The Fiscal Governance Frameworks of the United States and the European Union: Comparing ‘Apples and Pears’

Λεπτομερής ανάλυση 19-05-2017

This paper lays out the different institutional frameworks that govern fiscal policy in the United States and the European Union. It details the resulting differences in fiscal activity through a comparison of the revenues, expenditures, and fiscal balances that we observe at the central and state level in both jurisdictions. The paper tries to provide a factual ‘snap shot’ of these fiscal frameworks in order to distinguish the characteristics of these two institutionally very different economic governance systems.