three sections, the first of which surveys the diverse outcomes since the launch of the euro. This illustrates how the … benefits the euro can generate depend on the degree of openness, flexibility and income correlation among euro area countries …

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 …