Title: Fiscal Union - The Solution of The Euro-Zone Crisis and The Future of The Economic Governance of Europe?
Abstract: Abstract—The crisis in the euro-zone has indicated the weakness of economic governance both on the national and on the supranational level. On one side of the coin, countries such as Greece, Italy and Portugal have accumulated such a huge amount of debts because they did not follow the fiscal rules laid down in the Maastricht Treaty and the Stability and Growth Pact; nevertheless, on the other side of the coin, the provisions did not provide the EU a power to strictly supervise national matters.
This paper discusses why a large number of proposals were insufficient to solve the Greece’s dept crisis, represents a possible solution to the economic crisis in the euro-zone, called the fiscal union and examines how the negotiations during the Hungarian Presidency contributed to the realization of a stronger political and economic integration.
Publication Year: 2012
Publication Date: 2012-01-05
Language: en
Type: article
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