Maastricht and the Prospects of Fiscal Integration in the European Union

국문 초록 (Abstract)

1992년의 마스트리히트 조약은 유럽연합(European Union)의 경제 및 통화 통합과정에서 중요한 단계를 구성한다. 공동통화인 유로의 탄생과 더불어 회원국들은 통화정책 지역에서의 자신들의 주권을 포기했고, 유럽중앙은행(ECB)이 이 정책분야에서 전적으로 책임을 지게 되었다. 유럽연합은 통화정책의 통합 부문에서는 앞으로 나아갔지만, 재정정책은 개별 회원국의 책임으로 남았다. 통화정책과 재정정책의 분리는 2009년 유로 위기가 닥쳤을 때 문제가 되었고, 일부 국가는 부채의 재융자에서 심각한 문제를 경험했다. 유럽연합은 유럽안정화 메커니즘(European Stability Mechanism, ESM)과 같은 기구의 창설 및 재정협약(Fiscal Compact)으로 이 위기에 대응했다. 위기 이후 재정 통합은 대체로 논의대상에서 제외된 상태로 남아있었다. 그러나 최근에 이 정책 분야에서 유럽위원회와 몇몇 주요 국가들, 특히 독일이 유럽연합에서의 보다 심도 있는 재정통합을 고려할 준비가 되었음을 보여주는 움직임이 있었다. 코로나19 위기는 유럽연합에게 이 정책 분야에서 앞으로 나아갈 또 다른 기회를 제공했다. 이 논문은 유럽공동재정정책을 향한 다양한 제안과 이니셔티브를 살펴보고 공동 통화정책과 재정정책 간의 관계를 조명한다. 여기에는 유로공동채권 발행, 투자보증제도 수립 및 노조전체의 실업 재보험시스템이 포함된다. 또한 노조에 더 많은 재정적 안정을 제공하기 위해 유럽은행 연합을 완성해야 할 필요성을 강조한다. 재정정책통합을 둘러싼 두 가지 주요 입장 간의 논쟁에는 안정화동맹 진영과 재정동맹 진영, 이렇게 두 진영이 존재하는 가운데, 안정화동맹 진영이 재정동맹 진영의 입장에 마지못해 양보를 한 것으로 나타났다. 재정동맹 진영의 입장에서 일부 움직임이 있었지만, 안정화동맹은 여전히 경제통화동맹의 선도적 패러다임이다.

다국어 초록 (Multilingual Abstract)

The Maastricht Treaty of 1992 constitutes a major step in the process of economic and monetary integration of the European Union (EU). With the creation of the common currency, the euro, the member countries gave up their sovereignty in the area of monetary policy; and the ECB gained the sole responsibility in this policy field. Whereas the EU moved forward in the field of monetary policy integration, fiscal policy remained the responsibility of the individual members states. The separation of monetary and fiscal policy became problematic when the euro crisis hit in 2009 and some countries had severe problems refinancing their debt. The EU has reacted to this crisis with the creation of institutions such as the European Stability Mechanism (ESM) and with the Fiscal Compact. After the crisis fiscal integration remained largely off the table. However, recently there has been some movement in this policy field with the European Commission and some key states, especially, Germany showing more readiness to consider deeper fiscal integration in the EU. The Covid-19 crisis has provided the EU with another opportunity to move forward in this policy field. The article looks at the different proposals and initiatives for a common European fiscal policy and reflects on the relationship between common monetary and fiscal policy. This involves the issuance of common euro bonds, the establishment of an investment guarantee scheme and a union-wide unemployment reinsurance system. It also stresses the need to complete the European Banking Union to provide more financial stability for the union. In the debate between the two major positions on fiscal policy integration there are two camps, the stability union camp and the fiscal union camp. It was found that the stability camp has reluctantly yielded to few of the positions of the fiscal union camp. While there has been some movement in these positions, a stability union still is the leading paradigm in the economic and monetary union (EMU).

목차 (Table of Contents)

• Abstract
• Ⅰ. Introduction
• Ⅱ. A Brief History of the Economic and Monetary Union (EMU)
• Ⅲ. The Need for the Coordination of Monetary and Fiscal Policy
• Ⅳ. Prospects of Fiscal Integration in the EU
• Ⅴ. Conclusion
• References
• 국문요약

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