This book examines public debt hoarding within the Euro Area, which is one of the most complicated challenges regarding modern fiscal policy-making. The author offers an up-to-date analysis of the fiscal situations of Italy, Spain, Portugal, and Greece. The book describes key mechanisms of debt transmission, discusses the potential establishment of fiscal and debt union in the EU, identifies numerous implications, and connects the fiscal positions of the examined countries with the structural flaws of the Euro Area and the monetary policy of the European Central Bank. Moreover, the work presents an estimation of structural budget balances, including a comparison with the estimates of major international institutions such as the IMF, OECD, and European Commission. A separate chapter is devoted to analysing the fiscal policy determinants, using time series since the late 19th century, and the issue of fiscal policy efficiency. Finally, the work provides an overview of debt resolution options. Overall, this book offers eight core chapters intended for the public, professional economists, and policymakers.

Autorentext

Milan Bednár is a graduate of the Prague University of Economics and Business, Czech Republic, where he obtained his PhD in Economic Policy. Currently, he is an Assistant Professor at the Department of Economic and Social Policy at the Faculty of Economics of the Prague University of Economics and Business, Czech Republic. He is a lecturer of various courses, including European Union and Its Policies, Introduction to Economic and Social Policy, Monetary Policy and Business Cycle, Macroeconomic Analysis, and Applied Econometrics. His research focuses on macroeconomic analysis of European countries and policy-making in the European Union.