– Fiscal Compact, European Stability Mechanism Treaty and rescue packages – have taken place, in reaction to the most acute … the budgetary powers of national parliaments compared to the pre-crisis period. Parliamentary passivity does not derive … uniform category, national parliaments in the Eurozone crisis show asymmetries and a significant variety of positions and …

, fiscal and budgetary policies (in the member states), has been challenged by the Euro-crisis. Under the financial threat of … Stability Mechanism or ESM and the 2012 Fiscal Compact Treaty) were set up outside of the Lisbon Treaty. The new measures and …, constituted by a centralised monetary policy (in the Frankfurt-based European Central Bank or ECB) and decentralised financial …

Europe is putting in place a new system of fiscal rules following the euro area sovereign debt crisis and decades of … new Treaty incorporating the “fiscal compact”. Much of the discussion about the new rules has been procedural or … the short term, fiscal consolidation will largely be driven by the current wave of Excessive Deficit Procedures. Only once …

simultaneously, or whether one policy moves first. We, furthermore, distinguish between independently acting fiscal and monetary … . . . . . . . . . . . . . . . . . . . 32 3.7 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 4 Fiscal Policy and … . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 6.1.4 Aggregate Output and Fiscal Policy . . . . . . . . . . . . . . . . . . 106 6.1.5 Log-Linear Equilibrium …