Feld, Lars P.; Reuter, Wolf Heinrich - 2021 - Final draft, Version: 16 June 2021
strong decline in its public debt to GDP ratio until the coronavirus pandemic struck. The past ten years and the reaction to … normal economic times, such that fiscal policy can forcefully counteract a severe crisis. Escape clauses are therefore an … less uncertain and susceptible to revisions, improving the transparency of fiscal policy and rule compliance, as well as …