Abstract
The history of monetary unions clearly suggests that their successful continuation may be closely tied to political union (see Arestis et al., 2003, for example). It can be further noted that there has to be a set of political authorities which determines the unit of account of money, and the forms of money which will be accepted as payment of tax and in settlement of debts. When the euro was created, powers over the issue of money which lie at the level of the nation with the central bank passed to a Federal institution in the form of the European Central Bank.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Author information
Authors and Affiliations
Copyright information
© 2013 Philip Arestis and Malcolm Sawyer
About this chapter
Cite this chapter
Arestis, P., Sawyer, M. (2013). Fiscal Policy in the Economic and Monetary Union. In: Economic and Monetary Union Macroeconomic Policies. Palgrave Macmillan, London. https://doi.org/10.1057/9781137317896_5
Download citation
DOI: https://doi.org/10.1057/9781137317896_5
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-31257-3
Online ISBN: 978-1-137-31789-6
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)