In the wake of the financial and economic crisis Keynesian macroeconomic management has once again come into the spotlight. The following article takes a critical look at the practice of expansionary fiscal policy in the EU's old member states between 1980 and 2005 in order to answer the...

The concept of aggregate euro area fiscal stance and the underlying assumption of significantly positive cross-country fiscal spillovers is a highly debated topic. The European Commission seems intent on using this concept as a basis for introducing top-down coordination of European fiscal...