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

Zoltán Szalai ()
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Zoltán Szalai: Magyar Nemzeti Bank (central bank of Hungary)

MNB Bulletin (discontinued), 2012, vol. 7, issue 3, 57-66

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.

Keywords: fiscal consolidation; fiscal multipliers; confidence; public debt. (search for similar items in EconPapers)
JEL-codes: E62 H63 (search for similar items in EconPapers)
Date: 2012
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