Koordinace fiskálních politik jako součást řešení krize Eurozóny

Euro area crisis revealed pre-crisis fiscal coordination insufficient ability to keep macroeconomic stability in European economic and monetary union. It is unclear whether fiscal or even political union is needed to establish and maintain stability in euro area in the future, or whether there is still a possibility to design such fiscal policy coordination rules that are going to be effective and enforceable. Our analysis is based on historical and political motives which led to continuously closer economic integration in Europe. Also we will confront real development of candidate states economy's with predictions of theoretical works. We also analyse causes of sovereign crisis that troubles PIIGS countries. As a result we conclude it is practically impossible to design effective fiscal policy coordination because of politics involvement. Fiscal union is not only economically optimal solution, but also politically. But only in case of strong and legitimate central fiscal authority.