European Commission president Jean-Claude Juncker and Germany’s former finance minister Wolfgang Schäuble have proposed competing visions of euro-area governance. Juncker favours a model that puts the Commission at the centre of fiscal policy decision-making, and Schäuble argues that fiscal surveillance should be centred on a reformed European Stability Mechanism. In this Policy Brief, Guntram Wolff of Bruegel suggests that Juncker’s proposal would over-emphasise the Commission when fiscal policy making is a national competence, and would confuse the roles of Commission and Council. Schäuble, meanwhile, neglects the fact that national fiscal policy matters for the euro area not only for sustainability, but also for the provisioning of public goods, for stabilisation policy and its effects on inflation and growth.
http://bruegel.org/wp-content/uploads/2017/12/PB-2017_06GuntramWolff_date.pdf /> 

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