The aim of this paper is to investigate how the birth of a central fiscal authority or the creation of a fiscal federalism could improve the action of fiscal policy in terms of redistribution and stabilization in the EMU. In particular, the paper examines what should be the increase of the amount of budget at central level, expressed as percentage quota of GNP of single member Countries, to completely absorb symmetric and asymmetric shocks and shows how redistribution will be affected by this increase.