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A crisis of crisis management? Debates over fiscal adjustments in the European Monetary Union

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  • Zoltán Szalai

    ()
    (Magyar Nemzeti Bank (central bank of Hungary))

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    Abstract

    In response to increasing market pressure, EMU countries embarked on a robust consolidation process in 2010 in order to reduce their fiscal deficits and sovereign debt levels. Although – relying on external help in a number of cases – they have been implementing aggressive adjustment programmes, their public debt-to-GDP ratio is unlikely to change or change very much this or next year. Consequently, a debate has evolved over the effectiveness of fiscal tightening.

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    File URL: http://english.mnb.hu/Root/Dokumentumtar/ENMNB/Kiadvanyok/mnben_mnbszemle/mnben-bulletin-october-2012/szalai_ENG.pdf
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    Bibliographic Info

    Article provided by Magyar Nemzeti Bank (the central bank of Hungary) in its journal MNB Bulletin.

    Volume (Year): 7 (2012)
    Issue (Month): 3 (October)
    Pages: 57-66

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    Handle: RePEc:mnb:bullet:v:7:y:2012:i:3:p:57-66

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    Related research

    Keywords: fiscal consolidation; fiscal multipliers; confidence; public debt.;

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    1. Bergljot Barkbu & Jesmin Rahman & Rodrigo O. Valdés, 2012. "Fostering Growth in Europe Now," IMF Staff Discussion Notes 12/07, International Monetary Fund.
    2. Pavlina R. Tcherneva, 2008. "Keynes's Approach to Full Employment: Aggregate or Targeted Demand?," Economics Working Paper Archive wp_542, Levy Economics Institute.
    3. Brender,Anton & Pisani, Florence & Gagna, Emile, 2012. "The Sovereign Debt Crisis: Placing a curb on growth," CEPS Papers 6951, Centre for European Policy Studies.
    4. Richard Koo, 2011. "The World in Balance Sheet Recession," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(63), pages 7-39, July - Se.
    5. Daniel Gros & Rainer Maurer, 2012. "Can austerity be self-defeating?," Intereconomics: Review of European Economic Policy, Springer, vol. 47(3), pages 175-184, May.
    6. André Sapir & Marco Buti, 1998. "Economic policy in EMU," ULB Institutional Repository 2013/8078, ULB -- Universite Libre de Bruxelles.
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