Description

This paper describes the institutional changes that have induced a decline in the vertical fiscal imbalance (VFI) - defined as the share of sub-national own spending not financed through own revenues - in four European countries: Belgium, Italy, Norway, and Spain. The decline in VFI was achieved through progressive devolution of revenues to sub-national governments in Belgium, Italy, and Spain, while re-centralization of health sector expenditures was the cause of the decline in the VFI in Norway.

Taxonomy

Economic cooperation , Economic policy , European Economic and Monetary Union , Fiscal policy , Monetary unions

More publications in this series: Working Papers

More publications by: Izabela Karpowicz