Preface / Joseba Agirreazkuenaga -- Small states in a time of big crises: Nevada, Ireland, and the Basque autonomous community -- During the Great recession / Elliott Parker -- Resilience of cooperatives in times of crisis : are mondragon's strategies in coping with crisis still a competitive...

This paper analyzes German and Spanish fiscal policy using simple policy rules. We choose Germany and Spain, as both are Member States in the European Monetary Union (EMU) and underwent considerable increases in public debt in the early 1990s.We focus on the question, how fiscal policy behaves...