Economic, Monetary and Fiscal Policies
Fiscal Integration in the Eurozone: Economic Effects of Two Key Scenarios
The debt crisis in Europe initiated a debate about deeper fiscal integration in the Economic and Monetary Union (EMU). The 2008–09 economic crisis has shown that some euro area (EA)1 member states were unable to sufficiently stabilize their economies. This was especially true for some Southern European countries where limited access to private credit markets even led to destabilizing effects due to statutory tax increases and benefit cuts (see e.g. Bertola 2013).
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