The transition phase to EMU has been accompanied by considerable monetary and fiscal consolidation efforts in the EU. This paper analyses this consolidation process and its effects on economic activity in the EU. It is tested to what extent fiscal retrenchment efforts have depressed or...

This paper studies the experiences with fiscal adjustments in the European Union (EU) countries during the transition period to the Economic and Monetary Union (EMU). Using several approaches suggested in the literature on fiscal adjustments and their macroeconomic effects and in the literature...