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Palgrave Macmillan

Europe's New Fiscal Union

  • Book
  • © 2019

Overview

Authors:
  1. Pierre Schlosser

    1. European University Institute, Florence, Italy

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  • Provides a thorough analysis of Europe’s post-crisis fiscal union

  • Offers an in-depth assessment of the euro crisis management measures and of its sequencing

  • Explains the institutionalization of a central yet fragmented fiscal authority

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Table of contents (8 chapters)

  1. Front Matter

    Pages i-xi
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  2. Introduction

    • Pierre Schlosser
    Pages 1-19

  3. EMU’s Asymmetrical Institutional Design

    • Pierre Schlosser
    Pages 21-43

  4. Enhancing EMU’s Fiscal Arm: Towards Stronger Regulatory Surveillance

    • Pierre Schlosser
    Pages 45-72

  5. Building Central Financial Assistance Capacities

    • Pierre Schlosser
    Pages 73-101

  6. Developing an EMU Lending of Last Resort Capacity

    • Pierre Schlosser
    Pages 103-132

  7. Centralizing Banking Resolution

    • Pierre Schlosser
    Pages 133-165

  8. Findings and Interpretation

    • Pierre Schlosser
    Pages 167-204

  9. How to Reform EMU?

    • Pierre Schlosser
    Pages 205-245

  10. Back Matter

    Pages 247-252
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Keywords

About this book

The euro crisis made Europe’s stateless currency falter. This book retraces and interprets the ways in which the crisis impacted the unique institutional set-up of Europe’s Economic and Monetary Union (EMU). It argues that the crisis propelled the European continent towards the institutionalization of an unprecedented form of centralized authority: Europe’s New Fiscal Union. Diving into the central functions of fiscal surveillance, financial assistance, lending of last resort and banking resolution, the book reveals how a covert and convoluted mutualisation process occurred in the shadow of the euro crisis management. Based on 62 interviews conducted by the author with senior policy-makers in Brussels, Frankfurt, Helsinki and Rome, the book claims that Europe’s New Fiscal Union is largely unsettled and still unstable. It therefore engages with the challenges arising from the patchwork of newly adopted rules, instruments and bodies, suggesting crucial reform steps to make EMU sustainable.

Authors and Affiliations

  • European University Institute, Florence, Italy

    Pierre Schlosser

About the author

Pierre Schlosser is Scientific Coordinator of the Florence School of Banking and Finance, Robert Schuman Centre, European University Institute, Florence, Italy. 

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