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Czy unia fiskalna w obrębie Unii Europejskiej jest możliwa – wnioski z kryzysu

100%
Stabryła-Chudzio K.
Management and Business Administration. Central Europe
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2013
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vol. 21
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issue 2(121)
170-185
XX
Purpose: The purpose of the article is to find an answer to the question whether the European Union, and especially the countries that are full members of the Economic and Monetary Union, are able to reach a common solution in fiscal policy, which may result in a further deepening of integration processes. Methodology: The article is based on literature, legislation and documents, reports and accounts of the institutions and bodies of the EU. The paper presents an analysis of the current situation within the European Union on fiscal consolidation, the theoretical format of the fiscal union and the range of possible functions of common bonds and consequences of the issue (in the context of sharing risk between the issuers, and thus – the impact on fiscal discipline), and finally, the role of the disintegrative processes in the context of public finance. Findings: So far, the common legislation to restore budgetary balance was broadly implemented, however, it is too early to say whether specific rules will translate into action of public authorities. When it comes to issues indicating the deepening of integration, it is difficult to note the political consensus in this regard. The proposal for creating a new budget only for the eurozone countries seems to be far-reaching. Research implications: This paper may be a contribution to the further discussion on the future of the European Union, especially in the context of fiscal policy. Originality: The author presents her findings and thoughts on current events in the financial integration within the European Union on the basis of documents of the European Commission, the Council of the European Union, the President of the European Council and the European Economic and Social Committee.
2
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Fiscal Federalism in the EMU

100%
Poniatowski G.
Journal of Management and Financial Sciences
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2015
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vol. 22(4)
21-32
EN
With a common monetary policy and interest rate in a currency area, optimal policy mix entails a very active stabilization role of fiscal policy. Such a role however, requires supporting each other’s actions of all member states. This paper contributes to the on-going debate on optimal macroeconomic policy in the EMU by analysing the effects that would stem from implementing a Pan-European fiscal coordination mechanism. Our results have proven the substantial welfare benefits of fiscal coordination. The bigger and less asymmetric shocks affecting the members of the monetary union, the larger the welfare gains. Sample estimates for the EMU Member States show that introducing an efficient coordination mechanism would bring gains in the increase of consumption by 2.8 to 4.6%.
3
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The Fiscal Union as a Remedy For the Economic and Financial Crisis in the European Union

100%
Gałuszka J.
Equilibrium. Quarterly Journal of Economics and Economic Policy
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2013
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vol. 8
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issue 1
49-67
EN
Financial crisis and a global deep recession has led to new government interventions, and the nation's governors have struggled with the resulting budget deficits, unemployment, and other economic problems in their states. Many states are facing major fiscal problems in coming years. Rising debt and growing health and pension costs threaten tax increases down the road. At the same time, intense global economic competition makes it imperative that states improve their invest-ment climates. To that end, some governors are pursuing broad-based tax reforms, such as cutting income tax rates and spending restraint to get their states back on track. The purpose of the article is to identify the impact of globalization and the international environment on the process of tax harmonization in the EU from the perspective of proposal to establish a fiscal union. Moreover, I would like to answer whether a deeper fiscal harmonization will help to achieve the objectives of fiscal consolidation in the time of global tax competition and free movement of capital, goods, services and labour force. The article is divided into several small parts. These parts include the examples/small case studies, which would help stressing the pros and cons of fiscal union and its potential consequences also in the field of economic freedom. Methodology in the article is based on the descriptive analysis of statistical data, source materials and Polish and English literature.
4
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Between failure and success of the integration process: explaining the policy impact (the case of the fiscal and energy unions)

88%
Petrakov I., Kucheryavaya E.
Przegląd Europejski
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2016
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vol. 2016 (42)(4)
38-55
EN
The aim of the article is to explain why the EU integration efforts have different outcomes in times of crisis with regards to impact on key stakeholders. Besides traditional political theories of European integration, authors suggest to take into account the importance of behavioural intentions and stimuli to adhere to the reforms agenda. The research results presented in this article explain two recent deep EU crises: energy crisis and fiscal crisis, which evolved simultaneously, but resulted in different integration projects within the same political and institutional background. Authors analysed Eurobarometer public opinion surveys together with empirical data on the impact on stakeholders, based on available indicators in Eurostat. Authors found that the key for a policy to succeed in targeting agents’ and groups’ behaviour is its direct ties with stakeholders’ motivation which can be done only at market level. Thus, policy shift in integration areas should be reinforced by direct and clear market solutions and corrective mechanisms avoiding politically-relevant targets.
5
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Causes of the outbreak of the eurozone crises: the role of the USA and the European Central Bank monetary polic

63%
Białek N.
Finansowy Kwartalnik Internetowy e-Finanse
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2015
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vol. 11
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issue 2
47-63
EN
This paper argues that the loose monetary policy of two of the world’s most important financial institutions—the U.S. Federal Reserve Board and the European Central Bank—were ultimately responsible for the outburst of global financial crisis of 2008-09. Unusually low interest rates in 2001- 05 compelled investors to engage in high risk endeavors. It also encouraged some governments to finance excessive domestic consumption with foreign loans. Emerging financial bubbles burst first in mortgage markets in the U.S. and subsequently spread to other countries. The paper also reviews other causes of the crisis as discussed in literature. Some of them relate directly to weaknesses inherent in the institutional design of the European Monetary Union (EMU) while others are unique to members of the EMU. It is rather striking that recommended remedies tend not to take into account the policies of the European Central Bank.
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Between failure and success of the integration process: explaining the policy impact (the case of the fiscal and energy unions)

