Stephen Cecchetti, Kim Schoenholtz, 09 July 2018

Athanasios Orphanides, 09 March 2018

Since the beginning of the euro area crisis, euro area governments have experienced greater fiscal stress than governments of advanced economies outside the euro area with comparable or weaker fiscal fundamentals. This column, taken from a recent VoxEU eBook, asks what the source of this fragility has been, how it relates to the role of the ECB in exerting fiscal discipline in the euro area, and how can it be corrected.

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