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The euro area is now beginning to rectify its institutional shortcomings, but further, very significant steps must be taken to expand the sharing of risks and pooling of fiscal resources.
Mr Carney, who was speaking at an event hosted by the Scottish Council for Development and Industry, went on: "The euro area is now beginning to rectify its institutional shortcomings, but further, very significant steps must be taken to expand the sharing of risks and pooling of fiscal resources.
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However, a lack of fiscal resources will limit funds available to the regions.
We develop a theoretical model of fiscal decentralization, where overall national economic growth and equity in the regional distribution of fiscal resources are the two objectives pursued by the central government.
However, we must also recognise that these need to be performed within the context of societal expectations regarding efficient use of fiscal resources.
Most important are recognition of the need for continued re-evaluation and the existence of a base of fiscal resources to make adjustments when such are deemed necessary.
In addition to the lack of technical capacity, informants asserted that resource constraints, both in terms of manpower and of fiscal resources, limited linking of research to policies: "The most important thing is [that] research findings are not used.
He suggests that, for a currency union to work, there would have to be some significant pooling of fiscal policy.
Its skillful management of its fiscal resources is in stark contrast to Venezuela.
Our intent was to enable states to improve NFT targeting strategies and thereby improve the use of scarce fiscal resources earmarked for transition activities.
'Resource implications' included a cluster of factors related to the mobilisation and use of human and fiscal resources.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com