Om finanspolitisk selvstændighed i en økonomisk og monetær union

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?