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- W3124052714 abstract "European debates over reform of the governance of the euro area frequently reference federalism in the United States. The fiscal agreed by the European Council during 2011 provided for the introduction of, among other things, constitutional rules or framework laws known as in the member states of the euro area. In light of the compact and proposals for deeper union, we review US federalism from Alexander Hamilton to the present. We note that within the US system the states are sovereign: The federal government does not mandate balanced budgets nor, since the 1840s, does it bail out states in trouble. States adopted balanced budget rules of varying strength during the nineteenth century and these rules limit debt accumulation. Before introducing debt brakes for euro area member states, however, Europeans should consider three important caveats. First, debt brakes are likely to be more durable and effective when owned locally rather than mandated centrally. Second, maintaining a capacity for countercyclical macroeconomic stabilization is essential. Balanced budget rules have been viable in the US states because the federal government has a broad set of powers, including countercyclical action. Finally, because debt brakes threaten to collide with bank rescues, the euro area should unify bank regulation and create a common pool for restructuring the banking system." @default.
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- W3124052714 date "2012-01-01" @default.
- W3124052714 modified "2023-09-27" @default.
- W3124052714 title "Fiscal federalism: US history for architects of Europe's fiscal union" @default.
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