Bulletin n. 1/2016
June 2016
CONTENTS
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
    • Iozzo Alfonso
    Monetary Power and Fiscal Power in a Federal System
    in Federalist Debate (The) , XXIX, Number 1, March 2016 ,  2016
    Having created the institutions necessary for running the monetary union, Europe now needs adequate institutions able to manage the requisite budget increase, mainly to be funded by its own resources. However, there are major institutional differences between the two processes. Monetary Power In a federal system, responsibility for currency is held solely at central level: a single centre must have the right to issue currency and to regulate its quantity. In federal systems such as the United States and Switzerland, a central institution holds this monopoly but it includes representatives of the lower level of government: the Federal Reserve System and the Swiss National Bank. Before the advent of the Euro there was a similar institution in the Federal Republic of Germany: the Bundesbank.
    ©2001 - 2020 - Centro Studi sul Federalismo - P. IVA 94067130016