Fiscal aspects of the European monetary integration
Along with the introduction of the euro as a single currency, importance of respecting the fiscal aspects which determine longevity of the monetary arrangement is recognized. For this reason, although underdeveloped, the EU fiscal system provides mechanisms to ensure fiscal discipline among member s...
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| Format: | Article |
| Language: | English |
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Faculty of Law, Niš
2014-01-01
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| Series: | Zbornik Radova Pravnog Fakulteta u Nišu |
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| Online Access: | http://scindeks-clanci.ceon.rs/data/pdf/0350-8501/2014/0350-85011466181G.pdf |
| _version_ | 1818898497747812352 |
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| author | Golubović Srđan |
| author_facet | Golubović Srđan |
| author_sort | Golubović Srđan |
| collection | DOAJ |
| description | Along with the introduction of the euro as a single currency, importance of respecting the fiscal aspects which determine longevity of the monetary arrangement is recognized. For this reason, although underdeveloped, the EU fiscal system provides mechanisms to ensure fiscal discipline among member states. In addition to the fulfillment of the convergence criteria which is a precondition for joining the monetary union, they include no bailout clause and monetary financing prohibition. Sovereign debt that escalated in 2010 showed all the imperfections of these arrangements and pointed to the need for introduction of new and more effective fiscal rules. With fiscal system of the European Union as a starting point, the paper analyzes instruments defined by the fiscal system of the Union, which purpose is to ensure fiscal discipline of the European Monetary Union member states. Last part of the paper analyze new fiscal rules introduced as a response to the debt crisis in the Eurozone. |
| first_indexed | 2024-12-19T19:33:01Z |
| format | Article |
| id | doaj.art-f4914d0fbda24df9973a3d1ba02525ab |
| institution | Directory Open Access Journal |
| issn | 0350-8501 2560-3116 |
| language | English |
| last_indexed | 2024-12-19T19:33:01Z |
| publishDate | 2014-01-01 |
| publisher | Faculty of Law, Niš |
| record_format | Article |
| series | Zbornik Radova Pravnog Fakulteta u Nišu |
| spelling | doaj.art-f4914d0fbda24df9973a3d1ba02525ab2022-12-21T20:08:32ZengFaculty of Law, NišZbornik Radova Pravnog Fakulteta u Nišu0350-85012560-31162014-01-0120146618119610.5937/zrpfni1466181G0350-85011466181GFiscal aspects of the European monetary integrationGolubović Srđan0Univeristy of Niš, Faculty of Law, Niš, SerbiaAlong with the introduction of the euro as a single currency, importance of respecting the fiscal aspects which determine longevity of the monetary arrangement is recognized. For this reason, although underdeveloped, the EU fiscal system provides mechanisms to ensure fiscal discipline among member states. In addition to the fulfillment of the convergence criteria which is a precondition for joining the monetary union, they include no bailout clause and monetary financing prohibition. Sovereign debt that escalated in 2010 showed all the imperfections of these arrangements and pointed to the need for introduction of new and more effective fiscal rules. With fiscal system of the European Union as a starting point, the paper analyzes instruments defined by the fiscal system of the Union, which purpose is to ensure fiscal discipline of the European Monetary Union member states. Last part of the paper analyze new fiscal rules introduced as a response to the debt crisis in the Eurozone.http://scindeks-clanci.ceon.rs/data/pdf/0350-8501/2014/0350-85011466181G.pdfEuropean Monetary Unionfiscal systemStability and Growth PactFiscal compact |
| spellingShingle | Golubović Srđan Fiscal aspects of the European monetary integration Zbornik Radova Pravnog Fakulteta u Nišu European Monetary Union fiscal system Stability and Growth Pact Fiscal compact |
| title | Fiscal aspects of the European monetary integration |
| title_full | Fiscal aspects of the European monetary integration |
| title_fullStr | Fiscal aspects of the European monetary integration |
| title_full_unstemmed | Fiscal aspects of the European monetary integration |
| title_short | Fiscal aspects of the European monetary integration |
| title_sort | fiscal aspects of the european monetary integration |
| topic | European Monetary Union fiscal system Stability and Growth Pact Fiscal compact |
| url | http://scindeks-clanci.ceon.rs/data/pdf/0350-8501/2014/0350-85011466181G.pdf |
| work_keys_str_mv | AT golubovicsrđan fiscalaspectsoftheeuropeanmonetaryintegration |