Spanish paper models effects of European ‘fiscal delegation’

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A working paper published by the Bank of Spain examines what might happen if European Union member states ceded at least part of their fiscal authority to an independent institution.

In Fiscal delegation in a monetary union: instrument assignment and stabilization properties, Henrique Basso and James Costain explore an alternative to the EU’s current fiscal arrangements. In their scenario, each member state would delegate “at least one fiscal instrument to an independent authority with a

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