TY  - JOUR
AU  - Bordo, Michael D
AU  - Markiewicz, Agnieszka
AU  - Jonung, Lars
TI  - A Fiscal Union for the Euro: Some Lessons from History
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 17380
PY  - 2011
Y2  - September 2011
DO  - 10.3386/w17380
UR  - http://www.nber.org/papers/w17380
L1  - http://www.nber.org/papers/w17380.pdf
N1  - Author contact info:
Michael D. Bordo
Department of Economics
Rutgers University
New Jersey Hall
75 Hamilton Street
New Brunswick, NJ 08901
Tel: 732/822-7152
Fax: 732/932-7416
E-Mail: bordo@econ.rutgers.edu

Agnieszka Markiewicz
Erasmus University, Rotterdam
E-Mail: markiewicz@ese.eur.nl

Lars Jonung
Knut Wicksell Centre of Financial Studies
School of Economics and Management
Lund university
Box 7080
220 07 Lund
Sweden
Tel: +46-70-2740273
E-Mail: Lars.Jonung@ehl.lu.se
AB  - The recent financial crisis 2007-2009 was the longest and the deepest recession since the Great Depression of 1930. The crisis that originated in subprime mortgage markets was spread and amplified through globalised financial markets and resulted in severe debt crises in several European countries in 2010 and 2011. Events revealed that the European Union had insufficient means to halt the spiral of European debt crisis. In particular, no pan-European fiscal mechanism to face a global crisis is available at present. The aim of this study is to identify the characteristics of a robust common fiscal policy framework that could have alleviated the consequences of the recent crisis. This is done by using the political and fiscal history of five federal states; Argentina, Brazil, Canada, Germany and the United States.
ER  -