Contemporary Developments of the EU Public Finances: Towards a Fiscal Union of the EU

Abstract

The purpose of this article is to review the current state of development of the European Union fiscal union and to explain the fundamentals of it and its meaning for the successful governance of sustainable economic environment in EU. The methodology of the paper is based on the content analysis as primary methodology. Computer-aided and manual content analysis has been used in order to explore the publications on the research subject and gain statistical data for the results of the fiscal stability mechanism in the EU which have been in use so far. The sources of information involve more than 20 analytical materials on the subject, such as articles, monographs and books. We used as main sources of information for this article also the treaties and official communications sent by the European Commission.