De Grauwe, Paul; Ji, Yuemei - 2015
periods of turmoil, financial markets have tended to impose strong programs of austerity on member countries of the Eurozone …-induced austerity, as it occurs mainly during periods of recession, has the effect of reducing the power of the automatic stabilizers in … since the start of the sovereign debt crisis are insufficient to safeguard the Eurozone from future crises. …