Chapter 4: US Precedents for Europe
CESifo Group Munich, Munich, 2013
in: EEAG Report on the European Economy 2013, 95-107
This chapter investigates two of the most widely debated aspects of US fiscal and financial integration: (1) the responsibility of the federation for state-level debts and for the creditworthiness of states; and (2) the working of a federal central bank. Today’s fiscal federalism in the United States is relatively robust, but the road from 1790 was rocky; and the first two decades of the Federal Reserve as rife with monetary mistakes as the first fifteen years of the European Central Bank.
Included in
EEAG Report on the European Economy 2013 - Rebalancing Europe
CESifo Group Munich, Munich, 2013