Premium
The Effects of Crises and European Fiscal Governance Reforms on the Budgetary Processes of Member States
Author(s) -
Raudla Ringa,
Bur Sebastian,
Keel Kati
Publication year - 2020
Publication title -
jcms: journal of common market studies
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.54
H-Index - 90
eISSN - 1468-5965
pISSN - 0021-9886
DOI - 10.1111/jcms.12972
Subject(s) - corporate governance , member states , economics , crisis management , european debt crisis , fiscal policy , financial crisis , economic system , european union , political science , macroeconomics , economic policy , european integration , finance , management
The goal of this article was to explore how the experience of the crisis and the fiscal governance reforms at the European level have influenced budget processes in member states. Drawing on the Europeanization, fiscal governance and pubic crisis management literature, the article first outlines a series of propositions about the kinds of shifts in the budget process that we would expect to ensue from the crisis experience and European reforms. The empirical part of our article explores the validity of those theoretical conjectures in three different member states: Portugal, Austria and Finland. We found that the crisis experience and European reforms have led to increased centralization of the budgetary process in all three countries. Although we would have expected Austria and Portugal to move closer towards the contracts approach of fiscal governance, this has not happened as the medium‐term expenditure frameworks are not viewed as binding.