Om finanspolitisk selvstændighed i en økonomisk og monetær union

Translated title of the contribution: On Fiscal Sovereignty in an Economic and Monetary Union

Svend E. Hougaard Jensen, Christian Motzfeldt

Research output: Contribution to journalJournal articleResearchpeer-review


This paper surveys some fiscal aspects of an economic and monetary union (EMU) in Europe. Four questions are addressed. First, based upon an evaluation of spillover effects of fiscal policy, does the transition from the European Monetary System (EMS) to an EMU increase the need for fiscal policy coordination? Second, what is the empirical significance of "seigniorage " as a source of finance of government and do European countries differ in that respect? Third, does the presence of relative (country-specific) shocks constitute a case for subsidiarity in fiscal policy-making? Fourth, are market forces strong enough to impose fiscal discipline on governments or are binding budgetary rules required?
Translated title of the contributionOn Fiscal Sovereignty in an Economic and Monetary Union
Original languageDanish
JournalNationaløkonomisk tidsskrift
Issue number1
Pages (from-to)165-181
Number of pages17
Publication statusPublished - 1991

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