Lessons from History (Bordo, Markiewicz and Jonung)

A fiscal union for the Euro: Some lessons from history by Michael D. Bordo, Agnieszka Markiewicz and Lars Jonung, published by NBER. “The aim of this study is to identify the characteristics of a robust common fiscal policy framework that could have alleviated the consequences of the recent crisis. This is done by using the political and fiscal history of five federal states; Argentina, Brazil, Canada, Germany and the United States. The record of these cases provides us with a number of conditions necessary for a fiscal union to function smoothly and successfully.”