Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/75290
Authors: 
Truger, Achim
Year of Publication: 
2013
Series/Report no.: 
Working Paper, Institute for International Political Economy Berlin 22/2013
Abstract: 
The Euro area is currently going through its worst period of recession and economic stagnation since the Great Depression and World War II. The article tries to give an impression of the extraordinary degree of fiscal austerity and the devastating economic effects it has already had and must be expected to have in the near future. In addition it is argued that both the lack of economic justification and the devastating consequences of the fiscal policies currently executed should have been absolutely obvious even from a mainstream perspective. Therefore the sad state of economic policies in the Euro area is that it did not even follow moderate mainstream proposals but instead seemed to rely on radical and outdated theoretical or purely ideological foundations. Germany as the most economically and politically influential member state of the Euro area seems to be most infected by such radical ideas.
Subjects: 
fiscal policy
Hamburg appeal
austerity
debt brake
fiscal compact
Germany
Euro area
JEL: 
E61
E62
E64
H62
H63
E65
Document Type: 
Working Paper

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