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This paper analyzes the impact of decentralization on overall fiscal performance in the European Union, taking into account fiscal institutional arrangements. We find that spending decentralization has been associated with sizably better fiscal performance, especially when transfer dependency of subnational governments is low. However, subnational fiscal rules do not seem to be associated with better performance.

Decentralization in government --- Fiscal policy --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Centralization in government --- Devolution in government --- Government centralization --- Government decentralization --- Government devolution --- Political science --- Central-local government relations --- Federal government --- Local government --- Public administration --- Econometric models. --- Government policy --- Budgeting --- Macroeconomics --- Public Finance --- State and Local Taxation, Subsidies, and Revenue --- Intergovernmental Relations --- Federalism --- Secession --- Fiscal Policies and Behavior of Economic Agents: General --- Fiscal Policy --- National Budget --- Budget Systems --- National Government Expenditures and Related Policies: General --- Budgeting & financial management --- Public finance & taxation --- Fiscal rules --- Fiscal federalism --- Fiscal stance --- General government spending --- Expenditure --- Public financial management (PFM) --- Budget --- Expenditures, Public --- Denmark