Crisis-Induced Fiscal Restructuring in Europe

Alcidi, Cinzia; Gros, Daniel; Giovannini, Alessandro; Vogel, Lukas; Belke, Ansgar; Callan, Tim; Keane, Claire; Savage, Michael; Walsh, John; Colgan, Brian
November 2014
Intereconomics;Nov2014, Vol. 49 Issue 6, p300
Academic Journal
Vigorous debate over the effectiveness of the fiscal adjustment programmes for the crisis-stricken countries in the eurozone has grown quite polarised. In this Forum, several experts use analytical, evidence-based approaches to gauge the effectiveness of these programmes. The role played by the estimates of the fiscal multipliers that the Commission, IMF and ECB used to structure the adjustment programmes is crucial to this debate. If these multipliers were underestimated, as the IMF itself claims, then the negative impact of the fiscal restructuring on already fragile economies would also have been underestimated. Several authors examine the available evidence to determine whether the adjustments programmes were flawed from the outset. Another contribution analyses the effectiveness of structural reforms when monetary policy rates are near the zero lower bound. A final paper uses a case study of Ireland's recovery thus far to examine the actual effects that the programmes have had on the crisis-stricken countries' economies.


Related Articles

  • Abbreviations.  // Financial System Review;Jun2014, p69 

    The article presents the list of several abbreviations used within the periodical including International Monetary Fund (IMF), European Central Bank (ECB) and European Commission (EC).

  • LESSONS FROM GRECO-MULTILATERALISM FOR CREDITORS. Georgakopoulos // Connecticut Journal of International Law;Fall2012, Vol. 28 Issue 1, p21 

    The article focuses on insolvency reforms of Greece regarding the incapability of creditors and international organizations like the International Monetary Fund (IMF) and the European Central Bank (ECB) to obtain credits from debtors. The predicament of creditors encompasses the inability to...

  • Ireland's Carbon Tax and the Fiscal Crisis. Convery, Frank J.; Dunne, Louise; Joyce, Deirdre // OECD Environment Working Papers;2013, Issue 59, p1 

    Beginning in late 2008, Ireland experienced a fiscal crisis. This resulted in November 2010 in agreement between the Irish government and the European Central Bank, the European Commission and the International Monetary Fund (IMF) -- known collectively as 'the Troika' -- whereby the latter...

  • The Economic Adjustment Program for Portugal: assessing welfare impact in a heterogeneous-agent framework. Viegas, Miguel; Ribeiro, Ana // Portuguese Economic Journal;Apr2014, Vol. 13 Issue 1, p53 

    The sovereign debt crisis, triggered by the 2007-08 global financial crisis, has affected several European Union (EU) countries, leading to unprecedented financial assistance programs. In May 2011, the Portuguese Government set an agreement with the Troika (a supranational institution composed...

  • ANÁLISE DOS ORÇAMENTOS MUNICIPAIS PARA AS INSTALAÇÕES DESPORTIVAS DA COMUNIDADE INTERMUNICIPAL LEZIRIA DO TEJO. Pastoria de Azevedo, José Miguel M. // Revista Intercontinental de Gestão Desportiva;2012, Vol. 2 Issue 2, p119 

    The Portuguese fiscal situation has deteriorated in recent years, the need to request a bailout to the International Monetary Fund, the European Central Bank and European Commission, set of institutions known as Troika, completely changed the management of public finances. It is in this context...

  • Untitled. Wynne-Jones, Stephen // Checkout;Jul2015, Vol. 41 Issue 7, p3 

    The article offers the author's view on the Greek referendum, which is a referendum to decide whether Greece was to accept the bailout conditions in the government-debt crisis of the country proposed by the European Commission (EC), the International Monetary Fund (IMF), and the European Central...

  • Berlin Brokers Aid To Athens? Investor's Business Daily // Investors Business Daily;6/2/2015, pA01 

    9 The most senior officials of Germany, France, the European Commission, ECB and IMF met Mon. night in Berlin to hammer out proposals to rescue Greece. Some called it a "final offer." Athens faces a Fri. deadline to make the smallest of 4 IMF debt payments due in June, totaling $1.6 bil. Greece...

  • Economic Spotlight.  // Political Intelligence Briefing;6/24/2015, p15 

    The article reports on pressure faced by Greece for payment of bills and debt obligations. Topics include the International Monetary Fund, response of the European Commission and the European Central Bank for Greek reform proposal, the parliamentary elections in Greece in January 2015 Other...

  • What's Next for Greece? KONSTANTINDIS, HARRY // Dollars & Sense;Sep/Oct2015, Issue 320, p9 

    The author focuses on the developments in Greece on its state in the eurozone. Topics discussed include the "No" vote on the referendum concerning the bailout offer by the European Commission, European Central Bank and the International Monetary Fund, division within left-wing political...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics