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5 - The Emergent Centralized Architecture of European Fiscal Federalism

from Part II

Published online by Cambridge University Press:  07 April 2022

Brady Gordon
Brady Gordon
Affiliation:
University of British Columbia, Vancouver; Blake, Cassels & Graydon LLP
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Summary

Chapter 5 opens for Part II of the book with the task of taxonomy, classifying the emergent post-crisis EU fiscal architecture from the perspective of fiscal federalism theory in order to determine what it demands from the EU legal order to ‘work’. Chapter 5 finds that, from the perspective of fiscal federalism theory, the EU has sunk the cornerstones of a highly centralized model of ‘proto-fiscal union’ that is far more apt to unitary states than any of the other federations touched upon in this book. At its core, the new model supplants a legal pillar of fiscal sovereignty and market discipline (an entrenched ‘no-bailout’ law) with a legal feature of unitary states: centralized financial assistance and legal governance of fiscal policy. Chapter 5 evaluates the demands this places on the European legal order, and provides directions for the remainder of the analysis of Part II.

Keywords

Economic and Monetary Unionfiscal federalismeconomic/fiscal governanceTreaty on Stability, Convergence and Governancefiscal unioncentralizationMacroeconomic Imbalance ProcedureStability and Growth Pactfinancial assistance
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Chapter
Information
The Constitutional Boundaries of European Fiscal Federalism , pp. 203 - 215
Publisher: Cambridge University Press
Print publication year: 2022

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