Fiscal Consolidation - Does it deliver?

Laura Weymes
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Laura Weymes: Central Bank of Ireland

No 07/EL/12, Economic Letters from Central Bank of Ireland

Abstract: This note examines recent experiences of fiscal consolidation in a selection of euro area countries. It illustrates the pace and composition of consolidation, together with expected budgetary impacts over 2008 to 2015. The effectiveness of consolidation measures is assessed through the lens of change in the structural budget balance and headline debt ratios. The assessment takes into account efforts undertaken to date (2008-2011), together with consolidation plans over 2012 to 2014 announced as of end April 2012. Country-specific examples focus on EU-IMF Programme countries; Greece (GR), Ireland (IE), Portugal (PT), together with Spain (ES) and Cyprus (CY).

Date: 2012-08
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