This paper focuses on the way a crisis needs an institutional actor and champion. Through painfully slow intervention and muddling through, the ECB created new policy space for a European financial and banking system that was on the point of collapse. However the institutional commitment to...

This paper evaluates the macroeconomic effects of simultaneously implementing fiscal consolidation and competition-friendly reforms in a country of the euro area by simulating a large-scale dynamic general equilibrium model. We find, first, that the joint implementation of reforms has additional...