The ECB Is Not Enough. A Federal Budget for the Eurozone

Introduction The long debate about completing the European monetary union with a fiscal pillar has revived since the near-collapse of the single currency in 2010-2012 as a side effect of the mostly speculative attacks on Italian, Spanish and Portuguese government bonds. Federalist authors have been engaging intensively in these discussions, while the Eurozone budget remains a key demand of the Union of European Federalists. Unfortunately, to this day, the Council of the European Union has not endorsed this proposal even if it has the support of all European institutions, Commission, Parliament, and even the European Central Bank.