63%
Petrakov I., Kucheryavaya E.
Przegląd Europejski
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2016
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issue 4(42)
38-55
EN
The aim of the article is to explain why the EU integration efforts have different outcomes in times of crisis with regards to impact on key stakeholders. Besides traditional political theories of European integration, authors suggest to take into account the importance of behavioural intentions and stimuli to adhere to the reforms agenda. The research results presented in this article explain two recent deep EU crises: energy crisis and fiscal crisis, which evolved simultaneously, but resulted in different integration projects within the same political and institutional background. Authors analysed Eurobarometer public opinion surveys together with empirical data on the impact on stakeholders, based on available indicators in Eurostat. Authors found that the key for a policy to succeed in targeting agents’ and groups’ behaviour is its direct ties with stakeholders’ motivation which can be done only at market level. Thus, policy shift in integration areas should be reinforced by direct and clear market solutions and corrective mechanisms avoiding politically-relevant targets.
PL
Celem artykułu jest wyjaśnienie dlaczego inicjatywy integracyjne w ramach UE mają w czasie kryzysu zróżnicowane efekty, jeśli chodzi o wpływ na kluczowych interesariuszy. Autorzy sugerują, że oprócz tradycyjnych politycznych teorii integracji europejskiej należy uwzględnić znaczenie intencji behawioralnych i czynników skłaniających do wypełniania planu reform. Rezultaty badań zaprezentowanych w artykule dotyczą dwóch ostatnich poważnych kryzysów w UE: energetycznego i fiskalnego, które ewoluowały równolegle, lecz pomimo tożsamego kontekstu politycznego i instytucjonalnego ich skutki były różne. Autorzy przeanalizowali badania opinii publicznej Eurobarometru oraz dane empiryczne dotyczące wpływu na interesariuszy, zaczerpnięte z Eurostatu. Autorzy ustalili, że kluczowe dla sukcesu polityki, jeśli chodzi o wpływ na zachowanie jednostek i grup, są bezpośrednie więzy z motywacjami interesariuszy, co można osiągnąć jedynie na poziomie rynku. Reformom polityk w obszarze integracyjnym powinny towarzyszyć bezpośrednie i przejrzyste rozwiązania rynkowe oraz mechanizmy korekcyjne unikające celów ważnych politycznie.
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The current economic and debt crisis in eurozone and crisis of grand theories of European integration

63%
Leška D.
Human Affairs
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2013
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vol. 23
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issue 3
429-442
EN
The economic and debt crisis threaten many eurozone countries and the very existence of the common currency, the euro. The crisis has meant that some special mechanisms have had to be created (EFSF, ESM) and the introduction of special procedures in heavily indebted countries. The deepening of the crisis and the economic recession in the euro area have resulted in the growth of nationalism and anti-European sentiments in EU member states. Resolving the crisis, however, requires further convergence of the eurozone countries, the formation of a fiscal union and a banking union. At the same time, the crisis has shown that the grand theories of European integration, neo-functionalism and liberal intergovernmentalism, have failed to provide answers to the questions raised by the crisis, and this has led to the growing importance of social constructivism.
8
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The significance of the European Fiscal Board in the surveillance of fiscal policy in the euro area – the two year experience with its operation and the prospects for the future

63%
Giżyński J.
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
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2019
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issue vol. 63, nr 6
22-39
EN
This article indicates the place of the European Fiscal Board in the fiscal supervision in the euro area, demonstrates the most important principles of the Board’s functioning, and presents the most important results of its two-year work. The Board acts as an independent advisory body to the European Commission. The outcomes of its work constitute an important voice in the debate on the new European fiscal framework. The article concludes with an evaluation of the Board’s functioning. On this basis, it has been concluded that the body is characterized by many limitations and therefore is a type of a low-significance fiscal council. A series of recommendations have been presented to strengthen its status. The research methods included in the work are a literature review and a comparative analysis of the documents issued by various institution of the European Union.
PL
W artykule wskazano miejsce Europejskiej Rady Budżetowej w nadzorze fiskalnym strefy euro, przedstawiono najważniejsze zasady funkcjonowania tej Rady oraz wyniki jej dwuletniej pracy. Rada pełni funkcję niezależnego ciała doradczego Komisji Europejskiej. Wyniki jej prac stanowią ważny głos w debacie na temat nowych europejskich ram polityki fiskalnej. Artykuł zamyka ocena funkcjonowania Rady. Na jej podstawie sformułowano wniosek, iż ciało to charakteryzuje się wieloma ograniczeniami i tym samym jest typem rady fiskalnej o słabym znaczeniu. W celu wzmocnienia jej statusu przedstawiono szereg rekomendacji. Do przygotowania artykułu wykorzystano metodę badawczą studium literatury i analizę porównawczą oficjalnych dokumentów wydanych przez instytucje Unii Europejskiej.
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