Representing a unique contribution to the analysis and discussion of the unfolding Eurozone crisis in terms of the relationship between central and local government, this book addresses a number of important fiscal and political economy questions. To what extent have local and regional governments contributed to the crisis? To what degree have sub-national services and investments borne the brunt of the adjustments? How have multi-level fissures affected tensions between different levels of government from the supranational to the local? This volume covers these and many other critical issues that have been largely ignored despite their relevance. The book first addresses general issues of fiscal coordination and management across levels of government in the context of incentives, which can be altered by the existence of a supranational tier. The country-specific chapters, prepared by leading experts, provide a thorough review of the key problems of multi-levels of government in the biggest economies in the Eurozone (France and Germany) and Southern Europe (Portugal, Spain, Italy and Greece). In further chapters the juxtaposition of Barcelona and Turin provides an opportunity to evaluate large investments in a multi-level context, associated, in this case, with the Olympics. Macedonia provides a discussion of the related issues in an EU accession country. As a whole, the book explores the long-term impact of the crisis on local service delivery and investment, and the consequences for sustainable growth and political cohesion. It also offers rarely found insights and suggestions to increase the stability and strength of multi-level European institutions. This is an enlightening resource for all those, from academics and graduates to policy makers and practitioners, seeking a comprehensive understanding of European fiscal, federal and financial issues.

The UK and Multi-level Financial Regulation examines the role of the United Kingdom (UK) in shaping post-crisis financial regulatory reform, and assesses the implications of the UK's withdrawal from the European Union (EU). It develops a domestic political economy approach to examine how the interaction of three domestic groups - elected officials, financial regulators, and the financial industry - shaped UK preferences, strategy, and influence in international and EU-level regulatory negotiations. The framework is applied to five case studies: bank capital and liquidity requirements; bank recovery and resolution rules; bank structural reforms; hedge fund regulation; and the regulation of over-the-counter derivatives. It concludes by reflecting on the future of UK financial regulation after Brexit. The book argues that UK regulators pursued more stringent regulation when they had strong political support to resist financial industry lobbying. UK regulators promoted international harmonisation of rules when this protected the competitiveness of industry or enabled cross-border externalities to be managed more effectively; but were often more resistant to new EU rules when these threatened UK interests. Consequently, the UK was more successful at shaping international standards by leveraging its market power, regulatory capacity, and alliance building (with the US). But it often met with greater political resistance at the EU level, forcing it to use legal challenges to block reform or secure exemptions. The book concludes that political and regulatory pressure was pivotal in defining the UK's 'hard' Brexit position, and so the future UK-EU relationship in finance will most likely be based on a framework of regulatory equivalence.

This book analyzes the effects of the recent crisis and evaluates potential solutions to the gridlock that is currently dominating the Eurozone and the European Union, concerning both the monetary policy and the budgetary and fiscal policy. The timely study highlights the main challenges that European political leaders will face in the months to come. Furthermore, its interdisciplinary approach embraces economic, financial and legal perspectives, so as to ensure the global coherence and comprehensiveness of its content. The contributors to this volume are prominent experts from the areas of Economics, Finance, Law, and Political Science, offering readers a multifaceted view of the topics discussed.

As recently as the mid-2000s, Catalonia was described and analysed by scholars as exhibiting a non-secessionist nationalism and was seen within Europe and beyond as a role model for successful devolution which had much to teach other parts of the world. The Spanish state seemed to be on a journey towards an authentic federal order and was generally admired. However, the new century has been marked by an ever-growing independence movement, with 47.8 per cent of Catalonia voting in favour of independence in September 2015. Pro-independence mobilization has produced a rupture in political relations with the rest of Spain leading to a sovereignty struggle with Madrid. This book explores how an accumulation of long-, medium- and short-term factors have produced the current situation and why the Spanish territorial model has been unable or possibly, unwilling, to respond. The Catalan question is not purely a Spanish problem: it has direct implications for the traditional nation-state model, in Europe and beyond.

Can we sidestep tedious climate policy negotiations and forge a coalition of the willing instead? Many international organizations and scholars hope to spur local climate action by orchestration, indirect and voluntary governance arrangements. Lena Bendlin looks beyond the apparent success of voluntary initiatives using the example of the Covenant of Mayors, often heralded as an exemplary multi-level EU initiative. Five in-depth case studies show why, how, and with what difficulties local governments engage in this voluntary commitment scheme. The analysis identifies durability, intensity, and causality as crucial building blocks for more cautious orchestration theorizing and derives recommendations for appropriate incentives and support at the regional, national, and international level.

