ECONOMIC FEDERALISM OF THE EU
Keywords:
The European Union, the single market, the European currency, the budget Union, the economic federalism, federal taxes, the budget transfers, redistribution, stabilizationAbstract
Incomplete federalism in the European Union is characterized by the existence of a single market and a European currency without federal taxes, the budget and the government. The last one in the case of asymmetric economic crises which het more some Member States could make decisions in the direction of redistribution of budget funds. Redistribution is the process by which the federal government through тhе transfer of federal funds and diminution of federal taxes for the poor member states of the federation aims to reduce the long term structural differences between developed and undeveloped. Stabilization in the other hand is the mechanism of emergency measures by which the federal government by grants from the budget and reducing the federal tax reduces the current economic shock which has affected one of its members. The survival of the European Union may be called into question if it limits this to be only the internal market open to every kind of external shock. In order to make sense, European authorities should be based on the original national legitimacy whith the right to decide on important aspects of life and have the power to respond quickly to crises in their environment, as well as in the world.
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