Afin de promouvoir une meilleure gouvernance de l’Union économique et monétaire et une intégration budgétaire plus forte, ce séminaire conjoint de la DG Trésor et du Fonds Monétaire International (FMI) a permis notamment d’évaluer l’expérience de différentes fédérations budgétaires, en particulier de la préservation de leur stabilité macro- économique et de la soutenabilité de leurs finances publiques.
Programme et présentations
Christine Lagarde, Managing Director, IMF,
Pierre Moscovici, Ministry of Economy and Finance
To Centralize or Not to Centralize: The Distribution of Fiscal Responsibilities in Federations
Notwithstanding the benefits of decentralization, key fiscal functions are allocated to the center. In practice, what functions do federal governments retain and hence, what if the typical size of the central budget? When fiscal policies are decentralized, are they usually harmonized across levels and regions—and if yes, how? And what role do transfers from the federal to the subnational governments typically play?
Presentation: M. Guerguil (IMF)
Professor Massimo Bordignon (UNICATT),
Professor Antonio Fatas (INSEAD)
To Constrain or Not to Constrain: Institutional Arrangements across Levels of Government
Because the vertical structure of the government can raise moral hazard and bailout expectations, fiscal federations often introduce explicit institutional arrangements to ensure that fiscal policies at different levels of government are mutually consistent. What types of arrangements are most frequently used, what degree of constraint do they entail, and how effective have they been? Do matching arrangements exist at the procedural level? Have practices evolved over time?
Presentation: L. Eyraud (IMF)
Douglas Sutherland (OECD),
Charles Wyplosz (Graduate Institute)
Below the Line: Subnational Debt and Subnational Debt Crises
Common borrowing by the central and subnational governments is unusual in federations, but financing linkages do exist across government levels. What form do they take and how do they impact the size and cost of subnational debt? What have central governments done when subnational entities have faced financing difficulties? What arrangements exist to prevent and resolve such problems?
Presentation: Marialuz Moreno Badia (IMF)
Professor Roel Beetsma (University of Amsterdam),
Thomas Philippon (NYU)
Lessons from the Crisis: Minimal Elements for a Fiscal Union in the Euro Area
The crisis has revealed critical gaps in the functioning of the European Monetary Union. What are these gaps? What role can deeper fiscal integration play in correcting architectural weaknesses in the system? What are the minimal elements of a fiscal union that would reduce the incidence and severity of future crises?
Presentation: C. Allard (IMF)
Vitor Gaspar (Bank of Portugal),
Rolf Strauch (ESM)
Looking Forward: Insights for the European Union and Beyond.
The experiences of fiscal federations reveal some regularities but also recurrent challenges and difficult tradeoffs. What lessons can be drawn that would minimize future risks to fiscal sustainability? Can these experiences shed some light on the path to fiscal integration in the European Union?
Panel discussion: Marco Buti (EC), Carlo Cottarelli (IMF), Ramon Fernandez (France),
Carlo Monticelli (Italy), John Moran (Ireland), Dr. Thomas Steffen (Germany)
Chair: António Vitorino (Notre Europe – Institut Jacques Delors)
Crédit photo©Patrick Védrune, secrétariat général des ministères économiques et financiers