Pisani-Ferry, Jean; Posen, Adam Simon - 2011
coordination. The major economies of the EU and the US rapidly agreed on a series of measures to limit the crisis. However, the … year. We identify four non-competing explanations: (a) divergence in economic developments, especially the productivity … supplyside optimism in the US ; (d) institutional factors such as the lack of a central fiscal authority in the EU. In response …