Kamps, Christophe; Meier, Carsten-Patrick; Scheide, Joachim - Institut für Weltwirtschaft (IfW) - 2000
the target of the Stability and Growth Pact as budget deficits have declined. Next year, fiscal policy will be … a whole, the stance of fiscal policy will thus become expansionary. In general, there appears to be a shift in the … strategy of fiscal policy: While deficits were reduced on the road to EMU also by increases in taxes and contributions, the …