Template-Type: ReDIF-Article 1.0
Author-Name: Zoltán Szalai
Author-Email: szalaiz@mnb.hu
Author-Workplace-Name: Magyar Nemzeti Bank (central bank of Hungary)
Title: A crisis of crisis management? Debates over fiscal adjustments in the European Monetary Union
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.
Classification-JEL: E62, H63.
Keywords: fiscal consolidation, fiscal multipliers, confidence, public debt.
Journal: MNB Bulletin
Pages: 57-66
Volume: 7
Issue: 3
Year: 2012
Month: October
File-URL: http://www.mnb.hu/letoltes/szalai-eng.pdf
File-Format: Application/pdf
Handle: RePEc:mnb:bullet:v:7:y:2012:i:3:p:57-66