Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/159873
Authors: 
Manasse, Paolo
Year of Publication: 
2015
Series/Report no.: 
Quaderni - Working Paper DSE 1035
Abstract: 
This paper argues that fiscal convergence in the Euro area has been achieved at the expenses of real divergence in unemployment, investment and at, at least temporarily, growth. Statistical and econometric analysis support the view that the current fiscal framework has addressed debt sustainability concerns, but has imparted a pro-cyclical bias, which has contributed to economic divergence. The recent flexibility guidelines are a step in the right direction, but they are unlikely to have sizable effects. A reform of the fiscal framework and a mechanism for an intra-European unemployment insurance scheme is proposed.
JEL: 
E02
E61
E62
H6
Persistent Identifier of the first edition: 
Creative Commons License: 
https://creativecommons.org/licenses/by-nc/3.0/
Document Type: 
Working Paper

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