issued2023
dc.descriptionPublished online: 27 October 2023en
dc.description.abstractThe 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.en
dc.format.mimetypeapplication/pdfen
dc.identifier.citationPolitics and governance, 2023, Vol. 11, No. 4, pp. 112-121en
dc.identifier.doi10.17645/pag.v11i4.7248
dc.identifier.endpage121en
dc.identifier.issn2183-2463
dc.identifier.issue4en
dc.identifier.startpage112en
dc.identifier.urihttps://hdl.handle.net/1814/75979
dc.identifier.volume11en
dc.language.isoenen
dc.orcid.uploadtrue*
dc.publisherCogitatio Pressen
dc.relation.ispartofPolitics and governanceen
dc.rightsinfo:eu-repo/semantics/openAccessen
dc.rights.licenseAttribution 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/*
dc.titleThe political determinants of fiscal governance in the EU : towards a new equilibriumen
dc.typeArticleen
dspace.entity.typePublication
person.identifier.other26641
relation.isAuthorOfPublicationd8749a9b-36e4-4b47-ad63-8a6aca44dd05
relation.isAuthorOfPublication.latestForDiscoveryd8749a9b-36e4-4b47-ad63-8a6aca44dd05
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