Using real time data from the OECD and fiscal policy reaction functions, this study explores euro area fiscal policies … suggest that during the time of monetary union (EMU) euro area planned fiscal policies have been long-term oriented and … alleviate the negative impacts of the crisis on euro area economies …

In 2007, countries in the euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial … other countries in the euro zone, and how they may be addressed by policies at the European level …