Frankel, Jeffrey Alexander; Schreger, Jesse - National Bureau of Economic Research (NBER) - 2012
the source of the extra bias among eurozone forecasts. If euro area governments are not in violation of the 3% cap at the … the birth of the euro in 1999, members have postponed painful adjustment by making overly optimistic forecasts of future … compact among the euro countries is supposed to make budget rules more binding by putting them into laws and constitutions at …