Lehren für die Eurozone aus dem bundesdeutschen und US-amerikanischen Föderalismus.

By examining the relevance of solidarity, control and "moral hazard" in German and US American fiscal federalism, it can be shown that the clearly limited solidarity of US federalism is better able to assure a solid fiscal policy of its member states than the unlimited solidarity plus weak control in German federalism. The institution of a credible no-bailout rule is decisive for this result. A review of the emerging EU fiscal union, considering the same criteria, demonstrates that it resembles the German model with unlimited solidarity plus weak control more likely. In consequence, this new type of a European fiscal union is considered to have only limited chances of success. [ABSTRACT FROM AUTHOR]