The crisis and its aftermath had a dramatic short-term effect on federal relations and, as the twelve case studies in this volume show, set in place a new set of socio-political factors that are shaping the longer-run process of institutional evolution and adaptation in federal systems. This illuminating book illustrates how an understanding of these complex dynamics is crucial to the development of policies needed for effective and sustainable federal governance in the twenty-first century.​

This book is based upon a comparative public administration research project, initiated by the Hertie School of Governance (Germany) and the Bertelsmann Foundation (Germany) and supported by a network of researchers from many EU countries. It analyzes both the regimes and the practices of local fiscal regulation in 21 European countries. The book brings together key findings of this research project. The regulatory discussion is not limited to the prominent issue of fiscal rules but focuses on every component of regulation. Beyond this, the book covers affiliated topics such as the impact of regulation for local governments, evolution of regulation, administrative costs and crisis prevention. The various book chapters throughout provide a broad picture of local public finance regulation in theory and in practice, using different theoretical and national lenses for the analysis. Furthermore, the authors investigate the effects of budgetary constraints and higher-level regulatory efforts on local governments and on democracy and public services in every European country. This book fills a gap with respect to the lack of discussion on local government finance from an international, comparative perspective and, in particular, the regulation of local public finance. With its mix of authors, this book will be useful for practitioners as well as for scholars and for theory-driven research.

“In this innovative study, Dr Ruel explores why political alternation—a bedrock of democratic functioning—has been largely absent in three under-studied regions in Portugal and Spain. Focusing on Madeira, the Azores and the Canary Islands, this book explains how party competition, intra-party democracy and regional economic performance have contributed to political party stasis since the return of democracy in the mid-1970s.” —Paul M. Heywood, Sir Francis Hill Professor of European Politics seconded 0.5 FTE to Global Integrity, Washington DC (2018-21), Faculty of Social Science, University of Nottingham, UK This book is about political alternation. It’s about parties and politicians. It’s about power and resources employed to secure longevity in power over time at Azores, Madeira and the Canary Islands. This book explores the phenomenon of political alternation through an in-depth contextual understanding of the path of regional historical legacies at democratization and decentralization processes started in the 1970s; the institutional architectures and the scope of regional authority endowed in those regions; the specific dynamics of regional politics; and the constellation of political parties and actors and the regional elections results, as well as contextual factors that might explain why some political parties have better performances than other at regional elections. Throughout comparative lessons Ruel seeks to highlight the range of factors that affect regional electoral dynamics and outcomes and to develop a comprehensive understanding of the drivers of long-standing incumbency (Azores and Canary Islands) or the absence of political alternation (Madeira) within regional democracies.

Local Governments’ Financial Vulnerability presents a conceptual framework developed to examine how vulnerable local finances were before and in the immediate aftermath of the COVID-19 pandemic crisis by mapping and systematising its dimensions and sources. The model is then applied to eight countries with different administrative models and traditions: Australia, Austria, Bosnia and Herzegovina, Germany, Italy, Portugal, Spain, and the United States. Comparative results reveal not only that COVID-19 impacts and policy tools had a lot of similarities across countries, but also that financial vulnerability has an inherently contingent nature in time and space and can lead to paradoxical outcomes. The book shows that the impact of the crisis on local governments’ finances has been postponed and that financial vulnerability is expected to increase dramatically for a few years following the pandemic, especially in larger and richer municipalities which are traditionally more autonomous and less financially vulnerable. The authors provide timely insights and analytical tools that can be useful for both academic and public policy purposes, to further appreciate local governments’ financial vulnerability, especially during crises. This book is a valuable resource for practitioners and academics, as well as students of public policy, public management, financial management, and public accounting. Local governments can use the framework to better appreciate and manage their financial vulnerability, while oversight authorities can use it to help local governments become less financially vulnerable or, at least, more aware of their financial vulnerability. Financial institutions, advisors, and rating agencies may use this publication to refine or revise their models of credit risk assessment.

Comparing Fiscal Federalism investigates intergovernmental financial relations and the current de jure and de facto allocation of financial and fiscal powers in compound states from a comparative and interdisciplinary perspective. The volume combines theoretical approaches with case studies and involves scholars from various disciplines, in order to provide a comprehensive analysis of different approaches, developments and trends. This includes outlining fiscal federalism’s basic principles and overall frameworks, investigating current constitutional/legislative settings and how financial systems function, as well as zooming in on a selection of emerging issues in financial and fiscal relations. The single chapters are based on comparative investigations under the umbrella of a broad definition of fiscal federalism that includes all varieties of federal systems.