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European Fiscal Union: Economic Rationale and Design Challenges

Proposals for different types of elements of a fiscal union have flourished in recent years, both from 
academic and policy circles. Since a fiscal union could take a constellation of different forms, this 
paper first provides an analytical framework pinpointing the five key elements of a fiscal union. It 
takes stock of the existing features of EMU that embed some form of fiscal union, and then critically 
analyses the main arguments for and against further fiscal integration. Finally, it surveys the key 
proposals for a fiscal capacity and different types of Eurobonds.