Gern, Klaus-Jürgen; Kamps, Christophe; Scheide, Joachim - Institut für Weltwirtschaft (IfW) - 2002
deceleration of M3 growth is nothing but a normalization. Fiscal consolidation has been insufficient in several countries …. Governments in Germany, France, Italy and Portugal should begin to pursue a strict consolidation course. Empirical evidence shows … that countries that undertook credible consolidation strategies based on expenditure cuts did not experience cyclical …