{"title":"The rise of common public debt in Europe: a new chapter in fiscal integration?","authors":"","doi":"10.1007/s40888-024-00326-1","DOIUrl":null,"url":null,"abstract":"<h3>Abstract</h3> <p>Common public debt in Europe is on the rise. Could it open a new chapter in fiscal integration? Over the past 15 years it has gained in prominence to provide collective funds for financial assistance and investment projects to meet common objectives, in particular when national budgets were stretched. This article reviews how the political focus of the Member States on keeping the financial position of the European Union (EU) under tight control has given way to large-scale common public debt issuance as the logical but still exceptional response to a crisis, pandemic, or war that demands collective action. To open a new chapter in fiscal integration, Member States will need to grant the EU a permanent option to borrow capital within pre-defined limits as well as a standing source of tax revenues for fulfilling its stabilisation, redistribution, and allocation functions. A central fiscal capacity with a permanent role for common public debt in turn requires effective central fiscal surveillance to secure sound national public finances.</p>","PeriodicalId":44858,"journal":{"name":"Economia Politica","volume":"50 1","pages":""},"PeriodicalIF":2.8000,"publicationDate":"2024-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economia Politica","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1007/s40888-024-00326-1","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
Common public debt in Europe is on the rise. Could it open a new chapter in fiscal integration? Over the past 15 years it has gained in prominence to provide collective funds for financial assistance and investment projects to meet common objectives, in particular when national budgets were stretched. This article reviews how the political focus of the Member States on keeping the financial position of the European Union (EU) under tight control has given way to large-scale common public debt issuance as the logical but still exceptional response to a crisis, pandemic, or war that demands collective action. To open a new chapter in fiscal integration, Member States will need to grant the EU a permanent option to borrow capital within pre-defined limits as well as a standing source of tax revenues for fulfilling its stabilisation, redistribution, and allocation functions. A central fiscal capacity with a permanent role for common public debt in turn requires effective central fiscal surveillance to secure sound national public finances.
期刊介绍：
This journal publishes peer-reviewed articles that link theory and analysis in political economy, promoting a deeper understanding of economic realities and more effective courses of policy action. Established in 1984, the journal has kept pace with the times in disseminating high-quality and influential research aimed at establishing fruitful links between theories, approaches and institutions. With this relaunch (which combines Springer’s worldwide scientific scope with the Italian cultural roots of il Mulino and Fondazione Edison, whose research has been published by the two mentioned publishers for many years), the journal further reinforces its position in the European and international economic debate and scientific community. Furthermore, this move increases its pluralistic attention to the role that – at the micro, sectoral, and macro level – institutions and innovation play in the unfolding of economic change at different stages of development.
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