A dedicated centralised fiscal capacity would not interfere with domestic policy. By focusing on common area-wide stabilisation it need not affect national fiscal space but rather provide an additional layer.
Ms. Phillips discusses the Federal Reserve Board's views on proposed accounting standards for derivatives and risk management activities Testimony of Ms. Susan M. Phillips, a member of the Board of Governors of the US Federal Reserve System, before the Subcommittee on Capital Markets, Securities and Government Sponsored Enterprises of the Committee on Banking and Financial Services, U.S. House of Representatives, on 1/10/97.