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Toward a Genuine Economic and Monetary Union - Workshop at Oesterreichische Nationalbank


WWWforEurope at the Oesterreichische Nationalbank Workshop

Towards a Genuine Economic and Monetary Union

Vienna, Austria, 10-11 September 2015



Macroeconomic Imbalances and Institutional Reforms in the EMU
Stefan Ederer, Austrian Institute of Economic Research (WIFO)

Sustainable Tax Policy Beyond the Tax Ratio for the EU as Core Element of a “Fiscal Union”
Margit Schratzenstaller, Austrian Institute of Economic Research (WIFO)

At the international workshop "Toward a Genuine Economic and Monetary Union" organised by the Austrian National Bank in Vienna in September 2015, WWWforEurope researchers Stefan Ederer and Margit Schratzenstaller presented selected WWWforEurope research results and policy recommendations.

Stefan Ederer summarised the channels and mechanisms leading to the emergence of macroeconomics imbalances in the EMU before and after the recent crisis. He focused on the role of the specific institutional settings of the EMU in these developments and outlined the key reforms necessary to eliminate the imbalances and prevent them from re-emerging.

Margit Schratzenstaller pointed out severe sustainability gaps in EU tax systems, in particular high labour taxation vis-à-vis modest environmental and property-related taxes and the continuous erosion of company taxation. As core elements of an EU tax policy contributing to a more dynamic, inclusive and environmentally sustainable growth path she identified the harmonisation of corporate taxation; effective minimum tax rates for “sin taxes” and taxes on public bads, e.g. environmental or alcohol taxes; and the introduction of EU taxes, like a financial transactions or a carbon tax.

WWWforEurope scientific board member Paul de Grauwe opened the workshop with a key note.