German fiscal policy is nowadays often presented as a shining example due to successful budget consolidation after the Great Recession. However, the idea that the German success is the result of a well-thought-out economic strategy that could therefore serve as a role model for other countries...

Die Haushaltskonsolidierung mittels drastischer Sparpolitik auf der Ausgabenseite wird auf absehbare Zeit die deutsche Finanzpolitik dominieren. Eine solche Politik wird von der Bundesregierung und der Mehrheit der offiziellen ökonomischen Politikberatung als notwendig und ohne Alternative...

Fiscal policy in the Euro area is still dominated by austerity measures implemented under the institutional setting of the 'reformed' stability and growth pact, and the even stricter 'fiscal compact'. At the same time, calls for a more expansionary fiscal policy to overcome the economic crisis...

It is by now a widely shared insight that fiscal policy needs to be re-strengthened as a macroeconomic policy instrument within European macroeconomic policies: Recent experiences with austerity policies, new research regarding the size of the fiscal multiplier and the fact that monetary policy...