Zezza, Gennaro - In: European Journal of Economics and Economic Policies: … 17 (2020) 2, pp. 156-170
We argue that the institutional framework of the eurozone was designed to deny a role for fiscal policy. However, the Great Recession of 2008–2009 forced governments to intervene, mainly to avoid the collapse of their financial systems. At the same time, the severe recession implied a decrease...