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from Part I
Published online by Cambridge University Press: 07 April 2022
Chapter 4 concludes for Part I of the book by setting-out out two criteria for EU fiscal federalism which emerge from Chapters 1-3. First, any model of EU fiscal federalism must preserve the fiscal sovereignty the 28 (now 27) constituent constitutional democracies at the base of its legal order. Second, hard budget constraints and market discipline are indispensable requirements for price stability, sound public finances, and a sustainable balance of payments in an EMU bound by the fiscal sovereignty of its member states. Those criteria are tested and applied as the thesis of the book throughout Part II.
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