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

  • Zoltán Szalai


    (Magyar Nemzeti Bank (central bank of Hungary))

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    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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    Article provided by Magyar Nemzeti Bank (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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    1. André Sapir & Marco Buti, 1998. "Economic policy in EMU," ULB Institutional Repository 2013/8078, ULB -- Universite Libre de Bruxelles.
    2. Bergljot Barkbu & Jesmin Rahman & Rodrigo O. Valdés, 2012. "Fostering Growth in Europe Now," IMF Staff Discussion Notes 12/07, International Monetary Fund.
    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. Daniel Gros & Rainer Maurer, 2012. "Can austerity be self-defeating?," Intereconomics: Review of European Economic Policy, Springer, vol. 47(3), pages 175-184, May.
    5. Pavlina R. Tcherneva, 2008. "Keynes's Approach to Full Employment: Aggregate or Targeted Demand?," Economics Working Paper Archive wp_542, Levy Economics Institute.
    6. 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.
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