fiscal union

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Fitch EU senior fixed-income investor survey shows most favour fiscal union

LONDON | Ratings agency Fitch released on Monday the conclusions of its latest survey of the opinions of a hundred fixed-income asset managers with an estimated $7.2-trillion business volume. More than 80% of respondents work at the top 20 and 50 investing houses in Europe, so their views on the euro zone’s future are meant to be telling. And they are: fiscal integration is seen as the final station of…


Fiscal compact is the key

MADRID | Germany will not move unless it firmly secures the fiscal compact goal. The growth strategy, the financial transactions tax and even banking union will only thrive so long discipline in public accounts is agreed. You can sulk at the stubborn obstinacy shown by Ms Merkel on this issue but trying to ignore it would not help Europe to overcome current problems. Brussels is proposing an enhanced budgetary control that…

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European fiscal union? Eurobonds? Good luck convincing Germany

Luis Arroyo, in Madrid | It’s the talk of the town. The euro zone desperately needs to become a fiscal union and, voilà, everything will be sorted. But I wonder: how do we get there? Have a look at the chart below, which reflects fiscal pressure levels in core Europe economies and in some of the peripherals’. What do we see? We clearly spot the huge differences among them (which are…