Fiscal Policy in the European Union

OSCAR AFONSO Assistant Professor in Economics, Faculty of Economics, University of Porto, Portugal RUI HENRIQUE ALVES Invited Lecturer, Faculty of Economics, University of Porto, Portugal Mª JESÚS ARROYO FERNÁNDEZ Associate Professor of Economics (with Tenure), Universidad CEU San Pablo, Madrid, Spain JÉRÔME CREEL Deputy Director, Observatoire Français des Conjonctures Economiques (OFCE, Sciences Po), Paris since 2003; Professor of Economics, ESCP-EAP European School of Management TERESA GARCÍA DEL VALLE Associate Professor of Statistics, University of the Basque Country, Bilbao, Spain GUY J. GILBERT Full Professor of Economics, Ecole Normale Supérieure at Cachan; Member, Centre d'Economie de la Sorbonne-Paris I University CARMEN GÓMEZ Lecturer in Economics, University of the Basque Country, Bilbao, Spain THIERRY MADIÈS Full Professor of Economics, University of Fribourg, Switzerland; Member, Council of Economic Analysis of the French Prime Minister CATHERINE MATHIEU Senior Economist, Analysis and Forecasting Department, OFCE (Observatoire français des conjonctures économiques), Paris, France CARLO PANICO Professor of Economics, University of Naples 'Federico II', Italy GWENAËLLE POILON Institut d'Etudes Politiques de Paris; Observatoire Français de la Conjoncture Economique (OFCE) SABRINA ROSTAING-PARIS Lecturer, University of Bordeaux 4, France HENRI STERDYNIAK Head, Economics of Globalisation Department, OFCE(Observatoire français des conjonctures économiques), Paris, France; Professor of Economics, University of Paris-Dauphine, France; Member, Steering Committee, AFSE (Association Française de Science Economique); Member, EUROFRAME (European network of economic institutes) JORGE UXÓ GONZÁLEZ Associate Professor of Economics, Universidad CEU San Pablo, Madrid, Spain MARTA VÁZQUEZ SUÁREZ Santiago University, Spain

Introduction Fiscal Federalism in the European Union: How Far Are We?; R.H.Alves  and  O.Afonso Is there Compatibility between the Stability and Growth Pact and Automatic Fiscal Stabilisers?; S.Rostaing-Paris Stabilization Capacity and Fiscal Policy in EMU; J.U.González  and  M.J.A.Fernández Fiscal Adjustment and Composition of Public Expenditures in EMU; J.Ferreiro, M.T.García-del-Valle  and C.Gómez Public Capital and Economic Growth: An Empirical Spurious Link?; G.Poilon Has France Become a Deficit Running Country?; J.Creel, G.Gilbert  and T.Madiès How to Deal with Economic Divergences in EMU?; C.Mathieu  and H.Sterdyniak A Scheme to Coordinate Monetary and Fiscal Policies in the Euro Area;  C.Panico  and M.V.Suárez