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This paper proposes a central fiscal capacity for the euro area that generates transfers in response to eurozone, country, and region-specific shocks. Themain novelty of this fiscal capacity is that it allows a joint response to these three types of shocks within a single scheme. Based on NUTS3 regional data over the last two decades and regional fiscal multiplier estimates, our analysis shows that - with a limited risk of moral hazard - substantial stabilisation could have been achieved in response to the eurozone and regional shocks, while country-specific shocks were on average weaker and therefore needed less stabilisation.
This paper proposes a central fiscal capacity for the euro area that generates transfers in response to eurozone, country, and region-specific shocks. Themain n
This paper proposes a central fiscal capacity for the euro area that generates transfers in response to eurozone, country, and region-specific shocks. The main
In this report, 'The Review of the Less Favoured Areas Scheme (HL Paper 98)', the European Union Committee calls for the swift adoption of reforms to the EU Les
For and Against: A Discussion on the Award Scheme provides a critical review of the Duke of Edinburgh’s Award for Young People. The awarding scheme is divided