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well as between fiscal policy of the EU countries and the other OECD countries. In particular, the EU countries react in a …-cyclical. However, ex ante fiscal policy is a-cyclical for the EU countries and counter-cyclical for the other countries. …
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implementation in the EU are determined. We find that (1) implemented budgetary adjustment falls systematically short of planned …
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towards a more centralised fiscal policy at EU/Euro area level within a new EMU economic governance. Besides the improvement …
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