provide our own estimates for the EU countries. A fiscal expansion raises output and consumption and reduces the trade balance … open EU economies, consistent with larger leakage effects. Further direct estimates suggest that fiscal expansions in large … EU economies have non-negligible consequences for economic activity in the main trading partners. This provides a …

While the EU recovery plan provides a useful step in alleviating the economic effects of the coronavirus crisis and …. Such a EU-wide stabilization function would be in accordance with the subsidiarity principle, enshrined in the Treaty of …