Schuknecht, Ludger; Moutot, Philippe; Rother, Philipp; … - European Central Bank - 2011
The sovereign debt crisis in the euro area is a symptom of policy failures and deficiencies in – among other things … – fiscal policy coordination. The first nine years of the euro were not used effectively in order to improve public finances … difficulties in the euro area, especially in certain member countries. This paper looks back at the history of fiscal policies and …