Horn, Gustav A.; Herzog-Stein, Alexander; Rietzler, Katja; … - 2016
euro area. The deflation risk persists and hysteresis effects are likely to have long-lasting negative impacts on potential … output. Monetary policy is stabilizing the euro area but is currently unable on its own to initiate an upswing. An … insufficient. The European fiscal rules provide too little fiscal space for euro countries and should be reformed, for example in …