of the five countries to the 2008 crisis was countercyclical. On the fiscal side, countries had a larger fiscal space in … indicators and a reduction in financing needs in the years before the crisis. On the monetary side, the capacity to implement … countercyclical responses in future crisis episodes, the fiscal authorities should reverse expansionary measures during good times and …

Business investment in the euro area strongly declined during the Global Financial Crisis and the Sovereign Debt Crisis …. It has not yet rebounded to its pre-crisis trend despite the very expansionary monetary policy measures of the ECB. We … investigate the main factors that have impeded business investment since the Global Financial Crisis. We empirically analyse how …