Merlo, Stefano;
Fasone, Cristina;
(2021)
Differentiated Fiscal Surveillance and the Democratic Promise of Independent Fiscal Institutions in the Economic and Monetary Union.
Swiss Political Science Review
, 27
(3)
pp. 582-600.
10.1111/spsr.12456.
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Abstract
The post-crisis reforms of the Economic and Monetary Union (EMU) have met with skepticism toward their democratic credentials. This certainly applies to the requirement to set up Independent Fiscal Institutions (IFIs). Drawing on Pettit’s model of republican legitimacy, this paper argues however that IFIs can indirectly increase the democratic character of national fiscal policy while preserving Member States’ autonomy. Such a democratic contribution is further facilitated by nationally differentiated implementation of the EU rules regarding the heterogeneous design and powers of IFIs. Based on a comparative analysis of selected Member States’ “elaboration discretion” in defining the organisation and the mandate of IFIs, the article highlights that these features reflect the variety of constitutional settings at domestic level. It is concluded that this heterogeneity amounts to a form of differentiated integration which allows for a better navigation of the trade-off between the persistence of fiscal policy externalities and the reduction in national autonomy.
| Type: | Article |
|---|---|
| Title: | Differentiated Fiscal Surveillance and the Democratic Promise of Independent Fiscal Institutions in the Economic and Monetary Union |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1111/spsr.12456 |
| Publisher version: | https://doi.org/10.1111/spsr.12456 |
| Language: | English |
| Additional information: | © 2021 The Authors. Swiss Political Science Review published by John Wiley & Sons Ltd on behalf of Swiss Political Science Association. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited. |
| Keywords: | Differentiated Integration, EMU, Fiscal Councils, Fiscal Surveillance, Non-domination |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL SLASH UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Political Science |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10165963 |
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