The Future: Models of Further Integration
The Future: Models of Further Integration
This chapter presents the two ideal models of economic and fiscal integration: the surveillance model and the classic fiscal federalism model. The chapter analyses the problemsc and consequences of both models and argues that, although seemingly counterintuitive, the surveillance model poses as large a threat to national autonomy as the fiscal federalism model, and raises similar democratic legitimacy concerns. The danger is that, perhaps atempting to avoid the perceived radical changes associated with fiscal federalism, the euro area may be edging towards the surveillance model without the necessary awareness or debate. The chapter additionally includes a critical analysis of the proposals for further integration that have been put forward in reality. The chapter concludes that, for the time being, fundamental disagreements concerning the natural locus of democratic legitimacy and the place of states within the EU will impede any dramatic overhaul of the current settlement.
Keywords: Economic and Monetary Union, EMU, economic and fiscal integration, surveillance model, discipline, fiscal federalism, taxation, fiscal capacity, democratic legitimacy
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