Klaassen, F.J.G.M.; Beetsma, R.; Debrun, X. - 2001
correlation of the shocks hitting the various economies is low. Given the potentially adverse reaction by the ECB (as a result of … leadership position vis-`-vis the ECB. Generally, the scope for fiscal coordination is larger under asymmetric shocks, because … the ECB remains passive as average inflation in the union is unaffected. This result contrasts with the more widely held …