What is fiscal federalism ?

• A. A fiscal system for a group of countries in which fiscal policy is set in a treaty signed by all the countries
• B. A fiscal system for a group of countries in which government budget deficits are strictly limited
• C. A fiscal system for a group of countries involving a common fiscal budget and a system of taxes and fiscal transfers across countries
• D. A fiscal system in which fiscal policy is jointly determined by local and national politicians