closely related to the harshness of fiscal austerity. Cumulative multiplier estimates are found to vary in a range from 1.4 to … the euro crisis. It presents new econometric estimates on the link between cumulative GDP growth and fiscal austerity … 2.1, depending on the data source used to identify the intensity of fiscal consolidation. Given these multiplier values …

strong and persistent during the euro crisis. With regard to the austerity outlook, I show that, beginning in 2025, EA … expects, and that the economic and political implications of austerity may complicate the governance of a fragile EA. …