When financial markets concentrate on the fiscal health of the federal government, they miss the extent of government obligations as a whole.

So, should Europe embrace fiscal federalism in order to strengthen the eurozone and restore investor confidence? The problem is that fiscal federalism means different things to different people.

Europe needs greater fiscal federalism, not just centralized oversight of national budgets.

This position in the Federal Government of the United States is analogous to the Minister of Finance in many other countries.

When Florida s banks go belly up, state finances are insulated, because the banks are ultimately the responsibility of federal institutions.

This requires debt mutualization, fiscal transfers between member states, and, of course, federal institutions to give all of this legitimacy.

Making sense of these asymmetries is difficult. When financial markets concentrate on the fiscal health of the federal government, they miss the extent of government obligations as a whole.

Unfortunately, the financial incentives that the federal government provides are mainly limited to helping the states to advertise and automate their programs.

For example, the Committee for a Responsible Federal Budget performed an admirable service in scoring the fiscal plans of rival candidates for the Republican nomination.

Meanwhile, the federal government makes up for a good chunk of the drop in state incomes by transfers or reduced taxes.

Economically, therefore, the federal budget cushions regional shocks automatically through discretionary action and stabilizing transfers to the states.

When Florida s state government goes bankrupt, Florida s banks continue to operate normally, because they are under federal rather than state jurisdiction. When Florida s banks go belly up, state finances are insulated, because the banks are ultimately the responsibility of federal institutions.

All federations have experienced periods of tense relations between the federal and state governments.

The first is simple incompetence Bush and his inner circle simply do not understand the magnitude and importance of the federal government s other fiscal problems.

Putin chose to elevate the equally mysterious Victor Zubkov, head of the Federal Financial Monitoring Service (also known as the finance espionage agency).

Because the federal government disburses fiscal allocations to Malaysia s 13 states, the government will be tempted to squeeze opposition held states.

Federal, provincial and territorial governments have been negotiating the management of existing federal social housing resources.

The core protective legal institution for outside finance, the federal securities laws, didn t fall into place until the 1930 s decades after US financial markets had grown to finance America s economic rise.

It's the federal government in each case.

Europe s Federalism Debate Revived

Federalism or Bust for Europe?

Federal transfers to provinces and territories

Many New Deal programs remain active, with some still operating under the original names, including the Federal Deposit Insurance Corporation (FDIC), the Federal Crop Insurance Corporation (FCIC), the Federal Housing Administration (FHA), and the Tennessee Valley Authority (TVA).

Many state and local governments in poorer regions of the country are at risk of bankruptcy unless the federal government undertakes a massive bailout of their finances.

Make anti drug policy the exclusive concern of the federal government

As Stan Collender, a noted observer of the US federal budget, has commented, No one with federal budget responsibilities actually seems to be interested in the budget.

A ruling is now pending in the Sirhan federal case.

FRANKFURT Critics of the US Federal Reserve are having a field day with embarrassing revelations of its risk assessments on the eve of the financial crisis. By law, the Fed is required to publish the transcripts of its Federal Open Market Committee (FOMC) meetings with a five year lag.

The Federal government has assumed trillions of dollars of liabilities and risks. In rescuing the financial system, no less than in fiscal policy, we need to worry about the bang for the buck.

We've changed FEMA guidelines. We've changed public policy.

Saudi Arabia supports the TFG financially and politically.

Federal prosecutors are considering whether to charge him with a hate crime.

However, it is not the working language of the federal government.

Canada Federal Court of Appeal (Heald, Mahoney and Stone JJ.

1975 79 University of the Federal District, Brasilia, Law Degree

BRUSSELS It is an old debate, but tensions within the euro area have revived it can a monetary union survive without some form of fiscal federalism?

The term has also been used to define a dominant federal government that seeks to control the authority of local institutions an example being the overriding of state authority in favor of federal legislation.

The low sensitivity of both federal expenditure and federal revenues to local business cycle conditions explains why only a small fraction (estimated at about 10 15 ) of any shock to the GDP of any individual state is absorbed via automatic transfers to and from the US federal budget.

The only way to sustain such a new political order, James Madison argued in The Federalist Papers, was to ensure that federal powers were few and limited.

Hamilton made federal customs houses the key element of his proposal.

The National Party of Australia is an Australian political party.

On the revenue side, the degree to which federal taxation absorbs shocks at the state level cannot be very large for the simple reason that the main source of federal revenues that does react to the business cycle, the federal income tax, accounts for less than 10 of GDP.

There are three theories as to why the Bush administration is focusing on Social Security. The first is simple incompetence Bush and his inner circle simply do not understand the magnitude and importance of the federal government s other fiscal problems.

Now, California faces either an embarrassing federal bailout or a prolonged period of rule by judges, who under California law have the power to vacate labor agreements, abrogate contracts, and generally restructure the state s financial commitments.

5.2 The State party observes that the Williams Treaties First Nations have an action currently pending in the Federal Court, alleging a breach of fiduciary duty by the federal and Ontario governments.